Is this a ok plan for giving money to my daughter?
My daughter is turning 15 and I wrote a new pocket mone plan for her:
she gets 108 us dollors each weak.
she has to pay for her clothes, shoes, junk food, phone bills, perfume and lotion and other stuff like puzzle, magic 8 ball, etc.
Thought, My plan is to give her 61 dollors each year to help her with perfumes, she loves perfume. And if she wants to buy more than 61 dollors perfume on a year she pays for it.
Also I'm going to buy her 3 pairs of shoes each year with my money, cause she loves shoes. And again if she wants more She must pay for it.
as for the phone bills, only her texts and calls is what she is gonna pay for. I'm going to pay for her iphone bills.
and I showed her this plan and she said that its good but she is gonna look for a job. I told her that she is only allowed to get a summer job and she has to focus on school the rest of the year. Its a rule in my house, until she is 18. I don't want my 15 year old working like she has money problmes.
anyway, my quastion is do you think I'm being unfair to her? Please pay attention to the fact that our family( me my husband and my daughter ) have 1545 usd income.
That sounds like a good plan. You are not being unreasonable BECAUSE of the $108 a week. IF you werent giving her that it would be unreasonable.
That is an awful lot of money for a child that age and only encourages poor money habits (spending it so it's gone by the next week). You and your husband need a money plan also. Is this amount for a week also? You need to be saving at least 20% of your income for your retirement. You also need at least 2 years of expenses in a savings account in case something happens to your jobs. Then you need to be saving for a rainy day (for unexpected things) and unknown medical expenses. No one needs 3 new pairs of shoes every year. She's probably fully grown now (or will be this coming year) so it's not like she's going to grow out of them. No children need wardrobes like Hollywood stars. Do you and your husband each have life insurance in case something should happen to one or both of you, that the other and your daughter will be cared for? I think you're one paycheck away from disaster and if you give your daughter that much money she will learn to do the same thing.
The plan looks great and make sure she learns putting all in paper for record so that she learns budget, accounts and the habit of SAVINGS and money for future buying beyond monthly/weekly expenses (like if she wants more than 3 shoes)
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