As summer is approaching many parents question whether their teen
should get a job or go to summer camp. It is a personal decision and a
depends on the teen and the family.
Teaching your teen how to be responsible with money is very
important. So many teens enter adult hood unaware of the workings behind
their finances, which leads them into a lot of financial hardships down
the road.
Here are a five ways to start teaching your teen to be financially responsible:
1) Get a Job:Your child’s education should be first
priority and their job second, so a job that requires a minimal schedule
is best. Look at lifeguarding, restaurants, retail or babysitting. Even
if the job doesn’t have epic responsibilities it will teach them about
paychecks, pay periods, taxes and what to do once you get that pay
check. Be sure to check your state’s legal working age; some differ from
others anywhere from 13 to 16 years old.
2) Allowance: Your teen may be too active with school
and extra circular activities to find a part time job, so make them earn
an allowance. Chores around the home, dog walking or watching their
younger sibling is a good way for them to earn their money. Pay them
what you would normally pay someone to do that job. Just because they
are your child doesn’t mean you should pay them less.
3) Save: Teaching your teen to save is so important and
probably the most important habit they carry on into their futures. The
money they earn, whether it is allowance or from a job, have them save a
portion, Teach them the reasons you save and why it is so imperative
for their futures.
4) Pay for own things: Going to the movies, concerts or
buying a new pair of shoes that they ‘must have’ should come out of
their own pocket. As parent you are not entitled to buy them new video
games or supply cash for pedicures. Teach them that that these things
are just extras and they will have to pay for it themselves. Have them
pay for their own gas too will help them see how quickly money can
disappear.
5) Give them a Credit Card: This may be a stretch for
some parents and could seem an extreme. But sitting down with your child
and going over how credit cards work can help them when they run off to
college one day. College students are easy targets for credit cards
because they do not understand how to use them. Start early and let them
use the family credit card and monitor every spending and show them how
quickly things can add up.
As in any lesson you are trying to teach your teen, don’t beat a dead
horse. Avoid the nagging and pestering and let them make the mistakes.
Obviously you need to monitor them from a distance but be there to
kindly guide them in the right direction. Follow some of these tips and
you will see a little money saver in no time!
Special contributor: Jenny Ellis is a freelance writer, and a regular contributor for
aupair care. She welcomes your comments at:
ellisjenny728 @ gmail.com.
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