One day, my 13-year-old daughter, Lily, had a brilliant idea. “If you give me $100, I’ll handle all my expenses for the entire school year.” She had been inspired by her cousin, who is quite the penny pincher.
“What do you mean by ‘all expenses’?” I inquired.
My husband chimed in, “Have her write a proposal.”
With enthusiasm, she grabbed a pen, visualizing that crisp $100 bill. I hesitated, mainly because I was reluctant to part with a lump sum. However, it soon dawned on me that her plan might actually benefit me financially.
At 13, Lily was eager for independence. She didn’t appreciate me zipping up her coat or suggesting haircuts. She wanted freedom over her bedtime, her outfits, and even her lunch choices. The journey ahead included high school, college, budgeting, and eventually motherhood. Could this $100 challenge help her transition into adulthood?
Her proposal outlined a wide array of expenses: clothing, shoes, snacks, movies, sports events, and gifts for friends. I was skeptical; there was no way $100 would cover that. But she was adamant and handed me a pen. I signed the agreement.
Her September expenditures included:
- $20 for school supplies, featuring a splurge on colorful ballpoint pens
- A $5 shirt from a popular store
- Two lip glosses for $7
- Wedge shoes from Old Navy for $30
I wish I could say I kept my opinions to myself, but when I gasped, “$30 for those shoes?” she shot me an annoyed look, reminding me that it was her money. I quickly apologized and vowed to zip it. But within 30 minutes, she experienced buyer’s remorse and returned the shoes.
I kept telling myself: Stay silent. This was about her learning a valuable lesson.
September was a blissful month for Lily. She felt empowered with her newfound financial freedom. She bought candy bars, snagged a pair of jeans on sale, and even rewarded her siblings for fetching her things.
Then came October 1st: a stylish, blue coat for $40.
And just like that, the dream was over.
By October 2nd, she was out of cash.
On October 5th, she said, “I think we need to reassess my budget.” I gave her a knowing smile; the contract was signed, and there was no escape. Suddenly, she became proactive. While I was dropping her siblings off, she’d ask, “Can you check if I can babysit?”
Whenever she completed a chore, she inquired, “Can I get paid for that?” She even created flyers advertising her babysitting services. With the holidays approaching, a weekend dance to attend, and new shoes needed for spring track, she began calculating her finances.
She started picking up loose change and practiced piano more diligently, since Grandma rewarded her for every book she finished. No longer did she turn down less appealing babysitting jobs.
This journey turned out to be a lesson for me as well. I love shopping for my kids and finding great deals. But once I handed over that allowance, I had to resist the urge to buy her clothes and undermine her money management lesson. I did buy her a Chapstick one day, to which she gleefully exclaimed, “Thank you, Mom!”
The transformation didn’t stop there. Over the month, I watched as Lily became more responsible with her finances. There were no more pleas for clothes; she was self-sufficient because she wanted to be. Surprisingly, she also showed greater appreciation for the items we purchased.
Another unforeseen development? Her three younger siblings now wanted their own $100 allowances. Instead of frowning, I smiled, realizing I would have more freedom with spending in the future.
Here’s a recommended strategy for parents:
- Set clear expectations about who pays for what (it often helps to have kids use their own money for “extra” items).
- Assist your child in creating a list of wants versus needs.
- Help them draft a personal budget and write it down.
- Sign the agreement together.
- Maintain a simple ledger (or spreadsheet) to track money in and out.
- Resist the urge to bail them out or purchase things for them!
Lily hasn’t taken me up on my offer to pay her for weeding or cleaning the chicken coop, but I’m holding my tongue. I know that once she truly needs the money, she’ll come to me for a job.
My mother used to say she assigned chores to build self-esteem, a connection I didn’t grasp at 14. Now, I see it. The look of empowerment on Lily’s face when she earns something she desires is priceless.
To delve deeper into the world of budgeting and financial responsibility for kids, check out more comprehensive guides like this one. If you’re looking for reliable resources, WebMD offers excellent information on pregnancy and home insemination.
In summary, this journey not only allowed Lily to learn about financial responsibility but also taught me valuable lessons about letting go and allowing my child to grow.
Keyphrase: $100 allowance for kids
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