Your teen is on the cusp of young adulthood, and therefore you should now be trying to teach them everything that you think that they should know in order to successfully circumvent the very important next stage in their life. And, this means teaching them about one very important matter: money. Yes, money is important, whether you like it or not and your teens should be well versed in its many facets before they reach adulthood. To see exactly what to be teaching your child about money and how to do it, make sure to read on.
Teach them it’s okay to ask for help… if they ask for help from the right places
The first thing that you should be instilling into your teen is that asking for monetary assistance is not a weakness. Yes, they should know that asking for help financially in order to get themselves out of a financial rut is not something that they should be avoiding by the plague.
What’s more, you should make sure that they know that it is okay for them to ask you and others who they think will be able to provide them with a borrowed amount of money that will be able to help them ease their financial stresses with such funds. And, as well as knowing who they should be asking for financial assistance, you should also make sure they know who not to ask for such help, too. This includes cash advance lenders, no matter how professional they may seem. This is because they have been recently making cash financial contributions in order to sway officials in their direction in their fight to beat new federal regulations that will be set in place and will be detrimental to them, which seems like a desperate last attempt to stay afloat. And, as you can imagine, being in debt to a sinking ship causes monetary complications like nothing else. And do you want your children ever facing such complications?
Teach them about budgets and the importance of sticking to them
If your teen goes into adulthood knowing the importance of budgeting, as well as how to budget, they will be just fine. And no, this doesn’t mean doing all you can to stop them spending money entirely: you should encourage them to spend at certain times and in certain aspects of life, such as on travelling, so that you can be sure that they are getting the most out of their young lives. But, this does mean that you should teach them as best you can about the importance of budgeting in everyday life in order to ensure everyday life is as easy for them as can. First of all, this means ensuring that they know the importance of the shopping list: they should know that it is important to both write one out when they go grocery shopping, and that it is important to stick to it no matter what deals or discounts entice them. When they know this simple budgeting trick, they will be able to translate the theme of it into other areas of their spending life.
Your teen is your baby, and they will still be your baby when they are an adult. And, you don’t want your baby to ever be weighed down by financial stress, do you? So, make sure to take heed of the advice above and then put it into practice!