“If you do not know how to care for money, money will stay away from you,” said Robert T. Kiyosaki, the famous entrepreneur and investor.
True to this statement, it is imperative that your teen has good money management and saving habits. The lack of it might result in your teen spending most of his money on unwanted and expensive things. This irresponsible behaviour might well continue to his adult life when he is making his own money. It is necessary for you to not only teach about the value of money and saving, but also enable your child to implement your advise. For instance, you can help him open and maintain a bank account.
According to a piece in The Clearpoint Blog, you can “remind your teen to record every purchase and withdrawal, balance the account each month, and refrain from drawing on funds until they are available. Discuss how to use debit and ATM cards responsibly.”
An article in Summer of Money emphasises the importance of inculcating budgeting kills in your teen. “Good budgeting skills will help teens effectively manage their personal finances. The earlier they begin keeping a budget, the better. Encouraging your teen to develop one helps them become more accountable for their own finances.” You can help your teen develop this skill mainly through making him keep a diligent track of his incomes and expenses. Controlling impulsive buying is also an important step in developing effective budgeting skills.
Learn more about your teen’s must-need money management habits and how to develop them from our ClipBook.
By giving their children ample opportunities to learn about money management, parents help them develop into responsible adults.
To help your children master essential money skills and someday break free from you, devote time to financial homeschooling. Here are 10 ways where your child can be financially independent.
Have your kids donate a portion of their allowance to charity. It teaches them that money can be used to help people, rather than just for buying things. Remind them that it's not how much you give every little bit counts.
We have the scoop on when it’s time for you to talk to your kids (and grandkids) about money and personal finance. Check out our list of age-appropriate things you can do to teach them the basics.
If you have children under the age of about 14, sitting them down to have an educational conversation about money management is about as useful as putting wet wood in the fireplace.
Most parents excel when it comes to teaching safety and good manners, but with money, few know where to start. Money skills can be a blind spot because so many feel financially inept themselves. Yet research suggests parents’ behavior is the bigge...