Teaching Your Teens about Money

Teaching your teens about money is a very important step you will need to take. If you do not teach your teens how to manage their money wisely, they will end up spending it randomly on things they do not really need. I would like to share with you a few tips that might and will be useful to you.

-Open a savings account for your teen as early as it is possible. Teach your teenager that saving money on a savings account is fun. Your teen will enjoy watching the balance on his account grow each time he deposits some money on it.

-Decide how much money you are going to give your teen each month for his expenses. If your teen knows that he has a certain amount of money at his disposal each month, he is more likely to make better decisions money wise.

-Teach your teens the importance of setting financial goals. Do not discourage them from dreaming. If your teen wants to buy something expensive, help him calculate when he will be able to afford something he has been dreaming about.

-Give your teen the more money the older he gets. You do not have to give him a lot, but if you decide to offer him more and more each year, your teenager will have bigger confidence knowing that you trust the way he spends his money.


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