What’s the Next Step in Teaching Teens about Money Management?
14 or 15 is a good age to add to a bit more money and responsibility to their weekly allowance. Try this; give your teen their lunch money at the start of the week – this will give them a sense of greater responsibility and learn about budgeting. If you plan to increase their allowance too, you should make them save about half of it. Whether it’s for Christmas presents, or just general savings; if you set a target for them, your teen will have something to work towards. You teen’s 16th birthday is a good time to set up an account with their clothing allowance in it for the year. When it comes that time of year and your teen needs to buy some new clothes have them buy the clothes themselves. When they get home with their new purchase, ask them to update the spreadsheet to the dollar. This way they will be able to see how much of their clothing allowance is left. In no time they will realise paying $40 for a baseball cap is just not worth it! If you have a look online, you will find many
