Let The Teens Manage Their Money

One of the reasons why teens love to work is that they want to have their own income. 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.

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.

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.

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.

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.

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. Let the teens manage their money and make them real money managers.

About the Author: FLORENCIO JR. L. SEVILLA is a freelance writer. He presently resides at Calaran, Calamba, Misamis Occidental. He publishes the following websites: About Teens at http://elsaguirigay.googlepages.com About Marriage at http://makemarriagelast.googlepages.com

Teaching Your Children About Money - At What Age Should You Discuss Money With Your Children?

How young is too young to start teaching children about money? If you give your child an allowance, or if you include them in any discussions about how money will be spent, you have begun their financial education. The ideas and feelings they develop about money will last with them for a lifetime. It is important that they have a healthy feeling when it comes to money.Many of us grow up hearing about money not growing on trees, how the family can't afford something, or that rich people are dishonest. All of these statements lead to discrimination against people with money and feelings of lack regarding being able to buy material things. Subconsciously children internalize these feelings and this can lead to a variety of behaviors as they grow older that will not be helpful or beneficial.

Instead of teaching lack, it is a good idea to teach abundance. If you show children that they can have whatever they want by being prepared and focusing on what they want, you will more well-rounded children who appreciate and respect money and are self-confident that they will always have enough money to live their life comfortably.

So the next time you make a negative comment about money or wealthy people when you are with your children, think twice and reword your comment. What you say now will have a long term effect on how your children view you, themselves, and the world in general. Money may make the world go round, but responsible parents raise children who are money savvy.

You can reinvent your life by learning new ways to think about money. Visit http://www.ReinventYourLifeWithPassion.com to find out more.

Kids and Money - Why Is It So Hard?

We learn so many things as we grow up. We learn how to walk, talk, and get away with not doing our homework. We learn how to play complicated games, many of them involving pretend money.

So, why is it so hard for us to learn how to manage money?

Why do so many people struggle to make ends meet, even on reasonably high incomes?

Why do so few people manage to provide sufficiently for themselves in retirement?

It’s not rocket science. We know what it takes. And there are some people doing it. So why isn’t basic money management as widely understood as basic geometry?

Imagine what life would be like if making money came as easily and naturally as riding a bike or tying your shoelaces. Imagine graduating high school with a permanent, secure, passive income already in place. You wake each the morning to find more money has appeared in your account overnight! If you want to travel, you do. If you want to paint, write, or do any other creative activity, you do. You choose your occupation based on what you love to do, not the burden of having to pay the bills. You have all the time you need to socialise with your family and friends, to stay in shape, and to practice your spirituality.

This world is not a pipe-dream. It’s not unrealistic. The world is alive with opportunity, more so now than ever before, and the opportunity is expanding exponentially.

With the right knowledge and attitudes, today’s kids can capture their share of that opportunity, and set themselves up for life.

So, why isn’t everyone doing it?

Because not everyone’s parents have the right knowledge and attitudes to pass along to their kids. Some of those who have the knowledge and attitudes are still setting themselves up in life, working long hours, and find it difficult to break the knowledge down into terms their kids can understand.

What can we do about it?

As parents, we need to be conscious that financial education ranks up there with education about nutrition, health, and communication. We must educate ourselves, so that we can educate our children.

There are many places to go on the web to get that vital financial education.

The Cash Smart Kids program provides lessons for the kids, plus additional reference material for their parents.

The Rich Dad website (http://www.richdad.com) is rich in content, and contains information about the Cashflow series of educational board games.

There are numerous e-Books, ezine articles, and offline financial publications with an online presence.

And, of course, there are dozens of relevant books in your local book store.

About The Author

Jenny Ford is an expert in educating children about business and wealth creation. She is one of the founders of http://www.Cash-Smart-Kids.com, and her blog can be seen at www.RaisingEntrepreneurs.org.

She holds an Honours degree in Psychology, a Diploma in Training and Assessment Systems, and an Advanced Diploma in Business Management. She is the mother of three young entrepreneurs, all of whom started successful businesses when they were nine to twelve years old.