Teaching them how to spend money is also important. It starts with not giving them money for every bout of want-itis they go through. But if you want your teenager to grow up into an independent, responsible human, you’ll have to show them how. You’re probably thinking those three words don’t even belong together. When you show your teens the concept of giving at an early age, they’ll remember how good it felt and (hopefully) continue the pattern as they handle their own finances. Plus-it’s the most fun you can have with money. One of the best things you can do for your kids is teach them to appreciate and understand the power of giving before they go out on their own. You focus less on yourself and see the needs of others more. You simply can’t go wrong with giving, because that’s what God’s called us to do, right? Something changes in your spirit when you become a giver. Remember: This is a great opportunity to teach them how to reconcile their account, keep track of spending, and learn to save. But you will want to be the signer on the account so you can see their spending behavior. You probably don’t want to connect it to your own in case they overdraft their account or their identity gets stolen. You know what that means-it’s time for a real bank account. By now, they’ve probably earned some money and have outgrown that piggy bank they got for their first birthday. Just like losing a tooth or learning to drive, setting up your teenager’s first bank account is a rite of passage. Working for someone else, earning a paycheck, and seeing Uncle Sam take a chunk of their hard-earned dollars will help teach your teen about money-quickly. Is your teen old enough for a real-life job? Even better. And when they don’t, they’ll realize they’ve made what they earned-nothing. When they do their chores, they’ll earn a commission. Not only will this strip them of any entitlement, but it’ll also help them see the relationship between hard work and money earned. Instead of giving them an allowance just for breathing, you might want to think about giving them a commission. But now that you’ve got a teenager in your house, you’re probably off-loading the big-item chores like mowing the lawn or taking out the trash (woo-hoo!). You may have started out asking them to help you wash the dishes, sweep the floor, or feed the dog. If you’re like most parents, you’ve probably been eagerly waiting for the day your kid is old enough to start helping around the house. You’ll want to show them how to earn money, create a budget, give, save and spend wisely. But you don’t have to be a finance professor to teach your teen how to save money. It’s your job (as the adult of the house) to teach your teen what they need to know for that moment you send them off to college, trade school or even their own apartment. Think of your teen as an adult in training. Now’s the time to start teaching teens about money-how to earn it, save it and spend it wisely. That’s part of being a good dad or mom. It means showing them the ropes when it comes to adulthood, things like getting up on time, taking a regular shower, and learning how to make a budget. But no matter which side of the spectrum you’re on, the end goal is still the same: help them become successful contributors to society. When it comes to raising kids, most parents either look forward to the teen years.
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