With the summer coming up, there are going to be a lot of teenagers who will be looking forward to some time off from school, and – depending on their age – maybe are looking right now for a summer job like lifeguarding or even starting their first experience in retail or the service industry. Perhaps you have a child in their early teens who is too young for a job but has chores around the house or perhaps mows lawns to save up money during the summer. But you also want to make sure your teens develop good budgeting habits. So what can you do to help your teen stay on a budget this summer?
Think Small About Purchases, Big About Life
Most teens are working to save for purchases like a new mp3 player, but if they’re a little older, they may be saving to help build up for a big trip, or even for college or other kinds of education after they graduate high school. If they’re making a purchase, emphasizing researching what they want to buy — so they get the most value out of their money while at the same time showing them that they don’t have to spend money as they get it — is a great way to get them into smart buying habits. And when they graduate high school and want to continue their education, you can help them realize their goals by matching funds or having them deposit a percentage of their allowance or paycheck that’s for their own college fund.
Make It Traditional Or Modern
Like hitting any kind of goals, it’s important to keep track of it! It can be as easy as a spreadsheet on their computer, a print-out you hang on the fridge with a magnet, or even setting up a savings account at your local bank so they can keep track of their account online. Having a place where they can physically see the numbers – as well as make sure they’re being accountable and responsible for their funds – will help keep them on target and remind them (and you!) to stay on track.
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