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How do I talk to my kid about managing money?

My son is 16, and up until now he's been pretty sheltered from financial responsibilities. But then I lost my job and need him to better handle his own money he gets from a part time job (I can't cover him when he's about to bounce a check and i can't afford to get him the stuff he can't afford right now). Have you had a heart to heart like this? What should I say or how can I help him learn? Ugh

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Asked by momwteens1417 at 12:08 PM on Mar. 4, 2009 in Teens (13-17)

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Answers (3)
  • Maybe you could sit down and help him figure out a budget. You can print budget forms off the internet. Have him write down the stuff he has to have and how much money he makes. Subtract the must have expenses then he will know what he has to "play with". Also, make sure he understands balancing his checkbook. Some people have never been shown and they just don't get it! Explain that you can't be responsible for his financial mistakes. Tell him you won't cover anymore bad checks, and don't. After he bounces one or two and he has to pay all the fees he will more than likely never do it again.

    Answer by sidzwif at 12:13 PM on Mar. 4, 2009

  • Ohhhh mom, sometimes those are the hardest lessons to learn and kids sometimes learn best the hard way. By falling. Let him bounce a check or more and he will see how crappy it is to pay twice what you wrote the check for in the first place.

    A few of those should teach him quickly. Just be sure he understands you are not able to help him like you have in the past.

    Its hard to see your kids struggle but remember you are turning him into a responsible smart young man. you will be proud of in the future!

    Answer by mom2twobabes at 12:13 PM on Mar. 4, 2009

  • How does he have a checkbook at 16? I started to agree with bouncing the check as PP but if that is in your name then that dings your credit. He is to young to be in a legally binding contract so they can't have him at fault.

    Answer by partiesbyjan at 12:23 PM on Mar. 4, 2009

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