Family Finance: Teaching
Teens To Manage Money
One day soon, your teenager will be earning and managing their own
budget. Right now, you have to foot the bill.
Teens
are somewhat self-obsessed and sometimes need a gentle reminder about
the value of money and the facts of life.
Review
realities
You don't have to go into details - just explain that your budget isn't
elastic and that you work hard for the money you earn. Talk about the
things you or your teen could buy with the extra money required for designer
labels. She may be quite shocked about how much more a label costs.
Discuss
compromise
If you buy her a designer sweatshirt, will she settle for chain store
jeans? Could she give up something to pay for items she wants? Can she
earn extra money by doing chores? Are part-time jobs available?
Consider
letting her manage her own budget for a trial period. Give her the total
amount available for clothes, pocket money and expenses over a specified
time. Then let her decide how to spend it. Give her a book to keep track
of costs - and keep an eye on her!
Teach by your actions
If your daughter hears you boasting about
your new designer jacket or premium perfume, she'll get the message that
labels are important. Check out the treasures to be found in charity shops.
Vintage from a car boot sale can be more chic than a brand-new label,
and it's unique. The values you model will have a far greater impact on
your teenager than any words.
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