How can i get my teenagers to be wise with money?

Answer 1

you should not give them allowence but to put it in your banl account so you can give it to them when they go and live by them selfs or when they get married or something. if he/she is using money uncontrollably you should tell them to get a job and let them experience how hard it is to earn money then to spend it.

Answer 2

Many adults aren't even wise with money. First you yourself are going to have to be "wise" with money. Your kids pick up quick when you waste money on games or hobbies or other frivolous things. Create a budget with your wife and stick with it. Your kids are going to need you and your wife as a support system and as an example. Next, no more allowance! Time equals money. Household chores can be turned into jobs with costs but when they grow up will they get paid to do these? No. Try instead to have them ask neighbors or family friends for jobs or better yet have them create their own. They need to see avenues to make money. Next open a scottrade account and set a certain amount in each. Tell them this is a down payment for a car and they can't just take the money, they can only use what they make. This can teach or at least create some excitement over stocks. Be open with your budget and money. Never say " I can't afford that!", but "How can I afford that?" Give them responsibilities for college costs and extra needs. Play games like "Life" or "Monopoly" these are great learning tools. Most important just talk about money. Encourage conversations and look up answers with them if you don't know. Money is exciting! Being wealthy or knowledgeable on this subject doesn't mean you're greedy or a "snob".

Answer 3

The best way is through commissions. They earn a commission (not a freebie allowance) for completing assigned jobs around the house. For example, they clean their room (including vacuuming, picking up clothes, making beds, etc) and for that they receive x $$s. The same thing would be done for mowing the lawn, cleaning the garage, and any other task you select. They would then be required to do the following: they must give away at least 10% to their church/synagogue or favorite charity, they must save 50% of the money for a desired large purchase and the 40% balance they may spend any way they like. On large purchases like a car you might choose to contribute dollar for dollar based on THEIR savings (same for computer, PlayStation etc). If they do not have the money for a purchase (say a pair of jeans) they must wait until they have the money. They may NOT borrow against future earnings, however, they may go out and get additional outside jobs under the same conditions. They learn as a result: 1. they are not alone in the world, others need and deserve help (giving). 2. Delayed gratification (they have to save and NOT go into debt). 3. They HAVE to live within a budget because you do NOT give them money for nothing.

They learn life is not always the way they want it---and they learn to live with it whether they want to or not.

They'll say it's not fair to which my response is that of Bill Gates:
"Life isn't fair. . . get used to it" Not harsh---just real.

Answer 4

Working and paying your own way is one of the best ways to learn. It's hands on, it makes you stop and think about what you are doing, and it's real world experience. Once they start getting an idea of how things work, you can start to show them how to make their money go a little further. But they really need to learn what is important and what isn't.
I really didn't understand the full value of money and what it took to get it, or what it took to keep it, until I moved out and really had to do things on my own. Even after that, I fell flat on my face a couple of times, before I finaly realized how I needed to do things. But I never would have succeeded at all if my mother had not encouraged me to work on my own, and take care of my own things, even though they were still helping me.
It depends on how indedpendant a child wants to be.

Answer 5

Make him/her earn it and once you do that ask for some type of rent or for him/her to be responsible for a bill or part of a bill. If you are giving your child money then stop and tell them that you are only going to give him or her x amount of dollars a month and that he/she needs to budget that money accordingly because there will be no more coming until next month. If you do give your child additional money tell them that it is an advance and that you will be deducting it out of their allowance for next time. Let him/her know that once you feel that they are becoming more responsible then you will lift up. I think the best way to be wise about money is to learn the value of it and work for it.

Answer 6

Use some monopoly money. Give them a paycheck every week with monopoly money and do like a mock bill system for them. a monthly light bill groceries and all. make it as real as can be. have them cook and buy groceries themselves with it. let your teenager see how far money doesn't go. If they blow there money on things and don't pay the light bill. Then take the light bulbs out of their room untill they can pay for the power to be turned back on.

Answer 7

Make them work around the house.
Make them open up a bank account and deposit a certain amount of money each month...this will help them in the future for when they go to college or want to buy a car or stuff like that.
Limit how much money the receive and make them buy certain things, not you.

Answer 8

My daughter is starting her second year of college. Is she wise with her money? Not in my opinion, but she has a different perspective. I think spending all your available cash on CD's, iTune downloads, DVD's is foolish. But then, I am 40 something with a huge mortgage.

Just remember--they are not young for long. Saving for something can be meaningful, as long as what they are saving for IS meaningful to them. College is not as meaningful as a new car, killer stereo system, well you get the idea. We can't project our goals on our children.

I am not a big advocate of working during high school, although I certainly did it myself. But school today is much more demanding, what with accelerated classes, athletics, after school activities. To be competitive in the college acceptance game, your student has to stretch themselves thin. And often, that part-time job proves to be the breaking point.

I gave my daughter an allowance. Out of that money, she had to buy lunch [or take lunch to save $$$], save for movies, presents for friends, outings, etc. It worked fine. Sometimes she found herself short and asked for an advance. That was fine, but she soon learned that getting your money in advance meant planning out for the future.

Good luck!

Answer 9

give them a salary. they have to buy their own clothes, gadgets, electronics, food when they go out, gas, everything except for the food in the fridge. 10% to God, and 10% to savings right when they get it. They will learn to spend their money wisely. if they run out, then sucks for them. My parents do it with my brother and i and it works. i get $170 a month. (you get the total by adding all of their needs with a few luxury items)

Answer 10

Establish a close relationship with them, and be sparing with the money you give them. Talk to them about how you manage to make things work out financially for the family, so they understand that it isn't as easy as it seems to earn money (and feel guilty to spend too much). If you feel that they are using their money unwisely, tell them right out and explain your reasoning behind it.

Answer 11

Allow him or her to get a pt job even with school starting and when you know they have recieved a couple of checks and they say hey ma or dad I really like those new Jordans you say o.k then make sure you save your money so you can buy them.The more he or she haf to but for themselves they will start saving they're money on there own.Because to me that's learning a value of a dollar,because they are not going to want to spend that much money it's o.k for mom and dad,but they are not going to keep spending they're own cash that way.