Moneytalk with Al Suffrin

How can I monitor my kids and their spending habits?

Al Suffrin
April 18, 2007 at 2:33 pm  | Mobile Reader | Pring this storyPrint 

Dear Mr. Suffrin: I read in a recent USA Today article that today's generation of youngsters have the purchasing power of over $200 billion per year and it made me start thinking about the money that my teenagers use to buy things that they want.

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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