Question

Should young people be required by parents to have a budget and stick to it?

Answer 1

Parents should try to help their children understand how to budget money but requiring their children to budget is not a good idea. People need to make mistakes in order to learn and grow. By making mistakes with their money, young people are being more independent and truly understanding the importance of budgeting from their own experience. If a parent holds their child's hand and hovers over them through learning life skills such as budgeting the child will not understand the importance to the same extent as someone who had to learn the hard way.