"Starvation Allowance" for Teens?
Recently a mother put her teenagers on a strict $5 a week allowance. She admitted the amount was artificially low, but she bragged about what a great exercise it was in self-discipline. Could this really cure children suffering from "over consumption?"
In Kiplinger's Managing Money Column, Dr. Tightwad says, "It might work as shock therapy, but not as a long term cure." Putting kids on a starvation budget is as bad as over indulging them.
An allowance is supposed to teach them how to make responsible decisions about controlling their appetites for CD's, shoes and pizza. Rationing their income limits their ability to make decisions and encourages them to pig out later. Unless the kids are running around in rags or holding down jobs of their own, it's likely that Mom and Dad are still paying a big chunk of their expenses.
Source: Author unknown. (1998, December). Managing money. Kiplinger's, 80.
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