Teen Allowance = Adult Budgeting? Or not?

[ColdTiredFoggy]

Thinking about monthly allowance for DD. She is 13 at the moment so probably thinking more next year. I was just wondering if this would help build up her budgeting/saving skills (which are a bit pants at the moment).

Did you have a budget as a teen - and for what. And do you think it helped you budget?

Did the need to budget come from a burning desire to save for/buy "x"

I gave my teenage girls $50 a week in exchange for cooking and cleaning.
That money was spent on phones (pre paid), outfits, outings, makeup and gifts.
Other parents told me it was a lot, but they paid for all of the above and then gave going out money.
My girls are now the queens of budgeting.
Do what works for you.

From 13 I had an allowance from my parents. It was £30pcm up to £50 as I got older. Really it didn't cover much , my parents still paid for most things but it was for anything to do with hobbies, treats, save for big purchase, and clothes (excluding underwear). It meant I knew the value for money (especially clothes - you'd never catch me spending £££ on clothes that don't last - years later and I still have some of them!!) And how to manage expectations on affording luxuries. I think it helped a lot, especially at uni and saving a house deposit!

I'm awful with money so it's important to me to teach dd about all aspects of finances. She has an online bank account which has a saving component and she can earn money buy doing certain chores. I also think it is important to teach about financing and credit and debt. Dd wanted a mobile phone, I got it on interest free credit for a year. Her account is set up to put away a weekly amount and when she has enough I'll sit down with her and pay for the phone.

DS13 (14 in a couple of months) has £40/month.
This covers everything he wants (PS4 purchases, going out with friends etc). I buy clothes, I don't mind buying some branded items - but he still goes out and plays football with his friends, so I refuse to buy branded jogging pants at £40 a pop that he then ruins so he pays for these himself. (Funnily enough - he'd rather not and is happy with Primark trousers instead).
He gets money taken off for bad behaviour at school, and he earns his money by doing jobs round the house (washing pots, a bit of cleaning, keeping his room tidy and cooking at least once a week).

It does help him with budgeting - and he is careful with his money. It makes him more thankful for what he does get (holidays, trips out etc) and he always considers how much he wants something/whether he needs it, before he buys anything and whether it is worth the cost.

I had an allowance from age 13 and it had to cover everything except food and electricity. So, clothes, uniform (except blazer and skirt and tie and shoes), toiletries, outings, gifts, treats, etc. We weren't allowed to wear make up and mobile phones didn't exist. One driving a quarter of the petrol (and as the youngest, I had last dibs on the car so basically had to pay so my sibling could use it ) and a quarter of the phone bill, again mainly used by sibling. Once we had a job, 1/3 went to them.

I'm crap at budgeting but don't buy things unless we really, really need them.

DH was the opposite. His parents bought clothes etc until he left home and still give him (and me) generous cash gifts. If he wants to buy something he will generally buy it if we can afford it. If I want to buy something, I generally end up not buying it because I'm not used to spending money on myself just because.

I'm hoping to take a middle line with our DC.

OK, so allowance seems like a plan.

If you are good at budgeting/saving is there anything else you think helped?

Encourage them to get a part time job. We stopped pocket money at this stage. (Except for DD1 in final year of school, who had her sifts cut as she was 18 and too expensive).