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How to Teach Teens About Budgeting

How to Teach Teens About Budgeting PhotoWhen talking about teens and money, parents have diversified thoughts about it. Some say it is best not to discuss any financial matters with teens. On the other hand, others say that letting their teens know more about money is something truly wise.

With the kind of world we’re in, more and more temptations arise and it often targets teenagers. That is why it’s highly beneficial to let teenagers know the importance of money and budgeting.

To lay it all out, here are a couple of tips worth trying.

Don’t keep your budget list a secret

Having a budget list can be immensely helpful, especially for households filled with over-spenders. It is also a great idea to show your teens how this budget list works.

Instead of doing it in your room, try making a new budget list in the living room where your teens can observe you. Be glad to answer any questions they may ask about what you are doing.

This way, they’ll know where your monthly income is going. They will also have an idea how to make the budget list the right way.

Ask their help with paying bills

It’s human nature that teens do not realize the importance of money unless they are working to support themselves. As a parent, it is your responsibility to engage them to the right tools when it comes to this matter. Asking help from them when paying the bills would be one helpful tool.

This will help them realize that bills are not as cheap as a couple of junk foods and that every household is responsible for paying it on time.

Different line when shopping

Whenever teens point out to something in the mall, parents would usually say “Yes we’ll buy that on my next monthly wage”. If you keep on feeding your teens with this line, they will think that as long as you’re there and as long as you have work, you can purchase anything for them.

On the contrary, if you will tell another line such as “Yes, I’ll pay the other half for that” your teenagers will realize that they also have to do their part to obtain something they desire.

Let the initiative be more visible

It’s a good idea to teach your teenagers that they should work hard for the things they want. This way, they’ll learn to value money and spend it wisely.

Sooner than you know, they’ll have the initiative to budget the finances they earned from you. Simple house chores such as doing the laundry or washing the dishes can truly come a long way.

Give them a list of responsibilities

There is a significant difference between wants and needs. When it comes to buying the needs that will be your responsibility as a parent.

However when it comes to buying the wants, that is a whole new story, and your teens should be responsible for their own wants.

It is every parent’s responsibility to shape their children into better individuals. The most difficult part of this perhaps would be teaching them how to handle money. Nevertheless, these tips will guide you on how you can successfully teach your kids the world of budgeting.

  • http://redfoxcandle.com/blog Tanya

    Having them pay for their own cell phone bill and extra things around the house is always a good idea. Teens need to learn reality when it comes to money. Otherwise they are totally clueless when they are out on their own and trying to pay for their first place.