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As a parent, you probably want your son or daughter to get the best experience while in high school or college. For you to prevent them from recklessly spending money and getting to know how they can manage their finances, you can start by teaching them about handling money, budgeting, and saving while they are in their teens. These are the fundamentals of money handling, and everybody gets expected to know the nitty-gritty when it comes to this topic. You can also choose such sites as https://mypaperdone.com/ if you want to focus on money making instead of endless homework.
A study conducted by Split the Bills, which is an online tool for bill sharing, found out that just a fifth of parents manages to prepare their teenage sons and daughters to manage their budgets. On the contrary, many students, especially those in their first years, had difficulty when it came to controlling their bills. Most people, when they get to college, dive into a spending spree. They are always on the verge of getting the flashiest of things they see online or see their fellow schoolmates owning, and that is where they go wrong.
Parents should take the opportunity and educate their children on the importance of savings on their pocket money. They should also teach them how they can incorporate the use of piggy banks. They should not stop there. Parents and guardians need to help their children learn the basics of budgeting. They could achieve this by giving them financial responsibility and for the process, tend to encourage healthy and responsible habits of spending money.
Pocket Money
It is a better way to start teaching teenagers about handling their finances. According to Split the Bills, pocket money enables them to manage their purchases and get responsible for every good they buy. They will also have the opportunity to think about how they will spend their money. When parents grab the chance and educate them by linking the cash to high grades or chores, they can get the sense of getting to work hard.
You can also purchase some mobile banks or piggy banks. Nowadays, people make their piggy banks easily. They do this by making an incision through a metallic box or use any other storage box that cannot get easily accessed unless destroyed by the owner. That can be a great place to start saving if you have set goals for the money shortly. The modern piggy banks can help students collect their money categorically. For example, they can split the savings into categories like investing, saving, gifting, or spending. This kind of approach will eventually teach the young generations to plan with their finances.
Creating budgets
When young people get allowed to make their decisions about money and its usage, they will get empowered and reach an optimum level of seriously handling their finances and creating their budgets. Simonne Giessen, who is the founder of Wise Monkey Financial Coaching, urges parents to avoid employing the use of phrases like we cannot afford that, it is too expensive’ or ‘we cannot have that. Parents get otherwise advised to lend or give the children their money and let them make that decision by themselves. If they ask for popcorns and cinema tickets, provide them with a substantial budget for treats and throw in a choice of going to the supermarket and shopping which will make them get more for their money or using it in cinemas to watch a movie and buy drinks. When teenagers start earning their own money, parents get advice to get them to create their budgets and work their way around it. They should have a ledger where they record the incomes and the money spent so that the kids get to understand the cash flow and see the loopholes they can avoid while at it.
Spending responsibly
As a parent, you should make your teenager son or daughter think about the purchases they make by weighing whether it is for a better course or something to have fun with. Your teenage child will naturally get influenced by you, so have it within yourself to set a good example. Teach them the ways of budgeting well, and they sure will follow along.
