Money Management and Your Teen

Money Management and Your Teen

Below are some tips for your older child or teen and how to manage money taken from www.healthychildren.org:

    • When children have their own money to manage — whether it’s a weekly allowance, a clothing budget or a set amount of spending money for vacation  — they gain control over their finances and this allows them to start building skills they will carry into adulthood
    • Establish an expectation that everyone pitches in around the house for an allowance. Then let your child earn “extra pay” for bigger jobs, such as washing the car or cleaning the basement.
    • Once you set the expectations for your child’s allowance, step back. You want your child to experience both the pleasure of spending well, as well as the letdown from wasting money.
    • Children learn about thriftiness and generosity when they see their parents forego something because they want to put money aside for vacation or make a donation in a friend’s memory.
    • Because credit cards target young adults, it makes sense to introduce your adolescent to the pros and cons of plastic before he falls for a sign-up offer as a college student. A first step is to allow your child to have a debit card linked to a bank account because it reinforces that you can only spend what you have.
  • For many more helpful tips,  you make click here.

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