This story first appeared on moneysense.ca as a part of their “How not to raise money monsters” package.
“At age 13, all four of my kids became responsible for buying their own clothes,” says Minnesota-based financial educator Ruth Hayden.“I gave each of them a monthly clothing allowance in a yellow manila envelope. The only things I paid for were underwear, socks and jackets because I knew they wouldn’t do that themselves.”
The result? Kids who have learned how to stretch a dollar. “My oldest daughter always bought second-hand while her sister always waited for sales,” says Hayden. “I didn’t judge them for their choices.
They figured out pretty quickly that you can save some money for a more expensive item next month or opt for a more basic pair of jeans today. They knew the money was finite and there wasn’t any more of it that month.”
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