Helping Teenagers Form Great Money Habits
Helping teenagers by giving them money for a movie here or there or contribute to a class trip is one thing. However, it is another thing to be expected to throw money at all of her wants and whims like we are an ATM. Even though we want our children to “have it all” we also want them to choose how they spend money and resources wisely…whether it is their money or ours.
Forming great money habits happens whether they are good or bad. When my kids were younger it felt easy to guide them. Let’s face it, they only had a couple of dollars a week in allowance and we worked it out to save, spend and give. The game changed a lot when they grew into teenagers and than also worked part time jobs. There was more money, so more to manage. Also, by that age they have developed interests, hobbies, have friends and participate in many activities. There is a lot our daughter wants to buy…think clothes, gadgets, shoes and more. In addition, she likes to go out with friends, attend school functions and go on weekend adventures with her friends. While we often help out with these things, we also want to instill a sense of accountability in her.
Helping Teenagers Form Great Money Habits
- Set a good example. Teenagers watch how we act and they know when our actions don’t line up with our word. Demonstrate the same great money habits you want your children to have in your daily life. When you are making a money decision, share some of the debate with your children so they can learn and understand as well.
- Make sure they understand budgeting. It is never too early to make a budget, or a “money plan” as we say in our home. When we get paid we make an effort to direct our money where to go. Of course there are some impulsive buys and things come up, but in general we always have a plan. Helping teenagers with budgeting will set them up well into adulthood.
- Stay the course. I know it can be really hard, but don’t give in! It is your job to make sure your child’s basic human needs are met. However, it isn’t your responsibility to make sure they have ALL the experiences or ALL of the things. If they choose a class trip over a new purse, don’t rush out and reward them with the purse too. Learn to let them sit in their decisions and live with their money choices.
