Should young people be required by parents to have a budget and stick to it?
It is not uncommon for the evening news to talk about the local, state, or national budget. Controlling finances is an important issue for governments at many levels. Families also must control their finances. Some families create budgets that they stick to carefully, recording all outgoing and incoming money so that they never spend more than they bring in. Other families keep at least a mental count of where their finances stand. But what about young people—people your age?
Should young people be required by parents to have a budget and stick to it? Plan and write a response in which you state and explain your position on this issue. Be sure to provide support for your stand in the form of sound reasoning and relevant examples.
I think that this is a good idea for at least two reasons.
First, budgeting helps teens learn how to be responsible for their finances. This is something they will surely need when they leave home. If teens have a given amount that they can spend on things like clothes and entertainment, it will help them learn how to ration their money and how to avoid simply spending on whatever they want.
Second, a budget is a good way to keep peace in a family. If the teen has a budget that has been agreed upon, they do not have to keep bugging their parents for money. They and their parents don't have to keep fighting about each thing that the teen wants to buy. There may, of course, be conflict about the size of the budget, but that will not happen as often as conflict over each individual desired purchase.