As your child enters into their teen years, money management is going to become an increasingly important part of their life. Whether they are starting their first job, or simply managing money given to them through an allowance, it can be a vital time to help them develop healthy money habits. There are many ways to naturally ease your teen into learning to manage their money. Here are some simple tips to keep in mind.
Talk About Money
It can be hard to have open conversations about your spending habits, especially if you aren’t used to talking about money with your kids, but doing so is a great way to help them gain a better understanding of how to be smart with their own earnings. Being open to conversations about money can help your teen to feel more comfortable coming to you for advice. Since money management skills are something that is not taught much in school, your teen will likely depend on you to learn how to save money. Discuss the psychology of saving money with them and work to help them develop healthy habits by serving as a good example.
Open a Bank Account
Opening a bank account for your teen is an important step in helping them to become an independent adult. Taking advantage of debit cards for teens can help teach them vital skills that they will need later in life. It gives them a chance to practice money management in the real world. While it can be a big responsibility to use a debit card properly, discussing it with your teen can be a great way to open up more conversations about money.
Be Patient With Them
As they get older, it is important to give your teenager room to grow. Keep in mind that they will likely not have the best money sense as they get started and may spend a lot of what they earn on entertainment or items they don’t necessarily need. While it may be frustrating to you, this can be an important part of the learning process as they discover that money only goes so far and saving is important for accomplishing any long-term goal.
Teenage years can be a great time for your child to learn to manage their money while still having the security of living in your home. By creating a safe space for them to explore and develop good habits, you can set them up for greater success when it is time for them to set out on their own.
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