Teaching Money Matters With Your Teenager

Teens are all taught the standard reading, writing, and arithmetic. Most also have the opportunity to take elective courses as well as gym class and science. The assumption is that by the time they graduate from high school, they will be ready to face the real world and be out on their own. Unfortunately, the one place where teens are not being adequately prepared for reality is in handling money. What happened to the subject of teens and money? Why hasn?t it been included as required curriculum?

Education

There does not seem to be any formal education or class for the important subject of teens and money in high school or even earlier. We live in a society drowning in debt and most of the world continues to recover from economic upheaval, yet there is no standard high school teens and money course that established the importance of responsibly handling finances. Personal Finance classes that are available in high school that teach kids how to balance a check book, but as most adults come to realize quickly enough, there is much more to financial success than keeping a checkbook in order.

The question is, then, whose responsibility it is to cover the subject of teens and money? Certainly parents need to take the responsibility, but there should also be some responsibility within our school systems. Teens need to learn how to handle money, how to use credit responsibly, and the consequences that they will face if they don?t take it seriously. Leading by example is critical, and open communications to your teens about money is equally valuable.

A major focus within the subject of teens and money should be how to use credit. Unfortunately, most teens have learned from example that even if you don?t have the money for what you want, you can just use a credit card! We need to teach teens restraint and patience with purchases, especially large ticket items. We need to teach teens that credit cards should be used only for emergencies. Instead of immediate gratification, we need to teach our teens to understand the value of saving up for something.

Savings

Teaching teens about money cannot happen without teaching them about savings. Savings is an integral part of educating teens on how to handle their finances. Children need to be taught from a young age the importance of saving money and setting financial goals for themselves, and eventually their own families. Teens need to be able to see the big picture. As parents, we need to find the way that works for each individual teen. We have to be able to reach out to them in a way that makes sense to them. You can start by simply giving younger children an allowance, allowing them to spend part but making them save some of it as well. If your teen gets a job, the same emphasis should be placed on requiring the teen to save some of the money earned ? make it a condition of you allowing them to have a job if you need to.

Norbert Georget is an accomplished professional speaker, teen motivator, parenting expert and author of the book, No-Nonsense Parenting For Today?s Teenager ? How To Feel Like A Good Parent Even When Your Teenager Hates You. You may get a FREE REPORT called No-Nonsense Parenting for the Disrespectful Teenager. All the answers you’ll need to deal with your disrespectful teenager.

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