If you teen went off to college tomorrow, how soon would they call you asking for money? Would they be able to purchase their own groceries by the end of the month? Would they end up moving back into your basement when they cannot afford their apartment any longer? The idea of your teenager going into debt so early is definitely a frightening one, but it is a very real one as well. Does your teen have the money management skills necessary in order to survive out there? Here are some signs that your teen needs money management help.
- If your teenager has no "cash" concept, he or she probably needs money management help. It is really easy to overspend without realizing how much money you are using when you use debit cards, credit cards and the internet to do your shopping. If teenagers don't associate cash with their transactions, they will never really understand how much money they are spending. It is vital that you wean them off of debit and credit cards over the span of 30 days, forcing them to use cash instead so that they can see what it means to run out of money. Suddenly their necessities may seem much less necessary when their cash gets low.
- If your teen constantly "needs" things, he or she probably needs money management help. The only things that your teen really needs are sunshine, air to breathe, shelter, food and basic clothing. Teens don't need video games, CDs, cell phones or accessories. Break them of the "I need it" habit.
- If your teen is constantly running over their balance, then he or she probably needs money management help. If you find your teenager running over his or her cell phone minutes, or racking up NSF fees and overdraft charges, take this to be a serious sign that something is wrong. The unfortunate side of giving your teen some responsibility is that it can allow them to mess up a little. The first time you see them going over their limit, reduce their amount of freedom and instill some basic money management skills in them before they can have their responsibility back.
- If your teen is not working more for the money they need, then he or she probably needs money management help. There is an amazing formula that you need to learn for money management: If you want more money, you have to work more. Or work smarter. If your teen does not understand this formula, then you need to explain some of the principles of money management to them. Sometimes despite the simplicity of the concept, it does not occur to these teens that they may simply need to work harder or smarter to have more money in their pockets at the end of the week.
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Originally posted 2008-12-26 05:48:07. Republished by Blog Post Promoter
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2 comments ↓
As a college professor, parent, and journalist who specializes in teaching kids about money management, I don’t know a single teem who doesn’t need money management.
I have to say I think we should capitalize–yes, pun intended:)–on their “I need I need”, not tell them they don’t need.
Here’s why: It’s not that they’re right. It’s that it’s the lead-in to getting them to take responsibility. You need so much? Well, get started earning.
The moment they see how hard it is to earn, they may find they need less. On my blog, AskAnne — giveme20.com/blog–I post strategies about getting teens to earn money, save money, invest money, spend wisely, comparison shop, and reduce waste.
I’d love to get your feedback.
–Anne T Meyers
Great piece! I think the teenage years are critical in instilling some sort of money management understanding.
In fact – if it were up to me we’d be teaching children from 5 in schools, as the UK government recently announced it was going to do – before changing its mind again.
Failing to educated children and teens, I am certain, contributes to the massive personal debt problem society on the whole has.
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