Teaching Your Teens About Finance
Your teen will grow up to become a young adult, that much is for certain. But, just because he or she is embarking on their own personal journey into adulthood, it doesn’t mean you can’t help them out along the way. In fact, as their parent, it is your job to help them out along the way! More to the point, it is your job to provide your teen with the life lessons needed to successfully circumvent young adulthood and the rest of adulthood that will follow.
And some of biggest and most important lessons you can give your teens about adulthood are those that surround the topic of finance. To see exactly what you should be teaching them as well as advice on how to go about doing this teaching, make sure to read on.
Teach them that it is okay to ask for help
If you want your teens to grow into young adults that are always in a safe financial position, then distilling the fact that it is okay to ask for financial assistance is something you must be doing. It is something that you must be doing because it will help them to understand that things don’t have to be faced alone, which is itself an easy and dangerous mindset to fall into.
First and foremost, you should teach them that it is always okay to seek financial assistance from those that are closest to them in life. More to the point, you should teach them to get past any pride they may have in the future that holds them back from asking for financial assistance and to just do it. Secondly, you should teach them that it is okay to seek assistance from professional borrowing companies and to take out a quick loan if they really need to, but only if they have the capabilities of paying the money they borrow back both in full (plus interest) and on time.
Basically, just make sure they know help is out there, that they should never be afraid to ask for it, and they should never turn their nose up at it.
Teach them the importance of independence, too
As pivotal as it is is for your teens to know that it is okay to ask for help, they should also know that being independent with their finances is simply something they must do. They simply must do this because, quite frankly, you can’t be sorting out their banking and savings their whole life and they must take full responsibility of them.
To do this, try as best as you can to distill into them the need to save whatever little money they earn now, whether this be pocket money or money from a part time job they have, so that they can understand how important the money that they earn is.
Your teen has the capabilities to be a very capable adult when it comes to the world of finance, but only if you provide them with the knowhow needed to do so. So, get providing and get teaching.