9
Jan
2019
0
Teach Your Teen to Budget, It Is Possible

Teach Your Teen to Budget, It Is Possible

Teach your teen to budget, it' possible.

Is it possible to teach your teen to budget? For some parents or guardians, the answer may be no. But, for others it is possible. If you have not spoiled your cute sweet little toddler into a mean selfish teenager, it is possible. Even if you have engaged in the “spoiled rotten” theory, you can still teach your teen to budget, but it will take considerably more work.

Here Are Three Tips to Teach Your Teen to Budget

START EARLY TO DEVELOP A STRONG CONNECTION

  1. The earlier you develop a strong emotional connection to your teen, the easier it will be to teach your teen to budget. Kids don’t need to be spoiled with things, to be happy. Things don’t make kids happy; but instead activities, hugs from parents, and talking to understand their concerns and helping them solve problems on a regular basis have proven to be major issues for happiness.

CHANGE THE WAY YOU THINK ABOUT THINGS

  1. For some strange reason, some parents think that if they give their teens all the material things they did not have, it will trigger massive happiness. If you had all of those “things” you would have seen that the lack of things was not the reason for your unhappiness when you are a teen. But instead, it is mostly the things that you cannot see that builds happiness.

TRY TO THINK LIKE A TEEN

  1. The only way you can find out how teens think, is to talk to many different teens. Teens want direction and clarification when it comes to making decisions. Teens also want to feel like they are important. What makes them feel important is first and foremost when parents appear that they care about them. The best way to make that clear is by telling them, you care about them and you love them. The second way is to guide them in what they do, and the third way is to make sure they are busy with activities where they make progress doing things they love like music, art or sports. The accomplishments make them feel important.

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Once you create the strong connection to your teen, it will allow you to create a strong connection to teach your teen to budget, by connecting the reason why they should budget along with you now and in the future.

It starts with saving money and why, then onto saving money and purchasing with a budget, to buy that which is affordable. Then, the reason a budget is necessary now and for life.

Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist

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23 Responses

  1. Amber Myers

    Yup, I’ve been telling my teens. My son understands more. My daughter loves to shop so she’s still learning, but she’s 13, so she has time!

  2. Ben

    This is so important for every parent to do. Knowing how to properly manage money is key to a less stressful life. The better our kids can make their money work for them, the easier their lives will be.

  3. I’ve always been pretty open about my spending and income. I made it a part of our everyday chats from the days that the kids were old enough to talk. I explained budgets and such because I felt it helped give a deeper comprehension of why I may not purchase specific things or whatnot. Over the years, having this type of open communication has helped them learn to save or spend wisely, and they’re in teen years now (one is almost an adult).

  4. Jennifer Van Haitsma

    These are great tips! Too bad they don’t teach this stuff in school. They really should make it a mandatory part of the curriculum.

  5. I have a teen son and he’s already earning so I’m trying to teach him how to spend his money wisely although I must admit, sometimes I just let him enjoy it however he wishes.

  6. Kathy

    I think it’s wonderful for everyone to know how to budget. I learned this at a very young age myself. I saved up a lot by the time I graduated. I think all kids should learn to budget for sure.

  7. Marie Gizelle

    My daughter needs to learn to budget, she just buys anything lol. My son though buys only what he needs, and also is considerate, great points!

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