It Isn’t a Bargain if you don’t Need it

While shopping at the mall, your 15-year-old daughter spots a 30-percent-off sign in the window of her favorite store. She zips inside and five minutes later, insists on using the last of her allowance to buy a pair of deep-discounted designer jeans - even though she has a drawerful of denim at home. three days later, she finds out that here favorite rock group is coming to town and begs for ticket money.

The experts are unanimous: Don’t bail her out. “Letting children make ill-advised purchases with their money now, when the expenditures aren’t large , is the best way for them to learn,” says Paul Richard, executive director of the Institute of Consumer Financial Education, in San Diego. In a child’s (as well as an adult’s) world, need is often another name for want. “there’s nothing wrong with wanting something, “says Neale S. Godfrey, author of Money Doesn’t Grow on Trees.” It’s just that parents shouldn’t have to foot the bill for it”

source: Good Housekeeping
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