Today's teens are bombarded with advertising. And for the most part, when they see something they want, they want it NOW. But instant gratification and responsible money management rarely go hand-in-hand.
To teach your teens to be responsible about money:
- Set up a savings account for them at a local bank.
- Encourage your teens to save a certain percentage of all the money they receive and earn.
- Have your teens keep a record of money they earn or receive and money they spend. And, give them advice on how to manage their money.
- Discuss with your teens what they must pay for with their money and what they can expect you to pay for.
- Don't give in when your teens have spent all of their money and ask for extra money.
- Talk with your teen about charitable giving. Help them budget some money each month to give to a charitable cause.
Source: The Parent Institute