Teenagers Money Management

teenager advice

How is your Teenagers Money Management? Looking for
advice for your teenager?

Here are Three Steps to get you started to good budget advice.

These days we all need a little help when it comes to our family budget. And since our teen will soon be needing to be able to budget their income properly lets get started. It's never to late to teach them!

By the way, why is it that one child is such a good saver from the time they knew what a penny was, and the next child spends more then they will ever earn?!

How you talk about money with your teenager depends on your relationship with them; it has to be handled right. I remember thinking I was Sooo smart, that it wasn't easy to teach me anything.

We can control little kids, but our teens are now needing more coaching and consulting. This is more respectful and appropriate at their age.

Step #1

Have them write everything down that they spend. Everything. Get them the style of book or budget worksheet that represents their style and is easy to record their spending in. Office shops will have a huge selection and can help with any details.

Leave it somewhere they will remember to record in it, everyday. A good place is when they first get in the house.

Do this step for a month. Sounds long, but it will give them a better idea of where their money actually gets spent.

Step #2

If they have a job or get allowance, divide it up the moment they get it.

Decide on a percentage for saving, spending and possibly tithing, if you go to church.

Put the savings into an online savings account, or talk to your bank about the best interest earning account.

Step #3

Tell them that if they choose to stay living in your home after they graduate, that they will have to pay rent.

Sound harsh?

Not if they know ahead of time, and you charge them less than they would have to pay on their own. Then secretly save that rent money. Be sure to save it in an account that earns decent interest.

The neat thing about this is, once they find their own home, you can surprise them with a portion of their down payment!

It's win-win. They learn teenager money management, and you get to be the best parents ever!

Teenagers Money Management
- Warning -

Make sure you have your own family budget in a healthy situation before you hammer your kids about their budget.

Don't have good money management?

Be real with your teenager. Apologize for not setting a better example and then get saving together! Your teenager will respect you for it, and they may even inspire you for a better financial future!

Photo by smith.

Teenager Advice

Teenagers Money Management To Family Budget Worksheet