by Bo, August 26, 2014
It is tough raising children today. After all, we are told that it now costs almost $250,000 to raise a child from birth to age 18, according to CNN for 2014. That is some serious cash that we are spending – for a good cause, of course! But as we learn how to budget and work our money to the biggest benefit, are we also teaching our teens what they need to do to be beneficially successful as they reach adulthood?
Here are some things to look at so you can make sure!
1) I think we have all used the term to our kids that “Money does not grow on trees”, but the only way that a teen is going to learn the value of a dollar is to be trusted with money and learn to use it. Give them an allowance for the week and work on budgeting the money so that it lasts. Have them start buying supplies for school, clothing, personal items, gas-if they drive, entertainment items – dating, movies, etc.
2) If your teen does not have a job, help them find something, even if it is working for a few hours for your business or a business a friend owns. Having to learn how to juggle time and earning money through hard work adds to the value of the money.
3) Take your teen shopping and teach them how to read labels and determine a good value on food and grocery items. Show them where to look for deals and find the best values in the store. Also teach them how to calculate the discounts on clothing, shoes and other items so they know if their purchase is worth the price.
4) Teach your teen the difference between a need and a want. Buying for your needs should come first and fulfill your want list later, if there is money left over.
5) Show your teen how to save at least 10 percent of everything they make. 15-20 would be better at their young age, but get them in the habit early and it should carry them through their life.
6) Show your teen how to find good deals on the internet through the use of deal sites, coupons and discount stores. Show them how to comparison shop and to check for markups before the “discount” to make sure the deal is really a deal.
7) Teach your teen to respect the items that they buy along with the money. Show them how to use the products so they get the most out of their purchase and make that deal even sweeter.
As parents, it is up to us to show our kids how we deal with money and budgeting. This is real life issues and not something that is taught much in school. But you can make a difference if you work on it a bit at a time and your teen will thank you for it. What do you think… Are your teens money savvy? How can you help them get there?
image courtesy of Stuart Miles and freedigitalphotos