Moneytalk with Al Suffrin
How can I monitor my kids and their spending habits?
They mostly receive cash allowances and I really have no idea what they spend most of their cash on.
How can I monitor my kids’ spending?
- Watching in Luling
Dear Watching: Discuss with your teenagers how they will using their allowance and set guidelines for them.
Will they put it into savings or will they be spending it on parent-approved items?
Consider opening a bank account in their names as an aid to saving and spending.
Teaching your teenagers not to spend the entire allowance and to put a portion away in a savings account is a valuable life lesson.
Emphasize to your teenagers that they need to be disciplined in saving.
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