How to Manage Your Teenagers Expenses - A Hit List To You

Teenagers

Don't shout. They least care
Don't shout. They least care | Source

Teenage Expenses

Most of the parents scream as if teenage is something coming from Aliens world. They just need to realise that they have crossed the same stage some years back. So recollecting memory will help a lot.

Budget from the beginning

Lots of parents do a mistake of buying lots of toys and books, dumping their kids room, just to show they care and love. Also, they will buy anything their kids point to in the shops. This give a wrong impression in the kids mind, that their parents are capable of buying anything in this world.

To avoid this, keep a budget for your kid. Don't buy anything beyond the limit. Teach them the value of money and how to save it. Piggy Banking may help you to start with. By practicing this habit, your kids will grow with more maturity and this helps you to handle their expenses during their teenage, as they would be more reasonable than spend thrifts.

Have Accountability.

This too need to be followed from the very beginning. Teach your kids to give you account for what they spent, from the young age itself. By this habit, when they grew, they will have the habit of accountability.

But at the same time, don't be a nagging parent, asking account for every single penny spent by your kids. Have a threshold level, above which a check of account is required.

Know their Requirements

Some parents are not even aware of what their kids need. Because of that, either they over spend by giving excess money or they suspect their kid when the teenager asks for money. So, better have an understanding with what your teenage kids use like their dress, cosmetics and how much it costs and how frequent they need to be purchased.

Don't shout at them. It is not going to Help.

When your teenager asks money, don't shout without even asking for what the money is for. Doesn't mean you need to fill their pocket immediately. If it is a small amount, that you are sure, it won't be spent in a wrong way, better give it. Else, check with them, the need for such a huge amount, in a gentle way.

Let them work for you.

Don't use the bribing scheme always, like "If you complete this task, I will pay you money". Instead you can teach them the value of working and earning. Give them a task of "Gardening" every Sunday and you pay them a reasonable amount to encourage. This will help them to understand the basic nature of employment.

Be a Role Model

Don't ask your kid to save money, when you spend excess in your office pardfty or birthday party. Be their role model. That is the great way to keep your kids on check.

Good luck.

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Comments 12 comments

lyjo profile image

lyjo 6 years ago

These are all good points, when my children were growing up, their friends parent were buying/paying monthly bills for cell phones, this was around 10-12 years ago, they all wanted one of course, however I did not believe in this, and told them if they wanted one they could get a job and fund it themselves...they eventually did! Thanks for your insight.


MythiliK profile image

MythiliK 6 years ago from India --> Switzerland Author

Thank you so much lyjo for your valuable comments. Yes, teaching kids the value of money is more important, else they will turn into spoilt brats only.


Treasuresofheaven profile image

Treasuresofheaven 6 years ago from Michigan

Mythilik, good article. What are your thoughts on, teenagers working outside the home after school. Talking, teaching money, is always a good stubject. I bookmarked this site - we have two teenagers.


MythiliK profile image

MythiliK 6 years ago from India --> Switzerland Author

Dear Treasuresofheaven, Thank you so much for the comment. I always appreciate kids knowing the value of work and earn. So, it is good for them to work after school. But one should make sure that the job they take after school is appropriate for their health and age also. Never allow your kid to work in some unhealthy or adult required jobs.

P.S., Treasuresofheaven, if it is you in your profile photo, then it is hard to believe you have two teenage kids. You look damn young ;-)


De Greek profile image

De Greek 6 years ago from UK

Your advice has come too lat. They have already bankrupted me :-))


ripplemaker profile image

ripplemaker 6 years ago from Cebu, Philippines

Hi Mythilik, congratulations for the third time! Wooohoooo! You are rolling and this is truly wonderful! Keep up the great work!

To vote for this hub on the Hubnuggets, please follow this link and look for the Family and Parenting category: http://bit.ly/e24X3R


prairieprincess profile image

prairieprincess 6 years ago from Canada

Good advice, especially the part about making them realize the value of money! This is truly an important part of teaching them responsibility, and a challenge! And great picture of a lady yelling at her daughter!!! That's hilarious!


sivakumar 6 years ago

useful advice to save money


monica55 6 years ago

Excellent Mythili; I support you all the way, especially on the point of the parents being a role model for their children. I am a firm believer that parents should set the pattern for their children to follow. Great job.

Monica.


Deborah Demander profile image

Deborah Demander 6 years ago from First Wyoming, then THE WORLD

Congratulations on your hubnugget nomination. These are all great tips.

Namaste.


travel_man1971 profile image

travel_man1971 6 years ago from Bicol, Philippines

Namaste. MythiliK! Congratulations on your HubNugget nomination. This is a set of a very pratical advise on teaching responsibiity among teenagers. I've experienced this kind of challenge when my parents encourage me to really work my way on my chosen field.


Rismayanti profile image

Rismayanti 6 years ago from Tropical Island

great hub... usefull information, thank you

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