Home
>
Parenting
>
Parents/Teens and Money ? 5 Ideas for Keeping the Peace

Parents/Teens and Money ? 5 Ideas for Keeping the Peace

Children and teenagers are relentlessly bombarded with merchandise that entices. It can be difficult to find contentment when a newer, better, faster gizmo of the moment hits the market every day. What's a parent to do?

First, try to put yourself in your child's shoes. The pressure to fit in and to belong is particularly strong for young people. Part of that belonging involves having the latest "it" item or article of clothing. It makes sense that you feel frustrated at times. Perhaps you've even reminded your teen that money does not grow on trees or that you are not an ATM.

With a little patience, planning and compassion you can stop fighting with your teen about money.

To start, set aside some time for a family meeting and bring some of the following options to the table (your teen may also have some ideas about how to balance saving and spending). Look for options that you are both comfortable with and willing to try.

Involve your teen in family budgeting. It may be difficult to understand what the limits are if you have no idea of the fixed expenses and income for the household.

Agree on spending limits. This method works well with expenses such as clothing. If you are shopping with your teen, establish non-negotiable spending limits well in advance of your trip. This will give your young person time to plan how best to use the allotted funds and cut down on frustration and wheedling later. Remember, the spending limit is non-negotiable ? no whining or brooding allowed. It is also important to let your teen live with his or her spending decisions. If your child decides to buy two high cost designer items rather than ten more reasonably priced items you must give them the space to own the choice.

Listen to your teen. There will be many times when you will have to deny a "must have" request. If you have not previously established a spending limit be sure to say no with compassion and offer to explore other alternatives for purchasing the item or doing without. If you have previously agreed on a spending limit try to honor the agreement unless you have new information or another compelling reason to change your mind. Again, it must be compelling ? the idea is to help your teen develop the discipline for responsible money management (after all, you can't go to your boss if you spend all of your money before pay day!).

Give a regular allowance ? A weekly or monthly allowance helps your teen plan for both anticipated and unanticipated expenses. Some parents and financial experts have suggested the three-thirds plan: one-third of the allowance is earmarked for spending, one-third for short term savings (such as school clothes or the class trip, and one-third for long term savings (such as a car). If this is the plan that you and your teen agree to try allow your teen to be responsible for the money decisions he or she makes by refusing to rescue. Educate your child/children on the benefits of saving with a credit union. Find a local credit union at www.creditunionrate.com and open a savings account.

Encourage alternative sources of income ? your teen may want to start a small business or find a job. This can be a great way to make up the difference if money is misspent or if your teen is working toward a big dollar goal.

Learning to manage money responsibly is an ongoing process; be patient with yourself and your teen. Revisit your goals and progress at least once each quarter and make adjustments as needed.

Nicole Soltau
President and Founder
http://creditunionrate.com/
The Leading Online Credit Union Directory

Beecher limo rentals ..

In The News:

Safeguarding your digital life with a reliable physical backup isn't just a precaution, it's a necessity. Kurt “CyberGuy" Knutsson provides the essential backup checklist.

Kurt “CyberGuy" Knutsson reveals how a Redditor exposed false recycling claims at their apartment, highlighting a report that only 21% of U.S. recyclables are processed.

Kurt "CyberGuy" Knutsson offers a travel toolkit featuring five technology tools to help you with booking flights and hotels for your summer vacation.

The bubble behind the clock on your iPhone can appear in different colors. Kurt "CyberGuy" Knutsson explains what each of those colors mean.

Scammers are using the power of artificial intelligence to mimic voices of people and are using the fake voices to commit crimes, like kidnappings.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Tech guru Kurt "CyberGuy" Knutsson explains the science behind the Invisibility Shield, a 6-foot shield that makes people become invisible.

The International Olympic Committee on Friday announced plans to use AI in various Olympic aspects, including athlete identification, training and judging.

Tech guru Kurt "CyberGuy" Knutsson explains an easy trick to avoid squinting while working or surfing the web by zooming in on your personal computer.

Streaming giant Roku has recently been targeted by a pair of cyberattacks, and the company confirmed over a half million Roku accounts were compromised.

The Land Aircraft Carrier combines an all-terrain, six-wheeled vehicle with a two-seat aircraft, which features electric vertical takeoff and landing.

The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The FBI is warning the public about a recent phishing scam via text that claims its targets owe money in Pennsylvania for unpaid road toll charges.

Your Apple Music settings may be revealing to your contacts what you're listening to. Kurt "CyberGuy" Knutsson explains the process to change those settings.

Learn how to secure social media accounts, implement legacy contacts, and create a digital estate plan to protect your online assets from 'ghost hackers' after your death.

A ported phone number scam is leading to more people having their identities stolen by sophisticated scammers. Kurt “CyberGuy" Knutsson tells you what you need to know.

The Great Pacific Garbage Patch, a vast marine debris vortex, is being tackled by The Ocean Cleanup’s innovative technologies. Kurt “CyberGuy" Knutsson explains.

Discover easy solutions to tame autocorrect frustration on iOS and Android devices. Turn off, customize and add personal touches to your typing experience.

Kurt “CyberGuy" Knutsson reveals the six top things to do right now before it’s too late: Tech and life choices that can keep your safer on and offline.

Kurt “CyberGuy" Knutsson shows you some simple steps to discreetly hide apps or an entire app page on your iPhone for decluttering or confidentiality.

The ambient light sensors on smartphones may be turned into cameras, according to researches at MIT. This could pose a threat to people's privacy.

The Autonomous Road Repair System from tech firm Robotiz3d uses artificial intelligence technology to locate potholes and promptly seal them.

Scammers have stooped to using artificial intelligence to scan obituary websites to create fake obituary websites to target the grieving.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Parents/Teens and Money ? 5 Ideas for Keeping the Peace

Parenting