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 kidsí 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.