Today, I’m sharing parenting advice on teaching children finances.  It can be hard to get your teenager to take money seriously.  What’s even more frustrating is the fact that they mostly source their funds from you regardless of if they’re not old enough to work yet or not.  So, the value of money is still a flimsy thing in their mind. Of course, not all teens are like this.  But, if yours is it’s time to sit them down and show them what they really need to know about money. Here is a quick list of what they need to know for their financial future.  

Teaching Your Children Finances:

Savings are Important

Saving is the number one thing your teen should learn about.  They must understand how to save for college, an apartment or house or just to travel.   

Furthermore, they must learn to save on a regular basis.  Having a savings account is like having a safety net. Most importantly, it teaches them to not rely on you.  This point must be impressed; it’s imperative that they learn this point so they can stand on their own two feet.  It will also give them a sense of independence, which is what every teen wants.  

Money Dangers

There’s a lot we need to teach teens about the world. That it’s a tough place, that it’s rarely fair, and sometimes, it gets really hard out there.  Unfortunately, they’ll need to turn to someone for help.  So, it’s okay to help teens through difficult teens.  It’s key to teach them that the world of money is filled with danger.  

For example, credit and debt and living paycheck to paycheck are dangerous.  So far you’ve provided everything they’ve needed, so they might not truly understand just how hard things times can get. 

There are plenty of resources out there for them to help them make use of their money.  Let them go online to learn more about the biggest expenses in life, such as mortgages, finding good utility deals, and being able to save their money week by week. 

Making Money Takes Time 

Finally, make sure you reiterate the point that ‘money doesn’t grow on trees’! Making money takes time, and being able to save it takes even longer.  Sadly, being able to get a job is harder than ever before. Encourage them through the difficult times and support them whenever they get rejected for a position. Make sure you point them in the right direction, and remind them of their strengths.  This simple step will empower them.  Just as importantly, it will give them confidence to enter the working world.  Which, is what they need to make money. 

Finally, your teens will need to know a lot about the world.  However, teaching your children finances will help them take the right steps to money management.