7 Ways To Teach Teens How To Become Financially Responsible

Balancing their budget might be the last thing on the mind of your teen. Nevertheless, being financially responsible and knowing how to take care of yourself financially is a goal that any teenager can benefit from. Starting to teach financial responsibility to your teen at an early age is a sure fire way to raise a teen who can handle their money, and keep the books balanced.

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The following information hopes to help parents teach their teen’s some good old-fashioned fiscal responsibility. Not all ideas work for all teens. That is why it is important to know your own kid and what they can and can’t handle when it comes to money and being financially responsible.

  1. Start them off early. If your teen is ready to spend hours in front of the video game console then make sure they spend some time playing some free Tycoon Games at Learn4Good and start playing around with budgets and costs.
  2. Over 80% of college graduates are leaving college with some form of credit card debt. It is going to be increasingly important that your teen understands credit cards and how the borrow/lend system works.
  3. You can also use a budgeting worksheet to help teach your teen how to manage expenses and start saving for things that they truly want.
  4. One of the first, and easiest ways to incorporate some money management skills at a young age is to put your teen on a holiday budget. Helping teens budget for holiday spending is a great first step for many teens.
  5. Teach a lesson to your teen by using pre-paid debit cards is a great way to teach your teen in a “real world” setting. A pre-paid card will help your teen understand about credit and budgeting, without allowing them to go “stay in the black”.
  6. Parents with younger teens can start off by using allowance and chores to help their teen understand the cause and effect of working for a living.
  7. Finally, parents of teens, that are mature enough and ready for the responsibility, can prepare their teen to find and keep a job allowing them to learn accountability through hard-work. A skill that your teen will value throughout their lifetime.

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