Nowadays, materialistic desire has overtaken other important things in life, and teenagers are often seen to get into wrong things because of wrong decisions.
The biggest question that is faced by parents today is how to teach a teen the value of money.
Dealing with teenagers is quite difficult task for parents, and they constantly try to control their children, but controlling is not the solution for this.
You will have to take some precautionary measures to ensure that your child is learning new things within a safe environment.
These steps are very important and if followed properly, then teenagers can definitely learn the importance of money.
These small things in life will train them for harsh situations, where they can tackle every single problem of life.
6 Ways to Teach the Value of Money to Teens
These tips and steps will definitely help you a lot in teaching teenagers about money and their value in life.
1. Specified Weekly Allowance
This is one of the most important things for teaching teenagers about money.
If they are getting a limited amount of money, then they are going to value it, and spend on necessary things only.
2. Prepare an Incentive Plan
This might sound strange but if teenagers are getting added incentives based on certain tasks, then that will encourage them to properly complete any work specified to them.
If you want them to excel in studies then tell them clearly that you want them to attend their classes regularly and score well in their exams, and if they do so, then you will pay them extra money for it.
3. Talk Freely About Credit Cards
Teenagers are absolutely crazy about credit cards, because they forget that the things purchased from credit cards are actually a kind of loan, which they will have to repay.
Every time you use your credit card, then inform them about their drawbacks, and how they can manage their spending by using credit cards.
4. Benefit of Saving Money
You can also tell them to save at least 20% of their weekly allowance, and if they do so successively for 4 weeks, then you will increase their allowance.
This technique will motivate them to save more money from their allowances.
5. Motivate Them for Part Time Jobs
Recent studies prove that people who start earning from an early age are more successful than other people.
So it’s always a better idea to teach your children to start earning their own money when they are in high school.
6. Set Milestones
First you will have to decide certain goals like scoring well in exams, developing good habits etc, then you can award them for achieving any particular goal.
This process will motivate them to pursue this habit of achieving every single goal.