Our daughter needs a bailout from the bank of mum and dad. How can we help while still teaching her the value of money? VICKY REYNAL replies
Daily MailWe've given our 16 year-old daughter a weekly allowance since she was seven years old. C.D.W., by email First of all, I think it’s brilliant that you have been paying your daughter an allowance from a young age as it’s a great way to teach children valuable money management skills. A compassionate and unquestioning ‘yes’ might only teach her that no matter what she does with money, the ‘bank of mum and dad’ is a limitless resource and so getting it wrong has no consequences. Or is it that despite budgeting and saving, her friends have a greater budget and want to go ‘all out’ on the transport, which she didn’t foresee and has been a last-minute change in plans? ‘Just give me the money please - I don’t need a lecture,’ might be in the repertoire you are faced with in response to your efforts.
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