Most teenagers in my country are least interested in being responsible and therefore they spend lavishly which causes a lot of problems for the parents who think that children should learn how to spend and learn by their own mistakes.
We should teach our children for money management and responsibilities, and also to spend the money wisely and to save for the future. Most of the children do not care until a proper guidance is provided. In such cases I advise you to chalk out a plan for your children according to their age group and ask them to maintain it very strictly.
Set a penalty clause
There should be a penalty clause that you can set with mutual agreement with your children. That way you can encourage your children by showing them the way like taking them to bank and help them open a savings account for them.
I am sure it is the best way you can tell them strictly about their spending limits, and if you find that your child is trying to save you can increase their pocket money to help them save more.
This is my way of thinking for a better managed and planed future of our next generation. By the way what do you say – Saving habits in children or spending big time?