"I Feel Like A Peasant": A 15-Year-Old Flipped Out When Her Mom Cut Down Her Monthly Allowance From $5,000 To $1,000, Said She Felt "Abused"
October 12, 2018 18:02 By Fabiosa
What to do if your child doesn’t know the value of money
Teaching your child about money may not be easy, but it’s a necessary thing to do to prepare them for adult life. But how do you do that when your child is a 15-year-old spoiled brat? A Beverly Hills mom, whose teen daughter’s spending got totally out of control, was at her wit’s end and turned to Dr. Phil for help.
Nina Gray is a single mom, and she’s been working 6 days a week to give her daughter the best life she could have. Speaking on The Dr. Phil Show, Nina said her daughter, 15-year-old Nicolette, got used to a lavish lifestyle from a very young age. Since she was a child, Nicolette had her “own credit cards with absolutely no credit limit.”
Nicolette is a fan of expensive designer clothes, bags, and shoes. Speaking on The Dr. Phil Show, the teen willingly admitted she’s a "spoiled brat:"
I know I’m a spoiled brat, but I enjoy the lifestyle!
Nina realized her daughter’s spending was getting totally out of control and cut her allowance down from $5,000 to $1,000 a month. Obviously, Nicolette wasn’t happy about it. She said:
I feel like a peasant.
When my mom refuses to give me money, I make her life a living hell.
During her first appearance on Dr. Phil, the mom said she gave in to her daughter’s wishes out of guilt of “being a single mom, working 6 days a week, not being at home with her.”
When the mom and daughter appeared on the show together, Dr. Phil explained what went wrong in their situation. Nicolette’s self-esteem and self-perception were tied to the luxury items she owns, and that needed to change.
Dr. Phil shared this nugget of wisdom:
Overindulgence is a form of child abuse.
Explaining to Nina that it was not too late to “re-parent” her daughter, Dr. Phil delivered a line that elicited applause from the audience:
Give her more love and less money.
How to teach your child about money
Although it may be difficult to teach a child about the value of money when they are in their teens, it’s not impossible. But to make it easier, it’s best to start when the kids are still young.
Here are a few tips on how to do that:
- Teach your child to differentiate between needs and wants. Do they really need that candy bar right now or is it just a whim? Do they really need a new phone or do they want it just because a friend has recently got one?
- Teach your child how to save up for something big that they want, say, by setting aside part of their pocket money over a period of time to buy the item.
- Teach your child that they can’t have it all and how to prioritize. For a younger child that would be, say, choosing to buy one toy or the other but not both.
- If you have a teenage child, encourage them to get a part-time job or a summer job. That’s how a teen can really learn to value their time and money.
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The earlier you start to educate your child about money, the earlier they will learn to value it and handle it responsibly.