Skills Teens Need:
One of the primary goals of parenting is to raise kids that become wise consumers and successful contributors to society. To do that, you must teach them about adulthood, especially once they reach their teenage years.
Along with teaching your child the importance of personal hygiene, waking up on time, and being kind to others, take this opportunity to show them the basics of financial management. You could even build this out as a project with a hands-on application. Knowing how to earn, save, and spend money will help position your teenager for success and fulfillment in their adulthood. FutureSTRONG Academy shares six principles to start teaching them today.
1. There’s Value In Hard Work
The last thing you want is for your child to think that everything will be given to them for the rest of their lives. If your child has reached their teenage years, it is the perfect time to teach them the value of hard work. This can be as simple as giving them an allowance for completing household chores. This can give them a few bucks to kick start their spending and saving education while also demonstrating hard work and money.
If your child is old enough for a job, that’s an even more effective way to teach them. Help them find a job that will introduce them to the reality of working for somebody else, getting a paycheck, and paying taxes.
If you or someone else in the family is an entrepreneur, you can teach your teen about starting a business. Many steps are involved in getting a business up and running, but they all revolve around money. Go through the process of financing a startup using crowdfunding, personal savings, credit cards, small business loans, and other methods.
2. You Need A Bank Account
There are perks to paying with cash, but it is impractical not to have a bank account these days. Consider opening up an account for your teen to introduce them to managing their money when they can’t physically hold it.
However, keep in mind that you may not want to have their account connected to yours in the event of overdraft fees. With that said, make sure you are a cosigner on the account, which will allow you to monitor their spending behavior and help avoid incurring the penalties your teen may incur.
3. Giving Is Good
Being generous is a virtue that children and adults alike should aspire to. And what better developmental stage to teach your child the importance of giving than the teenage years?
Teach your child to focus more on others and less on themselves by showing them how to donate to charity. Find a local organization that aligns with your family’s values, and encourage your child to give a portion of their income (and time) for a greater cause.
4. It All Comes Down To Saving And Spending
Budgeting is critical for anyone hoping to succeed as an adult. And budgeting can be boiled down to two practices: saving and spending. It’s important to understand that most teenagers are not good at saving money, but that doesn’t mean that you cannot teach your child early on the value of saving and how to do it.
Spending is not inherently wrong, but you want to teach your child to be mindful of every dollar they spend. And if they want a specific item, they should know how to save for it. This will help them obtain fundamental budgeting skills while also giving them first-hand experience in how rewarding it is to buy something you have saved up for.
5. Watch Out For Wasteful Expenses
Speaking of spending, help guide your child away from bad purchases by discussing these wasteful expenses with them:
- Trendy clothes and cosmetic products
- Video games
- Dining out too frequently
- In-app smartphone purchases
6. How To Research For Big Expenses
Parents can’t always be by their teenager’s side when they go out to make bigger investments as a teen and as a young adult, so it’s a great idea to give them some tips on how to do their own research. Right now, buying a car is probably top on their priority list, so use that as a way to walk them through the vetting process. As adults, we know not to jump at the very first good deal we see. Help your teen research the reliability of their potential cars and the reviews of the seller, as well as the cost of insurance and gas mileage before they make a quick decision.
You can also model this process with your own decisions. For example, you may be looking into a home warranty and wondering, “is the cost worth it?” Talk to them about your questions, and invite them to research with you to see what a home warranty really covers. You’ll discover that these warranties work in conjunction with your standard home insurance; homeowners insurance covers your structure, but a warranty covers the systems that make your home run. You can talk through the pros and cons of paying for additional coverage based on how old your major appliances are and how much wear and tear your home has experienced. Not only will your teen learn along with you, but they will also get great knowledge about home warranties for when they become homeowners down the line.
Building A Money Mindset
Like most parents, you want your teen to be a healthy and prosperous adult. Teaching them the fundamentals of money management is crucial for making that happen. Remember these six principles and keep learning other ways to guide your teen to responsible financial management. And use the resources from FutureSTRONG Academy to help your teen learn valuable skills, like self-respect, time management, and critical thinking.
FutureSTRONG Academy believes that every child has potential. They just want to be told so by loving and caring adults. Call 678.310.5025.
Featured Photo Credit: Karolina Grabowska via Pexels
Photo Credit: Cottonbro via Pexels
Article Author: Julie Morris
* * *
About The Article Author:
Julie Morris is a life and career coach. She thrives on helping others live their best lives. It’s easy for her to relate to clients who feel run over by life because she’s been there. Today, she is fulfilled by helping busy professionals like her past self get the clarity they need in order to live inspired lives that fill more than just their bank accounts.
* * *
Parenting For a Digital Future
Check Out Our Latest In Mindful Parenting!
Digital Citizenship: What It Is, How To Learn It, And The Resources You Need
* Technological Literacy or Digital Citizenship is the wealth of knowledge that we all need in order to be good citizens of the digital age. We all have a playbook for how to live in the real world, and digital citizenship guidelines allow us to understand the...
14 Powerful Quotes From The Book, The Big Disconnect – Sustainable Family For The Digital Age
* Quotable Quotes From The Big Disconnect: Excerpts From the book, The Big Disconnect: Protecting Childhood and Family Relationships in the Digital Age By Catherine Steiner-Adair EdD. It's a powerful reminder to understand how to protect childhood and family...
What Are Brain Breaks And Why Does Everyone Need Them?
* Brain breaks or mental speed bumps are focused attention activities that give brains a break from intense mentally challenging lessons children are expected to learn every day. They are good for us adults too because so much is expected out of us each day....
Self Efficacy: How The Belief In Yourself Is The First Step Towards Goal Setting
* What Is Self Efficacy: The American Psychological Association defines Self-efficacy this way. "Self-efficacy refers to an individual's belief in his or her capacity to execute behaviors necessary to produce specific performance attainments (Bandura, 1977,...
Why Fear Death When It Can Be The Biggest Motivator Of All
* Our Relationship With Immortality: People who don’t know what to do on a lazy Sunday afternoon want to live forever. That’s the lure of immortality. All throughout our lives, we strive for wealth, fame, knowledge and happiness. We also long for immortality...
A To Z About Tech Behavioral Disorders, Managing Addictions, And Their Impact On Relationships And Productivity
* Our digital landscape is changing day after day. And here are some urgent burning questions along with their answers. Please click below to learn more. 1) Why is Technology Addiction or Digital Addiction a problem at all? Can’t I have my hobby or interest? 2)...
Understanding Relationship Etiquette In A World Of Faceless Usernames And Two Dimensional Emojis
* How We Learnt FOMO: Listen, I have nothing against technology. I can turn on and off the lights in my house from 200 miles away if I need to. During the pandemic, we bought a new car without ever stepping out of the house. What’s more, I don't have to wait...
Why And How To Develop Resourcefulness
* It’s a fact that we will never have the time or the expertise to solve all of our problems. We must somehow then become creative with our problem solving capabilities. That's where the skill of resourcefulness comes into play. When we’re resourceful, we can...
A Whole Family Digital Health Reset Is Just A Few Action Steps Away
* Signs of Parental Anguish: Children and adults are using screens as a coping mechanism. There's a lot of technoference in our lives and we are having to combat it constantly. This is our new normal from the past decade in familial and professional settings....
These Studies Show The Dangerous Effects Of Distracted Parents On Children’s Wellbeing
* Hyper-Connected Parents; Dis Connected Progeny: Our children are addicted and so are we, that's the tragic situation of our world in the digital disruption age. We would rather be somewhere else rather than in the present moment, atleast that's what our...
7 Habits of Highly Successful Teens
* 7 Areas Of Growth: Here are 7 areas in which teens can work to improve their ultimate potential. 1. Organization2. Time management3. Skill growth4. Mindset management5. Stress management6. Sleep management7. Screen distraction management * Top Mindsets...
4 Wellness Essentials for Parents and Caregivers
* Child Care Doesn't Have To Be Stressful: Being a parent or caregiver can be an incredibly rewarding role, but there’s no denying that it isn’t an easy one. According to a new poll by the Pew Research Center, about four in ten parents (41%) in the US say...
Questions, just ask!
Text or Call: 678.310.5025 | Email: firstname.lastname@example.org
Bringing a Group? Email us for a special price!