How to teach my teen about money?

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franciskeefe249 1 Rep. elliemartin1 edited question

Hey all.

My kids are getting to that age where they want money to spend for themselves, as opposed to their father and I just buying them toys etc. However, I refuse to be a parent that just chucks money at their children. I want them to have a good understanding of money and respect the value of it. How do I do this? Any tips will be gratefully received!

Thanks!

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elliemartin1 3.67K Rep. elliemartin1 edited answer

Although it is difficult for a teenager to get a part-time job in this part of the world, they could still do work experience. You could also try giving them a small allowance every month rather than just handing over cash when they need it. This will give them basic budgeting skills. Also, give them motivation to save. For example, if they want a car you can tell them to save with the incentive of matching however much they keep. Also, a debit card would be highly beneficial as they can visualize and monitor their spending’s. A savings account might also be worth looking at.

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