Let The Teens Manage Their Money

The teens want to​ have their own money. Teens want to​ have discretionary funds they can use without their parents poking at​ them and auditing all their cents. if​ the​ parents would let their teenagers manage their own money,​ they should be ready to​ give them advises on​ money management such as​ budgeting and fund management. in​ this way,​ they can be sure that their teens will not just squander their money on​ less important things.

The following may help the​ teens manage their money:

Teach the​ teens to​ save
Encourage the​ teens to​ open a​ savings account to​ deposit their earnings. Even just a​ few dollars a​ week will be good enough. if​ their parents are giving them allowances,​ they can talk to​ them and ask them to​ set aside some dollars in​ the​ bank. When the​ time comes that they need to​ withdraw,​ they will be amazed to​ see how much money they have saved. the​ teens want to​ have money and let them save.

Teens must spend wisely
The biggest nightmare among the​ teens is​ to​ wake up with nothing to​ spend,​ yet the​ next allowance is​ still a​ few days away. They will be forced to​ borrow and this will only add more problems. Spending wisely is​ a​ must especially to​ those with tight budget. if​ the​ school is​ just a​ walking distance,​ they should be happy to​ take a​ walk and enjoy that needed exercise. Need to​ go dating? Why not ask their crushes to​ have a​ chat with them in​ the​ park,​ this way they don’t need to​ spend much. a​ can of​ soda could do the​ trick. the​ teens want to​ have money and let them spend wisely.

Introduce the​ teens to​ fund management
There are many plans of​ fund management that are available to​ teens. With a​ few dollars,​ the​ teens can have the​ opportunity to​ increase their money under the​ watchful eyes of​ money experts. This will also add pride to​ the​ teens for having invested money like what the​ grownups did. in​ addition,​ requiring them to​ pay taxes out of​ their investment will make the​ teens contributors to​ the​ national coffers. the​ teens want to​ know the​ rudiments of​ fund management and let them know.

Get a​ checking account
Getting a​ checking account will teach the​ teens some financial responsibility. Just imagine the​ teens issuing some checks for their purchases and or​ services they acquired. Knowing that a​ bouncing check would have legal repercussions,​ the​ teens will be extra careful in​ handling their finances. the​ teens want to​ think big so let them have their own checkbooks.

Let them get credit cards
The feel in​ getting credit cards nowadays is​ greatly different as​ compared many years ago. Before,​ a​ person is​ jubilant when his application is​ approved because it​ proves that he is​ credit worthy. Today,​ credit card offers are numerous that it​ will make the​ eyes bulge. the​ teens must be extra cautious on​ the​ type of​ cards they will apply. the​ benefits are vaguely explained in​ the​ ads or​ in​ the​ emails when credit card companies promote these cards. Most often,​ actual charges and interest rates are hidden,​ only to​ make the​ teens sorry for just freely making purchases. Credit cards are there to​ allow the​ teens to​ purchase,​ but they have to​ purchase only those things that are needed. They must avoid being compulsive buyers. the​ teens want to​ have a​ say in​ their purchases and parents must allow them have credit cards.

Parents have a​ lot to​ explain to​ their teens about money management. No matter what the​ teens want,​ the​ parents are in​ the​ best position to​ tell what is​ best for their teenagers. Just remember that the​ parents could contribute much to​ the​ success or​ failure of​ their teens. the​ teens want to​ have money and give them that golden opportunity. Let the​ teens manage their money and make them real money managers.

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