How to Teach your Teens Wise Money Habits

Are you a worried parent? Do you get anxious when you see your teens spending money anyhow? Well, there is no need to worry anymore. Detailed below are five simple tips that you can use in teaching your teens (and even older kids) wise money habits. Make good use of them and turn your teens into money management gurus.

Get Close To Your Teens

Most teens can be very independent minded if they want to be, hence the need for you to be careful in talking them into changing their money habits. Don’t just rush in and try cramming pieces of financial advice down their throats. They’ll simply vomit it.

Go easy on them and talk with them as a loved one. Don’t do anything that will send the message that you are trying to curtail their independence or inquire into their private money habits. Just show them as much affection as you can, then move on to put in place these other measures.

Make Reading Materials Available

How about buying self help books on personal finance and investment as birthday presents for your teens? Wondering weather they will read it? Well, if your teens don’t like reading, don’t worry. Just stock your house with these books, curiosity may force them into opening these books in the near future.

Display Good Money Habits

Before you can have the moral authority to talk to and teach your teens the requisite money management skills, you need to be financially disciplined yourself. If you use two or more credit cards, your children will see it as a good thing and they will definitely follow in your footsteps.

Display good money management skills such as saving, wise credit card usage, and non-impulse spending. Chances are that your teens may pick them up. If they don’t, no problem, you’ll have build up enough moral authority (in terms of money management) to be qualified and feel at ease in talking them into rethinking their money habits.

Make Saving Attractive

How many times have your children asked you to buy them something they want? Probably, many times; and this is such a nice opportunity for you to teach your children the importance of saving money.

The next time your teens ask you to buy them something, be smart and tell them that you’ll by it for them if they are able to get a certain percentage of the money. If the thing is something with a price of $500, tell them to get $200, and you will add the rest. This will induce them to start saving money, and in the process, learn the importance of saving money.

Teach Your Teens Budgeting

To be successful in the quest of making your teens money smart, you also need to teach them the need to budget and how they can budget to manage their money. We may assume that, at this point, your teens will slightly be interested in saving money from the strategy you used in making money saving attractive to them. So, the next thing to do is to introduce them to budgeting.

By the way, if you are not much of an expert on budgeting, here is a simple guide, that makes it simple and fun. Read it and become an expert in budgeting and teach your teens about it.

Moreover, if your teens have some passion for reading, it will be good to get them a copy of this self help money management article. It makes personal budgeting simple for teens and also has the ability to persuade and motivate them into changing their money habits.