I don’t envy anyone raising a teen in today’s economy, especially considering I was one of them a mere 5 years ago. Teenagers can be pushy, moody and downright annoying.

I’m part of the “Gimme” generation, full of teenagers and young adults who just expect to have designer clothes or expensive electronics. Parents are fulfilling these monetary whims as soon as they hear the word “Gimme” uttered. In my opinion parents need a reality check, and they need to pass it down to their kids.

I had the privilege of growing up in a very wealthy community. It was the type of place where the high school students had nicer cars than the faculty -- even though the faculty made on average $70,000 per year.

I also had the privilege of growing up with a mother who hardly ever shopped retail if something wasn't on sale. I always dressed in labels but they were from TJ Maxx (TJX), Marshalls and Loehmans. To her, it wasn't necessarily about saving money (she had plenty of it), it was about not wasting it. These lessons were taught to me at a very young age and I’m thankful for them now.

When I was 12, Juicy Couture had just come out and it was all the rage. I remember going to Bloomingdale’s (M) with my mother and casually passing by the rack of the solid color Juicy shirts; price tag $25. Back then $25 for a plain cotton T-Shirt was unheard of.

My mother took one look at the shirts, then at me, and made it clear that it wasn’t going to happen. She explained that there was no difference in that cotton shirt and another one we could find for half the price. She literally made me compare my own cotton shirt’s label to that of Juicy’s.

Although I was slightly mortified, I got the point. I didn’t need to wear Juicy to “fit in”. I fit in because I had the confidence to not go along with the crowd and create my own sense of style. She also explained to me that sometimes it makes sense to pay a little bit more when you’re shopping for quality. For example, buying a winter coat that keeps you warm and not just for one season.

My mother knew how to budget to make room for some other luxuries of life that we could all appreciate. She decided that the foundations of our family should be based on education and family time.

We went to the theater regularly, participated in after-school activities, attended summer camp and took several vacations throughout the school year. Looking back, these luxuries are the ones I appreciate the most. I was able to get an education, learn life skills, travel the world and create memories. I highly doubt having the latest electronic gadget can extract the same meaning.

The most important advice I can give parents today is that kids learn by example and education. If your household is experiencing a budget reversal, explain that to your children. You cannot expect them to accept drastic household changes without cluing them in on the situation. After all, it’s a teenager’s nature to rebel!

Think of your family as a team. You all need to work together and decide what is really important to each of you and decide the best way to customize your budget to provide for that.