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