i'm 16 and i have a job and my parents are forcing me to put it in different funds and save some......?

Question

i work really hard for my money, and i went out and got the job on my own. shouldn't i be able to decide how i spend my money?
i am not a "crazy spender". i actually spend about half of it on food for my animals. and i have a budget that my parents approve of, but now they're saying that i have to save some of my paycheck, and save for college and a car and that i have to pay my church money. it'd be one thing if they were just giving helpful suggestions, but they are FORCING me.
do you think that they are being unfair? how do i get them to listen to me? i have tried calmly sitting down and explaining to them, but i always end up getting really pissed off and storming off.

Answer 1

do it you wouldn't regret it

Answer 2

You are only 16 years old and your parents want what's best for you. Once you become an adult, it is up to you to save your money. The fact that they're taking the time to show you on how to save up your money and put yourself on a budget would really help you out in the long run because as you get older, you will learn how to do these things naturally. You will thank them once you get a new car and other things you would like to have. Be patient and keep doing what you're supposed to be doing.

Answer 3

Sounds like your parents are smart. I wish mine would have taught me to be a careful spender like that, probably would have saved me some hassle early on. Having some money in your bank account for a rainy day is not a bad idea. As for college, if that's what you really want and they can't or won't pay for it, you might be smart to put some away for that especially if you are not getting a grant, scholarship or loan or plan on joining a branch of service to help pay for college. As for tithing, that is a way of saying that you trust God for your provisions, by giving 10 percent of your paycheck....good to learn that early on as well, since He provides for us what we have...and that includes the jobs we take on, there's not one thing you have that hasn't been given to you by God. You sound responsible and smart but you seem to be missing the boats somewhere. I don't beleive that they should be forcing you into it, I mean for a teen that's the last thing you want to be is told you have to do something. Take it from me though, they are just trying to look out for your best interest. You'll most likely end up thanking them in a few years when you have a nice balance sitting there and are eyeing transportation if you don't already have it. Be thankful they care so much for you! I work with a girl who is 18 whose parents charge her for everything, rent, car insurance, food, college classes, they are keeping a list of what she owes them. Your parents are saints compared to this girls parents. I say put your attitude in check.

Answer 4

You are still a child in their house. It might be your money, but they are trying to help you manage it. Forcing you isn't the best way, but its their call. If nothing else, saving isn't a bad thing, as long as the money is in a general savings account that you can access at 18 and only needs your approval to access. If their name is on it, fine, as long as you can do what you want to with it at 18 and they aren't taking money out. At least you'll have some money saved by 18. Alot of kids can't say that. I know their method is annoying, but they really do mean well.

Answer 5

I know how that stuff goes. My dad was the same way with me whenever i turned 16. What I did was I spent my money on stuff that was needed then i would put some money in a hiding spot and tell my parents that someone stoled my money and just give my dad like 5 dollars for church. By doing that i saved about 400 dollars in like half a year and went on a shopping spree and bout me what i wanted.

Answer 6

you sound like you are trying to be a responible person. and yes, you worked for the money, the check you cash has your name on it, your paying your shareof taxes and you sound like you are budgeting your money and learning about prioritys. most mature adult parents are wise enough to understand the concept of ...preparing for the future finacully. you should put money up even if its only 10 $. put it in the bank every payday and let that money make more money for you by building up interest. or invest in stocks , bonds and let that money make more money for you.. perhaps you could write down your thoughts and feelings ,and your suggestions about the matter. then when you are leaving for work or leaving for what ever, place it where they can easily spot it and read it while you are away. that way they have to read it and have time to think about what they read. buy the time you return perhaps they will be a little more understanding instead of demanding. well good luck. this is my motoe..be the change you want to see in the world

Answer 7

Trust me......you dont' see it now, but when you need money for a down payment on a house or a car or something, you'll be thanking your parents up and down. Sometimes as parents, the only way we can get our kids to do what's best is to force them. Good for you getting a job. I'm sure you do work hard, and this way....it'll pay off in a way that really will matter someday.

Answer 8

I know that right now you don't see the benefits of starting to save early in life. It's all about compound interest. Before you start World War III with your folks, check out a few financial websites online - anything by David Bach - or Suze Orman (she wrote a GREAT book for teens about financial stuff). They will show you that if you start saving now, your money will be working for YOU - earning interest on it's own. And once you get to the point where you are ready to make a large purchase (new car, new house, etc...) you will be SO FAR AHEAD of everyone else your age that YOU won't have to work so hard and worry about money.

TRUST ME ON THIS ONE - my parents tried to get me to save my income when I was your age and I refused. I screwed myself because it would have helped me out SO MUCH later. I am now almost 31 and I only started saving 3 years ago - by the time you are my age, you could be well on your way to total financial freedom instead of still struggling like me!

So before you fight it, do a little research. Find out about compound interest. I highly recommend talking to the people at ING Direct and asking about their Orange Savings Account. You really only have to save 10% out of each check to make a huge impact on your money situation. That's only $10 for every $100 that you make. You can do that no problem!!

THEN you can approach your Mom & Dad with the info you got and they will be so impressed and proud of you - they may even agree to match whatever you save for yourself to get you started!

Don't worry - you will work it out - I just hope that you don't wait until you are my age to figure it all out! GOOD LUCK!!

Answer 9

youve heard this one: parents house = parents rules.

yes, you earned the money, but youll have to trust their wisdom about how the money is allocated. keep in mind they were sixteen too. dont you think that they felt the same way at your age when they had a job? and if they felt it was wrong for their parents to confiscate their paycheck, wouldnt they correct that wrong in their own childhood by allowing you to keep all of your money? obviously, as parents who they themselves were in this situation before think this is the best thing. and theyre right. you will agree that their strategy was best in about 8 years or so when you have money available for yourself while a friend who was allowed to blow his/her paycheck has no money when they really need it.

the bottom line is that although its your money, your parents want to instill the concept of savings into you. in theory, it IS your money, but you have to keep in mind that youre young and youve got a lot to learn. there will be a time in the future when youll spend your money as you wish, but for now, let them dictate. they want to show you the right way of doing it. remember, youll thank them for this several years for now when you look back. it wont be apparent now, so just go with this leap of faith in them.

Answer 10

You are 16, they can make all the decisions they want for you. When you are older and you have that money to use for those things you will need, you will be glad they had you do this. Quit acting like it's the end of the world, and start cooperating with those that want the best for you.

Answer 11

Good for them! You may not like it, but in 10 years you will be most grateful for the "pattern of forced saving" you have developed.

Think of it as "paying yourself", and go with what they are doing. It truly will be a blessing later.