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Wednesday, September 19, 2007
Teens and their spending money
The Atlanta Journal-Constitution
Calling all parents of working teenagers. I’m hoping that opener will get your attention because I’m looking for some feedback on a recent situation.
My 15-year-old daughter makes a decent living as a babysitter and through other activities. She saves her money wisely and every once in a while spends it on something that really rattles my financial nerves.
Regardless, it’s her money. Right?
Well, here’s what she decided to purchase this past weekend: a iPhone. A $400-plus purchase for something that admittedly has a lot of talent. Yes it has text, phone, e-mail and a gazillion other capabilities. For that kind of money, I was hoping it would brush her teeth for her too.
When she decided to buy it and before we left for the store, I could feel my heart racing, my blood pressure rising, all because I thought it was a frivolous purchase. I realize she is part of the technology generation and that it was her money. But the amount of money she was spending was killing me.
Once we got to the local AT&T store I successfully lowered my heart rate and blood pressure and simply reminded myself, there really wasn’t anything I could do to stop her from using her money to buy the must-have item.
Maybe you can tell by this little story that I’m still having a bit of a struggle with this one. By the way, she’s also paying the $20 a month fee needed to own an iPhone.
Would you allow your teen to make a purchase like mine did? Do you think she was justified to buy whatever, since it’s her money?
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