Miley Cyrus went out and bought a crocodile Prada bag. The bag averages $11,350. Doesn’t she like Louis Vuitton or Coach? When her parents Billy Ray and Leticia Cyrus found out what Miley did they cut up all her credit cards. Now she gets a monthly allowance of $300, which is still nothing to sneeze at. Miley’s Best of Both Worlds tour may be sold out, her Hannah Montana CD may be a hit, and her Hannah Montana show may be one of the most popular syndicated programs on TV, but Miley’s parent still raise her like every other kid.

Billy Ray and Leticia want to keep Miley out of trouble, so they have made a deal with her: If Miley promises to live under their roof until she’s 20, she can have a separate bedroom and living room to give her the illusion of privacy. But just because she’s in her own part of the house doesn’t mean papa won’t be checking in on her. In fact, Billy Ray wakes Miley up every morning at 7:15 a.m. with a cup of Ovaltine.

Other celeb moms and dads should be taking notes.