It\u2019s a clich\u00e9 to say that teenagers never seem to listen, and sometimes things are clich\u00e9 for a reason. The conundrum of teaching teens fiscal responsibility is doubly challenging because, as their guardian, you\u2019ve paid for essentially all of their expenses prior, this is an area they\u2019ll eventually have to manage without you, and for many teens spending money is one of their first forms of freedom.<\/p>\n\n\n\n
Unfortunately, the only known cure for being a teenager is time; however, here are some tools and ideas to keep in mind when you\u2019re doing your best to teach the teen(s) under your roof the value of a dollar.<\/p>\n\n\n\n
1. Remember your teenage years.<\/strong> The angst, the uncertainty, the hormones\u2014being a teenager is an experience everyone goes through, and almost no one comes out unscathed. Sometimes people \u2013 specially adolescents \u2013 don\u2019t listen because they don\u2019t feel listened to. A little grace can go a long way, so before we begin with the actual financial lessons, perhaps remembering your teenage misadventures will help drive your lessons home.<\/p>\n\n\n\n 2. Be open and honest about finances.<\/strong> When dealing with financial stress, challenges, or even regular ol\u2019 bills, invite your teen to listen and discuss what you\u2019re working on (within reason). If you have a credit card bill that\u2019s gotten out of hand, perhaps invite them to the table to discuss how to address it. They may have some creative ideas on how to address it, and you can discuss the perils of high interest rates and instant gratification as well as the virtues of budgeting and cost-cutting with them. Don\u2019t scare them that the house is in jeopardy, but don\u2019t dismiss the potential gravity of the situation. Being honest about financial consequences shows them respect and may even inspire them to be honest about struggles they\u2019re experiencing too. Asking for their insights may prove helpful and promote problem-solving. Again, just maybe don\u2019t lay every struggle on their shoulders.<\/p>\n\n\n\n 3. Bring them along for the ride.<\/strong> If you\u2019re car shopping \u2013 especially if you\u2019re car shopping because they\u2019re starting to or already driving \u2013 go through the buying process with them by your side. Ask their opinion on what they\u2019re looking for in a vehicle, then show them how the bells and whistles have corresponding price increases. Let them play around with payment calculators, so they understand that while that price tag may seem reasonable, there are other factors (like insurance and interest rates) to add in as well.<\/p>\n\n\n\n 4. No, seriously, bring them with you.<\/strong> Many parents open savings accounts for their children with the knowledge that one day the child will take it over. Then, once their child becomes a teen, it\u2019s turned over \u2013 sometimes along with a brand new checking account \u2013 for their disposal. But the teenage years are when they\u2019re figuring out almost every aspect of what it means to be a \u201cfunctioning adult.\u201d Would you give a 15-year-old the keys to a convertible before they\u2019ve had lesson one on driving? If you would, you\u2019re more daring than most. Expecting a teenager to know what to do with their savings, checking, or money without proper instructions is similar. But even bringing them to a financial institution only for business concerning their accounts likely isn\u2019t enough. Instead, bring your teen with you when you need to conduct any banking. Let them observe and get a feel for how banking works. It will also take the pressure off them when the time comes to conduct their banking.<\/p>\n\n\n\n 5. They\u2019ll figure it out one way or another.<\/strong> Despite all your efforts, lessons, and advice, they still won\u2019t listen. Even if they do listen, it doesn\u2019t guarantee they won\u2019t make their own financial mistakes. At some point, they may blow through all the money they\u2019ve earned or saved up and will turn to you to bail them out \u2013 metaphorically speaking, of course. Even the most diligent, fiscally responsible teen can fall prey to spending sprees or account negligence (typically during their first year living away from home), and they\u2019ll turn to you for cash. Offer what you can, and as they start to become more and more independent, start turning over more expenses for them to manage: phone bills, car insurance, streaming services, etc. Gradually handing these responsibilities over lets them develop their budgeting abilities without completely overwhelming them. Then one day, both not soon enough and all too quickly, they\u2019ll be out on their own.<\/p>\n\n\n\n <\/p>\n\n\n\n Experience is often the best, if not least forgiving, teacher. But knowing they have you as a safety net and guide for navigating finances goes a long way. Hopefully someday, once time has cured the teen in your life, they\u2019ll appreciate that. But you don\u2019t have to be their only financial guide, and you certainly don\u2019t have to be their only resource. Bring them to your credit union to start building their financial experience. Whether it\u2019s your littlest\u2019s first share account or your teen\u2019s first job, their trusted credit union is always here. Even when you can\u2019t be there, we\u2019ve got them covered.<\/p>","protected":false},"excerpt":{"rendered":" It\u2019s a clich\u00e9 to say that teenagers never seem to listen, and sometimes things are clich\u00e9 for a reason. The conundrum of teaching teens fiscal responsibility is doubly challenging because, as their guardian, you\u2019ve paid for essentially all of their expenses prior, this is an area they\u2019ll eventually have to manage without you, and for […]<\/p>\n","protected":false},"author":8,"featured_media":1010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-1008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n