I have always taught my kids the value of money. I never ever hand them money. I am sure this is frustrating to them at times, but I am appalled at the number of times my kids have been GIVEN a $5 bill by another kid at school, to go buy whatever they want. My kids buy little and save the rest. I laugh, I have taught them well, but these other kids have no “cents” about them when it comes to money.
I will share more with how we did this through the years, but for now let’s fast forward to 2010, a sophomore girl going to a Prom with her boyfriend. Not excited about the boyfriend part, but she picked an absolute winner, so I am dealing with it, and rather well I might add.
I am so frugal its awful. Luckily my husband does balance us out. My daughter came asking for her Prom dress. I know this is special event, I know it’s her night to be a princess, BUT it comes with such a huge price tag. The one good thing is she will be going to 2 different formals this year, wearing the same dress.
In the middle of all this “dress shopping” she tells me she needs clothes, she’s out and she needs more. Not sure what that means, I can’t even see her floor because of all the clothes.
I begin to think through this whole process, how am I going to handle this? How am I going to be the frugal mom and also let my daughter be a beautiful princess? This was a tough one for me.
Finally I come to her and say here’s the deal. I am going to give you $100 (I can’t even believe I agreed to this much, but stick with me). You can get a dress, shoes, purse, whatever you want, but that is your limit. Once the $100 is gone, everything else is on your dime. Even if you have to split a limo (please, that’s pathetic, but they all do it) it’s on your dime.
But wait there’s more…
I then tell her, if you choose to borrow a dress, reuse shoes from last year, look for coupons, whatever it is you choose, you can have what’s left of that $100 and go buy clothes.
Ahhh, now the ball is in her court. She’s a frugal one too, and she too was surprised by the limit I gave her. Well she began to do her homework.
Brilliant girl, this is what she came up with…
This coming weekend April 10th and 11th is the 6th Annual Prom Gown Giveaway. We are going to go stand in line together and get ourselves a gown, for FREE and apparently they are going to hand out shoes to go with it. I hope we can get in since we have to go later, but we are going to try and get a FREE Prom dress.
I will report back with our findings and on how much she ends up getting for $100. But if you want to know what’s happening at the time, follow me on twitter @money4this as I will report in while we are there.