Teenagers often decide to get a part-time job. They work after school and on weekends to have some spare change in their pocket or in some cases to save for something special. For parent who has ever set a family budget, they recognize the value in guiding a child to do the same.
Sometimes when a young person has their first taste of financial freedom that comes with a part-time job, they purchase things they don’t really need. They see the money as a never-ending source of video games or snack foods. For a parent watching the child spending their hard-earned money, it can be a bitter financial pill to swallow. There are steps that you as a parent can take to help your child see the value in saving some of that money for a bigger and brighter reward.
When a teenager gets their first job, it’s time for their parent or parents to sit down and have a talk about money. If the child has grown up in an environment where the parents were frugal and explained the process of saving to the child, he or she will likely already have a desire to save. They’ve witnessed, first hand, the importance of saving and the rewards that can come from that.
The same can be said for children who have been involved when the parents have set a family budget. They’ve seen how much things like groceries or entertainment items cost and they realize that by saving they have the security of having available funds when they need them. Offer your child guidance as they step out into the work world. By helping them set up a budget for themselves, you will give them the fundamental financial tools they will use for the rest of their lives.