These days, raising a teenager can be challenging enough without worrying about them learning to manage their money the right way. Thankfully, there are many tools out there, like CalendarBudget’s money planner, that will help them get started on the right track. Plus, you can do some easy things as a parent to help them begin their savings journey.
Here at CalendarBudget, we’ve got your back. Here are some pro tips that even the busiest parents can handle to help their teens save for the future.
Intro to Personal & Family Finances
When it comes to instilling good savings and money managing habits, it’s best to begin with the basics at an early age. As soon as they begin learning about money, teach financial concepts starting when they are very young. You can increase the complexity of them as they get older and learn more.
Involve Teens in Family Financial Planning/Discussions
In general, teens and children learn best by having a good example, so involve children in financial planning and discussions as much as you can. It can be something as simple as having your teen guess what it would cost for a typical family expense, like groceries, then compare the costs after the purchase to see how their guess adds up.
Involve Teens in the Use of Money
As mentioned above, getting teens involved in typical family expenses like budgeting for groceries is a great way to get them started. They can compare prices and make their grocery list. Another great way to get them involved in family financial planning is to have them sit in on the vacation planning process.
Help Teens Set Up & Track Their Budget
This is where money planner tools and money management software can be helpful. Have your teens set and manage their own budget, saving for both long-term and short-term financial goals. Perhaps there’s a concert coming up they’d like to go to, or they want to purchase a new computer. Helping them save for such a goal is a great idea.
Encourage Teens to Get a Job
Another good way to get teenagers on the right financial track early on is to have them work for the things they want, especially entertainment, like buying concert tickets, video games, etc. This also gives them vital life experience, teaching them interview skills and how to build a resume, which they’ll use for the rest of their lives.
Discuss Different Career Paths
Every teen is different. Some might have a good idea of the career they’d like to embark on, while others might be undecided. But this doesn’t mean that you can’t still discuss different career paths with them and go over how specific careers could limit or help them meet their financial goals in life.
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