Thursday, October 22, 2015, AM | Leave Comment
Money management should be inculcated into young minds since their minds so that they can grow up into matured sensible beings- with proper idea on the worth of money. If your child has attained teen hood by now, it’s high time to encourage the money management skills in them.
The post here offers some intelligent tips to imbibe money management skills in teens.
Proceed through a game
It would be better if you maintain a playful approach here as a serious mannerism would get too boring for your teen master. A smart way to teach the money management skills is through games.
Yes, there are several online games today that encourage money management questions in your kid and a good exposure to them would be brilliant for your teen child.
A lot of parents feel that pocket-money would spoil the kids but what they don’t understand that until you allow him to spend on his own- your child will never learn the basic of money management.
He would always know that there is somebody else to pay his bills and this very feeling of dependency is a big spoiler alert.
Thus, it’s smart to hand over a reasonable pocket-money to him every month.
Added to it, you should also make it clear to him to religiously stick to the amount allotted and if he fails to do that there will be no help from your side until the next month.
Teach him to track his expenses everyday so that he does not lose himself in impulsive unmindful expenditures.
Discuss college financing
Discuss the student loan you are planning to take for his college education and that he has to watchful on his expenses from now on so that the
debt does not become a huge burden for both of you.
Also discuss in detail about the necessary college fees and other pertinent bills that come along with.
Unless and until the child has a proper knowledge about the entire financial scenario he would never be able to properly understand the worth of intelligent money management.
Reward them for saving
Everybody is encouraged towards a better and sensible act when there is a fillip. It could be in the form of material rewards or compliments.
Thus, whenever your teens choose to save, you should make sure to reward him be it through generous compliments or a token gift.
You must train your teen to put minimum 10% of the gift cash they earn for the birthdays or as Christmas gift into their savings account.
Introduce flea markets
Introduce your child to flea markets and thrift stores where they can find fashionable goodies within their limited budget.