Money Saving Mom®

A few years ago, we made a parenting decision that many might wholeheartedly disapprove of — but I still stand by it and am glad we did it!

What was the parenting decision? Let me tell you about it…

The Deal That Seemed Too Good to Be True

One of our teens had their sights set on a pricey piece of tech. They’d saved up, searched around, and finally found what looked like an amazing deal on the item they really wanted. There was only one problem: the deal was on a discount site that looked less than reputable.

Our teen came to us all excited, showed us the site… and, I’ll be honest, my radar went off immediately. The site just felt too good to be true and something just felt off. We shared our concerns, but our teen was set on making the purchase.

So we took a deep breath, talked it through… and gave them the green light, making it very clear that they could be flushing their hard-earned $90 down the drain by making this purchase, especially because there was no money-back guarantee offered on the site.

What Happened Next

The package arrived a week later, and it looked legit. The branding, the packaging — it all seemed real. But the moment they turned it on, the excitement fizzled fast.

It didn’t work at all like it was supposed to. It wasn’t clear if it was fake, refurbished, or just a lemon, but one thing was obvious: it was not worth $90. And to top it off, the company didn’t take returns.

Ouch. That $90 was gone.

But Here’s What That $90 Really Bought

Was our teen frustrated? Of course. But they learned an invaluable lesson: just because something looks like a great deal, it doesn’t mean it is. And just because something looks like it’s exactly like the item you are wanting to buy, always do your research before spending money on something that might turn out to be too good to be true.

After this big disappointment, we noticed our teen began doing deeper research before buying. They read reviews, asked better questions, and asked for our thoughts and counsel before making bigger purchases.

That one $90 mistake ended up being one of the most valuable learning experiences they could have had. And today, they’re one of the most cautious and savvy shoppers I know. That “failure” turned into a lifelong skill.

Why We Let Our Kids Learn the Hard Way Sometimes

This is exactly why we’re okay with letting our kids make these kinds of mistakes while they’re still at home. Because now is the time for them to learn — when the consequences cost $90, not $9,000.

Real-life money lessons are powerful. Books and lectures can only go so far. Sometimes, the best teacher is experience. And we’d much rather them learn these lessons now — with us cheering them on and helping them process small mistakes — than later, when the stakes are much higher.

Letting Experience Be the Teacher

If you’re walking alongside kids or teens as they start to manage their own money, don’t be afraid to let them fail a little. Let them feel the sting of a not-so-great decision. Then walk with them through what they can learn from it.

Because those are the lessons that stick. And those are the lessons that will serve them for the rest of their life.

Want to Teach Your Teen Financial Life Skills?

If you want to help your kids learn good money management skills and you aren’t sure where to start (or you just want to make sure you’ve covered all your bases), I put together a free download with 15 Financial Skills Every Teen Should Know. 

Whether you have little kids, pre-teens, teens, or grandkids, this resource can help you to make sure you are doing a great job of preparing your kids for the future. I compiled this resource based upon a survey I did with thousands of you all and it includes the most-suggested skills you asked for, plus the skills I felt were the most important that my parents passed onto me, and ones that I am so grateful we taught our three older kids. 

This free downloadable resource gives you a framework for what to prioritize when teaching your kids about money and also some practical suggestions on how to help your kids have life-changing mindsets around money.

Inside this free download, you’ll learn:

• Where to even START with having conversations about money!
• The financial basics most teens aren’t learning in school.
• The #1 habit that separates financially successful young adults from those who struggle.
• Why teaching your teen about money now will save them from common financial mistakes later.

PLUS, you’ll also learn 5 Money Mindsets that can *literally* CHANGE your teen’s future!

If you’ve ever wondered, “Where do I even start when it comes to teaching my teen about money?” — this freebie is for you!

I believe so strongly that one of the greatest ways we can impact the future is by the way we teach and mentor the next generation — and that’s why I’m creating these tools to help you!

Click here to download your FREE printable guide!

Psst! When you download it, you’ll get a special offer for our brand-new product to help teens learn budgeting and better money management skills!

Want to Raise a Money-Smart Teen?

Grab our FREE Financial Skills for Teens guide to set them up for future financial success!

Send me the FREE guide!