Teaching teenagers the value of money

Teaching teenagers about the value of money lies solely in the hands of parents. Learning the significance of money should begin at an early age, it would surely help in the long run. They should know the difference between something they need and desire.

Here’s a basic guide to help parents teach teens how to value money and spend it wisely.

Are you giving the teen a specific amount of money as allowance? Well, ensure he/she writes down the expenditures as well. Make them realize the importance of doing this as it helps one to develop the skills of planning.

Ensure your child maintains a savings account. Allow a certain portion to be spent as and how your child desires but see to it that he/she puts away certain amount for the month.

Give your teens a little bit of financial responsibility at an early age. He/she would automatically apply the principle to his/her own expenditures and perhaps, curb the unnecessary spending as well! A little bit of responsibility would ensure he/she learns the ropes at an early age.

Many teens love to do part-time jobs. Such jobs for teens are a great way for them to learn the finer nuances of expenditure. Encourage his/her ideas and help your child be responsible about the earnings. As long as it does not interfere with studies, there are many easy ways for teens to make money. This is a good time for them to learn and also realize how to plan for their future.

Teach your child how to plan a budget. Make him/her note down the expenses and purchases for the month. Make this a habit with your teen so that he/she realizes where the money is being channeled.

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