Help your teenage kids manage funds

gboyinwa ajomale

October 19, 2017 8:58 AM

Teenagers want to have their way, which means spending on unnecessary stuff, going out more often and keeping late nights.

As parents, you need to play a crucial role in the life of your children. When children get to their puberty age, they tend to display some sign of rebellion.

Always wanting to have their way, which means spending on unnecessary stuff, going out more often and keeping late nights.

Since our focus is on money and how to imbibe good financial habits, parents should help their teenage kids to manage funds and have good money habits.

Parents should be good examples when it comes to financial management. A child tends to follow in the way of his parents. If as a parent you have bad financial habits, it might have negative effects on a teenager's finance also. So a parent must also know how to manage funds and make right and proper financial decisions.

Include teenagers in some financial decisions and matters. Tell them about your past money mistakes. This way, they have an idea on how to make good financial decisions when their folks are not with them.

Help your teenage kids develop a good money savings habit. You can achieve this as a parent by telling them if they really need to get something they want, they should save for it from their allowance by putting a small amount every day or week to get what they want, instead of asking you as a parent. This gingers their morale and encourages them to save.

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Also teaching them the importance of not just getting things on impulse and buying frivolous things they don't need and how it affects personal finance. This helps a long way to shape their finance in the future.

Teenagers want to make extra apart from the allowance they get from their parents, so during the holidays, it is either their parents get holiday jobs for them or they go out to look for informal jobs for themselves. In both cases when they get paid, help them manage their paycheck. Teenagers are always a bit overboard when it comes to spending. They tend to overspend when they have 'lots of cash.'

When teenagers get their first wage or salary, parents should make it a duty to tell them the importance of saving and how to spend wisely.

As parents, you need to engage teenagers with financial responsibility. Let them understand the value of money. Let them have the liberty to manage their personal budget.

Doing this helps them to learn financial lessons, like avoiding money mistakes.

It's also advisable as parents to be strict with the money you give to children. Most kids don't know the value of money when given a lot of it. So to curb their overspending, get strict with their allowance, so they can know the value of money.

gboyinwa ajomale