Too many teenagers are not taught the importance of spending and saving – these are critical parts of forming a healthy attitude towards money as they grow into adults. Here are some tips for parents to help develop good spending habits for their teens:
Teach them the difference between a want and a need. Too many teens develop an entitlement mentality – they see certain friends wearing designer clothes or using expensive cell phones and quickly conclude that they need the same.
Teens should be encouraged to earn and spend some of their own money. Part-time jobs such as babysitting, cutting lawns, or stocking shelves will help teach teens the benefits of having a good work ethic. With hard work comes reward – how exciting is it to buy a new video game or new pair of jeans after saving up some of their hard earned money.
Don’t feel guilty about not giving then everything they want. Young people in general tend to have short memories – they may be upset for an hour or a day, but they’ll recover. As a parent, teach your teen that money must be used wisely – there are many expenses that the