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Main Steps to Raise Financial Responsibility
It is wonderful example if parents show their child from an early age how to be a wise steward of money. Here are some advices that will help anxious parents to install in the teen that money is a limited resource that is hard to earn and that means of subsistence must be spent with care. Start Early Just because your child is too young to have a real job, does not mean it is too early to start teaching basic financial principles. From the time we were little, we always received an "allowance" from our parents. Make everything in a way that children only receive the needed money if they had done all of their daily/weekly chores. It will teach that the money is not free; it is earned. Set An Example You cannot expect your teens to wisely spend money if you do not set a good example for them. Do your children see you buying things on credit because you want them now and do not have the patience to wait until you are able to save up enough money? Then you should work at yourself. Before making any large purchase (such as a car), you should first decide what you really can afford. Only then begin to shopping around. Sometimes it may take you rather a long time to find what you are looking for, for the price you are ready to pay. Your patience always will be paid off and try that it would leave an indelible impression upon your teenagers. Don't Buy Everything For Them When your teenager enters the real world on their own, they are going to have some hard lessons to learn if you always bought everything they needed and wanted for them. It is easy for many parents to want to "help teens out" by buying most everything for them. But, is this truly "helping"? As soon as your teens are able to begin earning money, parents should encourage paying for some of personals things such as clothes, gifts for other people, things they want so much and dream about, and so on. Not buying all the things for your teenager will teach your sons and daughters to value a hard work, to think carefully before spending anything, and to look for the best buy. Teach Your Teens the Value of Hard Work What you work for, you usually appreciate more. If your teenager has worked hard to buy themselves a car, it can be almost guaranteed that they will appreciate it more and take better care of it. In a day when laziness is rampant, teach your teens instead the importance of being a hard worker. Train Your Teens to Think Before They Spend Teach your teens to ask themselves at least three questions before making any purchase: 1) Do I have the money on hand to pay for this? 2) Do I really need this? 3) Can I buy this somewhere else for less? Oftentimes, asking these questions, you can talk yourself out of making the purchase! If your child is able to realize that not really having the money to pay for the purchase makes it inaccessible for him or her; and maybe later on it became understood for a young person that he/she doesn't need the item. Other times, the questions above can make you think of a way you can purchase the item for less. Encourage Your Teens to Get the Best Buy In addition to asking these questions, also you should train your teens to look for the best deal. It is amazing what variation in prices could be found out there if you try. Spending some time for searching the more appropriate price is always compensates as the variety may be rather big and sensible. Show that differences on some life examples to your child.
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