Why Won't My Parents Let Me Spend Money Unsupervised?

Understanding the Perspective of Your Parents

I completely understand your perspective. As a minor, your parents feel responsible for your well-being and the resources they have worked hard for. They want to ensure you use your money wisely and not waste what you earn. As an adult still living at home, you might feel the need for more freedom in managing your finances, but it's important to understand why your parents might be hesitant.

Adulting Responsibilities

Being an adult involves taking responsibility for many things, including your finances. Consider how you plan to use your earnings wisely. For instance, saving money to move out, go to college, or cover the costs of car insurance and a personal cell phone are priorities. Working kids need guidance in managing money, and spending it all on frivolous things like pizza, shopping, and video games is not practical.

Financial Planning and Budgeting

If you work 8 to 10 hours a week and make $60, reflecting on how you spend your earnings is crucial. Allocating $20 per paycheck for personal expenses might seem adequate, but it should be considered for two weeks until your next check. Keep track of your spending to understand where your money goes. For example, if you spend $20 on coffee for four days, you realize you've wasted $20. This awareness can be a powerful tool in optimizing your budget.

Imagine a scenario where your parents give you a phone bill monthly and you are responsible for personal items like shampoo, toothpaste, and deodorant. This exercise would teach you how to manage and budget your money effectively. It also highlights the value of what your parents provide, helping you develop a sense of appreciation for their hard work.

Considering Your Age and Financial Maturity

If you are still underage, it's possible that you may not yet be financially responsible enough. At 15, you can start working, and earning $9 per hour on weekends, working 8 hours each day, amounts to approximately $7,488 before taxes by the time you turn 18. This could accumulate to around $22,464 before taxes, which will help you save significantly for the future.

Many parents save their children's earnings to ensure they are used wisely and contribute to future goals such as renting an apartment or even buying a car. The idea that everything your parents do is detrimental is a common misconception. On average, parents aim to nurture the next generation responsibly. If you feel there is a discrepancy, it's best to discuss it with your parents, asking them to explain their reasoning and considering if they can allow a portion of the money to be spent on yourself each week.

By engaging in open dialogue and learning to manage your finances effectively, you can develop a better understanding of the value of money and the importance of saving and planning for your future.