Show your teenager how to be financially self-disciplined PDF Print E-mail
It's already spring--just about time for your teen to begin looking for a summer job. Before he gets that first paycheck and hits the mall, teach him about financial self-discipline.

Here's how:

1. Ask your teen why he wants the job. Is it to help out your family? Is he saving for college? Does he just want some extra spending money?
2. Talk about how your teen handles money now. Does he have a savings account? Or does he spend money as soon as he gets it?
3. Help your teen come up with a savings goal. Discuss what he would like to save money for, and how much he thinks he could save by September.
4. Work out a budget with your teen. It would be great if your teen could put every penny he earns toward savings--but it's not likely. Even the most disciplined teen may need some money for an emergency bike repair.
5. Encourage your teen to stick to his budget. Share some of your money-saving tips with him--like using coupons from the Sunday newspaper or waiting to buy something until it goes on sale. Helping your teen learn how to handle money responsibly now will benefit him greatly in the future.

Reprinted with permission from the March 2010 issue of Parents Still make the difference!® (High School Edition) newsletter. Copyright © 2010 The Parent Institute®, a division of NIS, Inc.
 

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