In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.
Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.
Kids these days are becoming more and more aware of their family's source of income and financial status. They apply these money-spending principles when they venture out on their own.
Thus, it becomes more of a parent's responsibility to start training their teenage kids to use their money wisely.
Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks:
1. Lead by example.
With your lifestyle, the children will see how you spend your money.
If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep.
2. Help your teens get a bank account.
Establishing a bank account under their name would give them an instant financial responsibility.
Sit down and explain to them how to manage their own account, and the rewards that they get once they save enough.Their savings could go to their college tuition, or a big purchase like a car.
Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it.
You may check out the special benefits that banks offer for teens who open their accounts at such an early age.
3. Construct a Spending Plan
Once they hear the word 'budget', teens tend to cringe at the mere thought of having to restrict the spending of their money.
Instead, you and your teen son or daughter could build a spending plan. This would get them excited, and think of ways on how they can wisely spend their savings. Also, have them list down their earnings versus their expenses.
Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.
4. Make a Mock investment in the stock market.
Make them aware of the options that they have financially.
Casually introduce to them the business part of your daily newspapers and have them make mock investments for companies who manufactures products that they like.
Monitor the stocks together and this would give them another option of investing their money in the future.
How To Teach Teenagers
This may well seem like an odd thing to say but a lot of parents do not realize how crucial it is to teach children that dating and sex are not one and the same. Sad though it is many teenagers merely take it for granted that sex is a normal part of dating and a quick look at television and magazines aimed at teenagers shows why this is so. Do not just assume that your children understand the difference between dating and sex and make sure that they get this message loud and clear.
Endeavour to teach your children the difference between dating and sex from a young age and bolster this message from time to time. In particular, help your teens to appreciate that dating means getting to know other people emotionally and not only physically.
Teenage children will often have a 'one track mind' and you will have to put forward suggestion on other things that they can do on a date rather than simply focusing their minds on having sex. This might appear silly but you will be astonished at how often teens choose sex as an option simply because they are bored and cannot come up with anything else to do with their time. So, as weird as it might appear you really will have to recommend things that your teenage children can do to enjoy themselves on a date. If you can succeed in getting them to keep busy enough then they will most probably end up having to say no less often.
Several parents instruct their children on how to say no to sex and come up with a long list of excuses or quips. The is all well and good but a one-liner usually only works once and merely brushing off the idea with a one-liner is only putting the question off in the short term and leaving the door open for the idea to come up time and again. The answer therefore is to instruct your child to simply say no clearly and sternly and that, although they might feel like giving a reason, they should not have to do so and just saying no should be enough.
If you find yourself in the position in which a teenager has already experimented with sex then you may believe that it is too late to talk to them about saying no. This is unquestionably not the case. Many teenagers believe that once they have had sex with someone they cannot reasonably refuse to do so a second time. The fact that they have had sex however does not mean that this issue can simply be 'ticked off' their list of hurdles and you will have to let them know that they they are free to refuse sex if they feel ill at ease. You also need to talk to them about the fact that engaging in sex should always be something important and special and that considerable myth surrounds the significance of their initial sexual encounter.
While discussing the importance of establishing relationships on a lot more than just sex, it is also crucial to combine this with instructing your teens about safe sex practices. However much you might wish to do so you are not always going to be able to prevent your children from engaging in sex. However, you can give yourself some peace of mind by trying to ensure that your children keep themselves safe, even if they decide not to avail themselves of your advice to stand up for themselves and make wise choices.
Corporate Governance Non Profit A lot to worry about? Nope. Not really. Just remember to ask the right questions. If you do not know the right questions, you are probably on the wrong board