Mom Can I Have That?

"It's my money, so why can't I spend it the way I want?"

You're tempted to say:
"Because you're living in my house, and I make the rules."

Dr. T's Rx:

Sometimes even Dr. T is hard-pressed to improve on an old cliche.

Your gut reaction is more on target than perhaps you and your children realize. As long as you're supporting your children, you're entitled to at least a portion of their income. Few parents would be inclined to exercise that right. But if you're trying to teach financial values, it's appropriate for you to have some say about how your kids manage their money. That's true even for teenagers--especially for teenagers, who may be earning real money and shouldn't get the idea that all income is discretionary.

You can't have total control over your children's money because that would defeat the whole purpose of an allowance. But if you don't want your 8-year-old to buy a skateboard with his own money because you think it's too dangerous, put your foot down. If you don't want your 15-year-old to have a television in her own room because it would be a distraction from studies, pull the plug.

The sooner your children become accustomed to your household's rules about money, the less inclined they'll be to balk later on.

Dr. Tightwad Explains...