Tag Archives: teens

Helping Teens Make Smart Money Choices

Helping Teens Make Smart Money Choices from Standard Deviants Accelerate
Entering high school and looking to prepare our teens for a world outside our home can feel like a daunting and intimidating task. But with a little thought and preparation we are all equipped to handle the task. One of the really important things we are doing and plan to do in our house is helping our teens to make smart money choices.

Helping Teens Make Smart Money Choices

Money management and money sense can and should be started early with our kids. This can be as simple as helping them to save a certain amount of their allowance, money they have worked for or even money they are gifted.

While we don’t pay for chores in our house, our kids have had the opportunity to earn money through things like caring for a neighbor’s dog, mowing a neighbor’s lawn, babysitting, pet sitting, and now our teen has a job coaching at the gym where she herself does gymnastics.

Here are some of the ways you can help your teens make smart money choices:

Agree on a Set Divided Amount

Talk about money with your kids and the types of things they can do with their money. Talk about saving, investing, spending, etc. Agree on a certain amounts (maybe percentages) of money and what they will do with it. Our teen daughter has always had to set aside money for her cell phone bill. So when she was making $20 a week, 50% was set aside to pay that. Then 10% was but in savings, and the other 40% was hers to spend.

Open a Bank Account for Them

My teen and I went to the back together to open up accounts for her. We made the choice to make these accounts joint so that I could easily oversee and help her manage them. Having at least a savings account allows your teen to put away money, keep a ledger, and save for their future.

My teen has a checking account with a debit card where her paycheck is directly deposited. Then she has a savings account where she transfers the agreed upon savings amount from each paycheck.

The Wait On It Policy

When your teen wants to purchase something, have them wait on it. Maybe a few days, a week. It can be easy to want to run out and spend spend spend but we have found with our teen that if she sits on it a bit she realizes maybe she doesn’t want or need the item that badly or that maybe her money is better saved or spend elsewhere.

Keep Close Tabs

Keep open communication with your teen. Check on their accounts and talk about their choices. For instance our teen was spending money on fancy drinks or food while she was on the college campus. While each one didn’t add up to that much, when we pointed out that she had spent more than $80 in one month, she realized how large an impact that was making on that amount she had for both saving and spending on other things.

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Ways to Improve Communication With Your Teen

Ways to Improve Communication With Your Teen from Standard Deviants Accelerate

I think it is a good thing I wasn’t just handed a teenager to parent! Learning to navigate the emotional teen waters and keep lines of communication open can be difficult. I had a friend that assured me when I had my first and I worried about these things, that I would learn and grow with my child and in turn be more equipped to handle each stage as it came. She was right.

Ways to Improve Communication With Your Teen

While I certainly don’t even come close to knowing everything, or am fabulous and handling all situations, I do feel as though I have grown and changed as she has, and just that has helped me feel less anxious and more equipped.

  1. Don’t Be Emotional – I find that the “A” number one thing I can do oh so badly is keep my emotions in check. If you are running off raging about something they did or didn’t do, or get all weepy and sad, or even if you are too enthusiastic, you can send your teen running for their rooms!
  2. Listen – This a tough one for me as I like to talk and I tend to be the alpha in everything. I work hard to stop what I am doing when my teen is talking, even if it doesn’t seem all that important. YOUR ATTENTION MATTERS! They still want to be heard and counted and loved.
  3. Pick Your Battles – Sometimes it just isn’t worth it. You can nit pick at every little thing. They won’t do everything the way you do, nor should they have to. For instance, I can’t see my daughter’s bedroom floor. She actually calls her floor “the closet”. UGH! But in the grand scheme of things I have learn to let this go as a daily battle and instead save my stance for something more important, like the treatment of her siblings.
  4. Try To See It Through Their Eyes – While you don’t have to condone or agree with the things your teen may say or do, try to see it from their perspective. Giving them even a little element and understanding, a recognition of their feelings, can go a long way.

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