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With growing age of children their daily expenses also increases such as school expenses, clothes, snacks, books, medical and other entertainment expenses. Nowadays parents need to make special provision for giving monthly allowance to their teenagers while preparing monthly home budget. The teenagers demand big monthly allowances from their parents to fulfill their needs. Therefore, it becomes very difficult for middle class parents with limited income to fulfill all the demands of their teenagers. It is also problem for rich parents to control their children’s unlimited expenses. The major concern for parents of teenagers is to control their expenses and plan monthly budget.
It is very essential to teach financial lessons to your teenager. They should know how to manage money for essential things and how to save money for future requirements. If your teenager does not obey your order and makes unnecessary expenses, then it is time to control your teenager’s habit.