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Are you teaching your teenager about budgeting?

No one told me about setting up a budget, how to balance a checkbook, how or why to have a savings account, what was an IRA account, or even how to look at the prices for products to see which one gives you more for your money. In fact, I didn't know how to shop either! LOL

Are you teaching your to do these things?  shopping

Answer Question
 
WalknWithGod

Asked by WalknWithGod at 6:16 AM on Jan. 7, 2011 in General Parenting

Level 18 (5,044 Credits)
Answers (9)
  • Yes, my oldest has just turned twelve. He helps me clips coupons alot. He even looks for sales at the grocery store with me. I also set up a teen checking acc. at our bank. It's kind of like a prepaid card with no fees. When the money is gone it's gone.
    arenad

    Answer by arenad at 6:46 AM on Jan. 7, 2011

  • YES!! No one taught me those things either, or about how credit works. My oldest is 13, and he is a really good saver. We talk about getting the best value for his money, investing, and budgeting. My DD is 11, she's a good shopper, we're still working on the saving :)
    Scuba

    Answer by Scuba at 6:54 AM on Jan. 7, 2011

  • i will when the time comes, my oldest is only 4. but my mom taught me most of the basics, and i was paying my own cell phone bill and such as a teen. that might not sound like much but my dh, who's 25, still doesn't pay his own bills and up until i married him his mother did everything for him. he knows nothing about budgeting, saving money, bills, finances, etc. it's pathetic really. i want better for our children.
    tnm786

    Answer by tnm786 at 6:56 AM on Jan. 7, 2011

  • Yes. Like you no one really showed me how to either. At 16 my kids all got jobs with the exception of my 18 yr old but he has serious mental issues so he really cant do anything. My other two older kids both got jobs at 16. They knew they had to earn their own spending money. If they spend their whole checks on something dumb and then want to go to the movies a week later I wont pay for it for them. It is how I teach them to budget. After a couple pay checks both learned how to budget. It is funny watching them grow up and learn. My son was complaining about taxes in his check being taken. He also will sit around and say "Ok I need this part for my car, and I want to go to the movies, that will leave me $75 for two weeks". Its great to see them actually work things out in their head.
    gemgem

    Answer by gemgem at 7:38 AM on Jan. 7, 2011

  • Way before they were teens, we started giving them an allowance and teaching them to save so they could buy things later. They had a savings account and went to the bank with me to deposit their allowance. We showed them as the savings accounts for college grew. We taught them about interest rates. Later as teens they could borrow from the bank of mom and dad, and pay back weekly, with interest, which they hated paying that interest. That was a good lesson for them to learn. As older teens they got a checking account and a debit card and learned how to use them. Only a couple of problems, but I'd rather they learn early and make small mistakes.
    SweetLuci

    Answer by SweetLuci at 7:50 AM on Jan. 7, 2011

  • By the time they were teens, they were given an amount for clothes. They had to learn how to budget. One son loved name brand clothes. He learned that he could buy tshirts with logos and buy shorts and pants with none, and have the look he wanted. They went grocery shopping with me when they were little. They knew the amount we had to spend, and used a hand calculator to add it up as we went along. We got the necessities first, then went back through the store to choose snacks and fun foods. Yes it takes more time in the beginning, but when they were teens, they could go by themselves after we made a list at home. They loved being able to use the car for that!
    SweetLuci

    Answer by SweetLuci at 7:55 AM on Jan. 7, 2011

  • Our public high school offers a financial wellness class for all students. My DD has leared much in that class.
    salexander

    Answer by salexander at 10:00 AM on Jan. 7, 2011

  • I am teaching my 9 and 10 year olds about money. They have a kids saving account at the credit union and when they get their statements they love looking at how much interest they have earned. They go grocery shopping with me and I'm teaching them to figure out which is a better deal (container size, generic vs name brand, etc.). I will always provide for my kids needs, but once they get to be teenagers (and sometimes even now) they have to pay for their own "fun stuff" - like if they want to go to the movies with their friends, or skating, etc. My parents taught me about money and how to be frugal, I will teach my kids the same things.
    missanc

    Answer by missanc at 10:13 AM on Jan. 7, 2011

  • I'm teaching my 5 & 3yo's about budgeting. It's never too early.
    KLBrown

    Answer by KLBrown at 12:54 PM on Jan. 7, 2011

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