Teen Money Tips

Many people look back and think how having some financial education would have made life easier and avoided some discomfort, slippage, fines, or a decrease in quality of life.

You are always in time to seek more information for yourself, but if you have children (nephews, godchildren, etc.) you should think that money is part of life as any other reality and therefore, the sooner you awaken them to your good management. . .

It is well known how boring a theme of this can be for a teenager – yet it is precisely at this stage of life that you begin to create good habits and begin to cultivate responsibility and some independence of the family.

This trend must be reversed in school curricula as well, but it is no secret that the greatest share of education is at home.

Acquiring a healthy relationship with money, the ability to save and plan expenses, make decisions and make financial choices are therefore basic objectives.

Set an example

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This is a truth that has been unchallenged for many generations and through the most diverse currents of psychology: young people learn much more from examples that are repeated every day, than from anything that is said to them. Do not spend only your Latin: do it! If parents or guardians are the first to show concern for finances by encouraging discussion at home about monthly financial management, they will find it easier to internalize.

Set up allowance / week and know how to say no

Set up allowance / week and know how to say noSet up allowance / week and know how to say no

A fixed allowance – provided you are not stretching at all times and at any whim – can help young people set priorities. Budget to take to school, money for outings with friends over the weekend, birthday parties or tickets for entertainment (movies, concerts, etc). Learning that they can not have everything and must choose – however strong the financial structure of the family is strong – is ideal for them. If your child has spent too much and wants to go to a party, buy clothes or other extra, make him see that he will not give you more money. Only in this way do you learn to give up some things, to have others.

Propose savings for specific goals

Propose savings for specific goals

Apart from the allowance, you must convince your child that you can save a few euros each month, and add the cake to your birthday and Christmas gifts and some work you can do. Investing in learning a musical instrument, learning a new language in the country of origin, having a week’s holiday with friends or taking a larger trip, like Inter Rail, are possible ideas. Remind you that 12 months to save 8 euros a week, gives about 400 euros.

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