Teenagers learn to deal with money when they must calculate it themselves. That’s not always easy because teenagers often have many correspondingly expensive wishes. The parent should encourage their child to act independently.
Young people and money: sometimes a complex topic. Adolescents want to look cool, have a modern cell phone, and, if possible, a tablet as well. Later, more expensive wishes, such as a motorcycle or car, are often added. But you can fulfill not every desire. As a parent, you should allow your child to learn how to handle money early.
It is how teenagers learn how to manage money
You must train the correct ways to handle money. As a parent, there are many ways to help your child keep the house properly.
From primary school age, experts recommend giving children weekly pocket money. Start with a dollar or two a week and increase that amount as your child gets older.
Let your child freely dispose of their own pocket money. It is the only way to learn to appreciate money’s value and allocate an amount properly. You can also encourage teenagers to buy their clothes and school supplies from the budget. The total amount should then, of course, be higher.
However, cleaning up your room should be a matter of course and done without reward. In working life, the reward for work is a wage. Prepare your child for this by rewarding them with a permanent contract for helping around the house.
The right to pocket money – how to deal with demanding teenagers
Discussions about pocket money probably occur in most families. When whether your child has a right to more money
Perhaps your child really does receive a below-average sum and therefore feels disadvantaged and may even be disadvantaged in joint ventures with friends. If your financial possibilities allow it, you should consider an increase in this case.
You should also take the time and work out with your offspring what your child spends money on each month and how much money would theoretically be needed.
You may already be able to give tips on where savings could be made (but keep in mind that young people, like you, want to treat themselves).
Also, use this opportunity to clarify whether there are any purchases that you can take care of yourself that do not have to be covered with pocket money (e.g., cash for lunch breaks, school purchases, etc.).
Young people and money – this is how teenagers learn to keep a budget
Young people learn to deal with money when they must calculate it themselves.
Also, make another list of examples of the intention for pocket money (e.g., money for going out or “luxury items”). It clarifies whether your child can get by with the number of funds allocated.
Stock pocket money up
Help your children earn pocket money independently by motivating them to take on a small part-time job. Occasionally delivering newspapers or brochures, babysitting, or walking a dog brings in money and creates self-confidence through the experience of taking responsibility and achieving something through independent work.
Suppose, despite all your efforts, your child cannot find a job (teenagers in student towns have little chance due to the great competition). In that case, you might be able to allow your offspring to earn more pocket money for exceptional households’ choirs. It would be best not to use this to reward work that you take for granted (such as cleaning your room).
Ask relatives and acquaintances to keep birthday presents to a minimum and refrain from expensive souvenirs. If your child often receives valuable gifts for no reason, they will not appreciate the value of such gifts and will get used to them.
Educating young people to be thrifty – tips
Teenagers should learn not to think too materialistically. Many young people today live in abundance, while others lack the necessities. Therefore, if your son or daughter’s room bursts at the seams, you should set conditions before acquiring new things. For example, your child could sell old toys at a flea market or donate clothes they don’t love or no longer fit to charities.
Children learn from their parents and imitate their behavior. If you live frugally as a father or mother and compare prices, your child will usually do the same. So be a role model for your child when dealing with money.
From the age of 14, children can deliver newspapers or run errands for neighbors or friends. If such jobs are accepted, they represent an obligation that you must meet. Whether it’s raining or snowing: the newspapers must be distributed, and the neighbor’s dog must go outside. In this way, your child learns that money does not fall from heaven but is earned through personal contribution.
Young people today like to define themselves through possessions and fall victim to spending money through advertising and peer pressure. However, inner values are much more important than a brand sweater or an expensive smartphone. Boost your child’s self-confidence by praising them often – even when there are problems and tensions.
There is no guarantee that young people will learn how to handle money. However, if you encourage the independence of your son or daughter, the chances are excellent.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.