As soon as a child crosses over in their teen years, it is the primary job of every parent to start delegating some of the more serious worldly responsibilities to them. One of the most important and basic responsibility is to have teenagers learn the fundamental value of money. Let’s face it, without money, there is virtually no hope or chance at survival in the physical world. To know where you have to tread in order to help your teen child in managing money, here’s what you have to consider:
1. Teach them about savings
This is a nice healthy way to get your teens to realize the true essence of money. Teach them to never be foolish in spending whenever they earn their allowance. They have to understand that there is a certain percentage that they must hold onto in case of emergencies like saving money for their colleges or universities, etc.
Parents have to demonstrate how to make use of debit cards and checkbooks so that their teens are more alert about how much they are spending. Teenagers have to know that they must hold onto their earnings in order to fulfill basic human requirements like food, water, clothing and more.
2. Reward them for good deeds
This step must be performed in a controlled manner so as not to spoil the child by adopting a more greedy personality when dealing with money. Task them with certain chores and objectives, when those objectives are accomplished, reward the teen with a certain sum. These objectives may include scoring excellent grades, washing the car, mowing the lawn and even tidying up their room. A constant practice of this will inspire a more responsible personality within teenagers while also teaching them about earning money through fair means.
3. Part-time job
This is a suitable early money-valuing character building process that almost every parent condones. Parents have to encourage teenagers to pursue a part-time job so that not only do they earn their hard-earned income, but also uphold the responsibilities of the place where they currently work with. This will serve to help them in a future professional occupation once they graduate.
4. Establish priorities for spending money
As mentioned previously, parents will have to help their teenage how to take better care of the money that they earn so that they are not left penniless by the end of the day and faced with a dire situation that does require cash. Give them the layout about the priorities of money management and spending by having them acknowledge the importance of basic needs and requirements.
These needs and requirements include food, water, clothing emergency situations like calling the cops, hospital, fire brigade and more. Giving importance to these primary needs will make teenagers more aware, alert and caring.
5. Paying of their school loan
Teenagers will eventually be going off to college but there is also the thing about paying off their long-term college loan. Persuade your teenage child to keep holding on to their allowance so that a proper amount is left to pay their debt at school.
At this point parents must instruct their children about the basics of opening up their own savings accounts even before they hit 18. A student checking account is one that requires teenagers to accompany themselves along with their parents to supervise the transactions that take place at the bank. Parents will be able to keep a check on the spending by their rightful authority.
It is advisable for parents to allow their children to maintain a debit card which can give them the convenience of an ordinary credit card but with limitations on spending.
About the Author: Sharon Stuart is an executive at Dissertation Mall, a company where students come and buy dissertation proposal online. She’s a multi-talented person having both passion and skills in fields like writing, designing and painting.