Teach Your Teenager How To Budget
So teens who go out into the world either straight into college
, or into an apartment will struggle to pay bills and have money left over for what they want. And with all the credit card offers that come in the mail and that are offered in stores, they are set up early for major debt and the problems that come with it.If you start teaching your children how to budget while they are young they will do much better as adults. Teens often want a lot. Teens need to learn to stay within a budget when they just have to have something whether it is a pair of jeans or a prom dress.
Teaching your teen to budget before he moves out and starts a family of his own is the best gift you can give him. This might be hard if you've been the kind of parent to just give in and get your teen whatever they want, when they want it.
Christmases and birthdays where they are spoiled and get everything they want can also harm what you are trying to do to teach them restraint and money management.
You must also be willing to look at your own example you are setting. If you talk about money in front of your kids, they will know more than you think about how you handle you money.
To teach teens to budget they need an income of some sort. Some teens are able to work outside the home. Teens who do not have the time or ability to work outside the home can still learn how to budget.
Starting with an allowance or paying for chores done around the house is a good way to start learning how to budget early. And this can also teach them how to handle being managed, follow orders and develop a good work ethic.
There are many ways you can encourage your child to earn money. If you own a business, have them help you with things. If they can drive a car, have them run your errands for you.
Encourage them to babysit, or mow lawns/shovel drives for your neighbors. Get creative! Having your teen responsible for certain costs on their own teaches them how to budget.
Don't start off too big and make sure they have the ability to pay for the things you expect them to cover with the money they are given. Having your teen pay for lunch when he is at school is a good way to start teaching him how to budget.
Another is to have your teen be responsible for their own entertainment (eg.; CDs, movies, dances, bowling with friends, etc...). If your teen is old enough to drive, you can have him be responsible for his own insurance costs and the gas he uses when using the car.
You can even have him make payments and purchase his own car. Teaching your teen to save back a portion of the money he makes each pay period for later use is important also.
Too many people are living from paycheck to paycheck when they really don't need to be. Learning to budget for emergencies is something that needs to happen early.
And teaching them how to save money for those emergencies is another thing that is important in money management. Once you have decided what your teen is responsible for, and you have made sure your teen understands, stick to the plan.
If your teen makes mistakes and runs out of money and cannot buy lunch on Friday, let him take a sack lunch from home. If your teen runs out of gas, let him walk.
If your teen cannot pay his car insurance, don't let him drive (you will most likely have to cover this one until he can pay you back). Don't give out loans due to poor planning.
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