Every parent must have a different financial plan for their kids. Not only for when the time comes to pay for their college tuition or even their wedding, but a financial plan for the everyday expenses is just as necessary. 

What is the game plan when their teenage kid asks for money to go out with friends? Should a parent pay for the shoes their daughter wants to buy, or should she find a way to fund the expenses that are a want, and not a need?

Whatever you do, don’t do what the parents in the story below did. They clearly had no financial plan for either of their daughters, and they are now paying for it. They refused to give their eldest daughter any money while growing up, not even to pay for her college tuition, but they had no problem paying for anything their youngest demanded. 

Now, their two daughters are all grown up, but the parents have found themselves with no money. This led them to turn to their eldest with a demand that she’d help them, and the daughter is more than willing to let her parents reap what they sowed…