Teach Your Teen to Budget, It Is 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
- 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
- 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
- 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.
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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important information to know
Thank you, I hope it helps
This is such an important lesson that so many parents overlook. I’m glad you’ve chosen to speak up about it.
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!
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.
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).
This post is really helpful. Financial literacy is so important.
Honestly, it is one of the most important life skills we should be teaching our children. It is the one that makes a huge difference in the quality of life.
Important information – it’s essential to start learning how to budget as a teen.
Yes, the earlier the better you are with a budget as an adult.
I agree with these. Parents should also give attention when it comes to these things.
Yes, we need to start early to teach financial to a teen. It need to become a habit for him to think this way!
This is really essential. It’s best to teach our teens to budget and save earlier to prepare them for the future.
I wish I had learned how to budget when I was younger. It is a really great thing to learn while you are young.
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.
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.
We have been working with my teen son on this, he is now more aware of the cost of things and wants to save money
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.
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!
There seems to be a difference between boys and girls.
These are really important tips, yes kids needs to know the value of money.
It is so important to start good financial habits at an early age. Teens can totally be responsible for their finances.
I actually know some very responsible teens. As long as they are taught, it will happen.