Educate your Teen about Finances

Teens are on the verge of adulthood and you must educate your teen about finances. No one else will tackle this important job if you do not provide the lessons they need to ensure they know how to manage money wisely.

Most teens either have part-time jobs or get an allowance or both. This income provides the opportunity to teach your teen about money and the good things that can be done with these funds. Make certain your teen has access to some money and then discuss the good and bad uses of finances.

Some of the things you want to include when you sit down to educate your teen about finances are the bad things that can happen as a result of having money to manage. These include the fact that people may pressure them to do things with their money that are violations of their values such as buying drugs, alcohol or tobacco. Ways to resist this peer pressure should be discussed. They should also be taught about safety when dealing with money and how to protect themselves from having money stolen. Flashing their money around or not placing it safely in their pockets are two of the many things you need to include in this discussion.

You should also educate your teen about finances and what good things can be done with money. Saving toward a future purchase they desire instead of buying impulse purchases is a good lesson in money management. Teaching your teen to provide some money to those less fortunate is also a good lesson that can provide satisfaction to your teen. You can help them purchase an item to be donated to a food drive or make a donation to your church or a charity your family supports.

Educate your teen about finances by showing them through your own spending how money must be managed in order to get the bills paid and provide for the family. Allow your teen to help make the grocery list, providing food for one week with a set amount of money. They'll learn that food and family needs are not something to be wasted or taken lightly. After all, soon they will have to budget for their own needs or the needs of their families.

Educate your teen about finances by discussing the use and misuse of credit. Too often, teens don't realize how credit cards operate and how interest can pile up, causing a minor purchase to cost a great deal of money. Show your teen exactly how this process works and let them know what wise credit use involves and the impacts of poor choices when using credit.

If you educate your teen about finances, they'll thank you later in life. Of course, they may not understand now exactly why they need to learn these money management skills, but it will serve them well when they are out in the world dealing with money on their own. These lessons are crucial to helping your teen become a productive, happy, financially savvy adult.

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