Money Tips to Teach Your Teen!

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Published by Taylor Financial Group (for women)

It feels like just yesterday I was dropping my second oldest, Cecilia, at her first day of preschool, and now she’s about to walk across the stage at her high school graduation next month! It’s caused me to reflect on all the life lessons I have tried to teach her, one of those lessons being about money. Unfortunately, no child is born with innate knowledge on the best ways to manage money. That’s why, as parents, it’s our job to teach our kids good money management techniques before we send them out into the real world. If our children aren’t taught to handle money responsibly at a young age, they won’t know how to maintain a budget or invest successfully once they have jobs, bills and, eventually, homes of their own.

Here are some money tips to teach your teenager!

Tell Them to Get a Job!  

Teenagers have plenty of free time even while they’re attending school – fall break, summer break, winter break, and spring break, just to name a few. There’s no better time to encourage them to make some money! In fact, teenagers should work for a multitude of reasons:

  1. It’s a great resume builder.
  2. It’s a constructive use of their free time. They can’t spend the whole day scrolling through Instagram!
  3. It helps build their work ethic and teaches them the importance of making their own money.

When my daughter Caroline comes home from college for summer vacation, she always helps out at the office. Part of it is that I just love having her around.  But, more than that, working at Taylor Financial Group will give her the opportunity to save money for her fall semester abroad in London (I can’t wait to visit!) and her future.  It’s also getting her used to an office environment and giving her work experience that will be invaluable to her when she graduates from college.

Check out our Millennial’s guide and share it with your teenager today, so they can get started on building their financial future. In this guide you will find information on what wealth is and isn’t,  the importance of the investment process, how to embrace philanthropy, and much more.

My three teens!

Emergency Savings is a Must

Teaching your teenager to build an emergency savings fund fosters an attitude of money responsibility. Unfortunately, life is not always in our control and emergencies can arise out of the blue. Whether it’s an unexpected flat tire or the need to take an unplanned trip to see a friend in need, with an emergency fund, your daughter won’t have to sweat the cost or panic about the unexpected expense. Building an emergency fund will teach her how important it is to save money and will also demonstrate how planning ahead is always worth it.

Download our Cash Flow Worksheet to help your teen begin budgeting her money. It’s good for teens and young adults to keep track of how much they’re spending on food, activities, their car (gas and insurance), and on other items like clothing and gym memberships. While we want our teenagers to have fun and enjoy being free (for the most part) of financial responsibility, it’s imperative for them to understand their cash flow.

Teach Them That What They Have is Enough

Even if you have the money for it, there’s no need to buy your child the latest cellphone or car. A gently used car will still get them from Point A to Point B, and the iPhone 6 will still make the same calls and texts that the iPhone 10 can. Teaching your children to be content with what they have is always a valuable lesson, no matter how much money you (or your teen) has in the bank.

If you need some help getting your teenager on the right financial track, don’t hesitate to give us a call. After all, when it comes to our children, we must lead by example.

 

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