Even if you’ve provided a strong financial education for your children while they were younger, you still need to touch base with your teen. The pressure to spend can negate everything they know about money.
Financial Responsibility Teens
Thorough financial responsibility teens, it would be easier for parents to work on their core areas easily.
There are few steps through which the parents’ wishes may come true. They are listed below:
• Explain to your teens about the functions of banks, their operations, use of cheques, credit cards. Just give them the information not in details but they must know about their uses and some other things. They must be able to use these things whenever it is required.
• Provide the monthly or weekly allowance to your kids. This will be effective to make them financially independent. It is also possible through this way to teach them about budgeting.
• Discuss the details about what you gave to your teen and what he invested and what he saved. He must also tell to their parents about where he spent that much of amount. These all things must be asked in a polite manner just to know about their requirements first.
• Provide the teens with financial management. They must be free from paying their on telephone bills or car insurance or other things which only belong to them.
• If your teen is spending the amount on certain general things like on his education part or on different other things, they must be paid more just to give them freedom from this side that they can fulfill their necessary requirement whenever required.
• Help them in opening their bank account. This will make them financially strong when they deposit their amount in bank account. Through this way, they will be having a attempt to deposit large amount which will make them feel proud about it.
• Tell them about the importance of budgeting. In this context, give them their pocket money and sit with them in making their budget from that money. In this way, they will increase a habit to save more which will help them in purchasing their amenities like video games, cycle and other.
Thus, financial responsibly teens will play a big role in teaching them about money’s importance and its saving is important in which way. It will also provide them a positive move towards their future when they will proceed towards higher education or in field of job.