How to Teach Your Teen to Manage Money
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With these tips, teach your teen to manage money — and save a little yourself.
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Step 1: Model behavior
Model the behavior you desire. Get your house in order and discipline yourself before you curb them, so that your advice and counsel has credibility.
Step 2: Say no
Say no to your teen. Many parents lack the gumption — don’t be one of them.
Step 3: Control their spending
Help control your teen’s spending by educating them about wants and needs. Allowing them to have a credit card only temporarily forestalls the conversation about responsibility.
Step 4: Use allowance
Use allowance as a tool through which they can experiment with their own money, allowing them to suffer the consequences when money is wasted. The results will be priceless.
Tip
Many financial companies offer services for monitoring your teen’s credit card account.
Step 5: Teach planning
Teach them to plan, which may include getting a part-time job to purchase desired objects.
Step 6: Help them make a budget
Help them develop a budget, teaching them to acknowledge each expenditure and to organize their basic material desires.
Step 7: Set saving goals
Set goals for a savings account aimed at future needs like college, trips, and marriage. Agree to reinforce this with small matching contributions on your part.
Tip
Teach sound investment strategies to your teen, or have someone who knows what they’re doing help.
Step 8: Allow a pre-paid card
Allow the teen to have a prepaid debit card instead of a credit card. There is no government bailout authority that will reinforce poor money management for your family.
Did You Know?
By 2008, over 91 million U.S. households had at least one credit card.
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asian parents don’t …
asian parents don’t usually give allowance.. or understand it
my parents dont buy …
my parents dont buy me so i have to save me money
LOL! I don’t even …
LOL! I don’t even get an allowance. We’re not poor, we’re quite well off… I just save all the money from my birthdays and Christmas. I also don’t go spending my money like an idiot and buy every new shiny phone that’s put infront of me.
i wanna save money …
i wanna save money to buy a new guitar but u cant. if i got moneyz in my hand i want to do somethink with em :d
you can save money …
you can save money by not signing your kid up for a credit card.
why would u donate …
why would u donate your mone yas a child if its such a small amount, may sound sad but its true
The Boxee Box! 😀
The Boxee Box! 😀
@007Silverfin …
@007Silverfin That’s y we watch them 🙂
As a teen you can …
As a teen you can make serious money online for FREE.
/watch?v=mQ_OdG2ixfE
i wish my parents …
i wish my parents were this easy like this it takes alot of years to get what you want and i dont get an allowance
But is it smarter …
But is it smarter to have one or just have a checking account
arent you special.
arent you special.
it’s not a HAVE TO
it’s not a HAVE TO
This isn’t very …
This isn’t very helpful… It’d be easier to have a “How to manage money FOR TEENS” I don’t get an allowance, I’m to young to get a job. -__-‘ I already knew everything they said, my only question is “Does someone HAVE to have a credit card?”
i sell candy at my …
i sell candy at my school now! i get 20 bucks a day!! what i do is divide my money into spending money and saving money. i put my spending money in my wallet and the rest in a piggy bank (lol). this way, im not tempted to spend it all at once!
i would hate to …
i would hate to have a mom like her
Or you could give …
Or you could give your child a credit card but set a spending limit on the card…that way…they still learn how to spend wisely while building their credit score
id tap dat bitch
id tap dat bitch
i wish i had an …
i wish i had an allowance 🙁
her mom is bitch
her mom is bitch
White Americans!?
…
White Americans!?
You don’t know all of them, so you can’t say all of them are…
(and I’m not white) but that was a very ignorant answer!
i wouldnt mind …
i wouldnt mind teaching her a few things… before she ends up looking even more like her mother. jesus. put the god cheezy poofs down and get on a treadmill. that should save some money.
white americans are …
white americans are trash with money.
i dont receive allowance and only buy necessities
when i ask
I already have a …
I already have a stable money source