If you\u2019ve got a teen (or pre-teen) under your roof, you\u2019ve likely noticed that besides a scarcity of food, what was once a sufficient allowance or financial life lesson for Junior (i.e. \u201cdo your chores, don\u2019t spend it all at the candy shop\u201d) probably isn\u2019t quite enough anymore.\u00a0 In between imparting your life experience and expectations regarding their social life, school responsibilities and career planning you\u2019ll want to ensure that your mini-me is equipped with the money know-how they\u2019ll need in the coming years.\u00a0 Read on for some thoughts on how to get started:<\/p>\n
Communicate, Communicate, Communicate:\u00a0 <\/strong>Yep, it\u2019s so important we\u2019ve got it tripled!\u00a0 Many parents aren\u2019t comfortable with money themselves and as a result keep it off \u201cthe talk\u201d radar.\u00a0 If the under-the-rug style is yours, try to move past it.\u00a0 For example, if you\u2019ve got debts, demonstrate how you regularly budget for the payments.\u00a0 If there\u2019s an aspect of money management you feel is a strong point for you, share your knowledge \u2013 don\u2019t just assume it\u2019ll be picked up along the way.<\/p>\n The ABCs of Banking:\u00a0 <\/strong>Make sure your teen knows the ins and outs of regular banking. Understanding the difference between chequing and savings, how to write a cheque (and avoiding bouncing it), and how credit works may seem like basic concepts to an adult who has been dealing with them for years.\u00a0 Teaching your kids early on can give them a real advantage in avoiding financial pitfalls once they\u2019re off to college and riding solo.<\/p>\n A Budget of their Own:\u00a0 <\/strong>Sit down with your teen and help them come up with their very own budget.\u00a0 Discuss items they may have to purchase with their own money (whether it comes from an allowance or a part-time job) such as clothes, their cell phone and the latest trends. Review whether or not they\u2019re saving up for post-secondary expenses.\u00a0 Reevaluate the budget together periodically to make adjustments where they\u2019re warranted and set new savings goals.\u00a0 Since budgeting is a huge part of managing everyday finances, having one from the get-go can really help them make the grade!<\/p>\n While it may be tough to always get your point across with so much competing for your teen\u2019s attention, just think how you\u2019ll breathe a sigh of relief and deserve a pat on the back once they\u2019ve successfully flown the coop and can effectively manage their own<\/em> financial nest.<\/p>\n Please feel free to contact us<\/a> if you would like to schedule a free, confidential consultation<\/a> regarding your debt resolution options.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019ve got a teen (or pre-teen) under your roof, you\u2019ve likely noticed that besides a scarcity of food, what was once a sufficient allowance or financial life lesson for Junior (i.e. \u201cdo your chores, don\u2019t spend it all at the candy shop\u201d) probably isn\u2019t quite enough anymore.\u00a0 In between imparting your life experience and […]<\/p>\n","protected":false},"author":8,"featured_media":6446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[261],"tags":[38,39,44,37,71,72,35],"class_list":["post-3528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-free-living","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-budgeting","tag-consumer-proposals","tag-financial-parenting","tag-kids-money","tag-sands-associates"],"acf":[],"yoast_head":"\n