Our mission as parents is to provide our children with a better future – better than ours for sure. There is a time, however, when parents need to start teaching teens financial responsibility and getting good at managing their hard-earned money. When should this start? Pretty much as soon as they can drive.
During the teen years they begin this journey of financial freedom by taking on odd jobs like babysitting or working at a local store to make extra money (in addition to or replacing their allowance). The question is, what expenses should teens pay for by themselves?
In my opinion, there is no right or wrong answer to this question. Teaching them to pay for certain things will help them learn self-discipline, the distinction between needs and wants, and better money management skills that they most likely won't learn at school. Just remember, start with small things so they don't get overwhelmed.
Extra clothes and accessories. Occasionally (well, most times) teens might want to have a different look for a friend's party or school functions thanks to the newest fashion trend. Letting them pay for clothing or accessories can allow them to truly own their sense of style.
Cellphone bill overage. Our family plan covers talk and text, but data is a whole different story. Allowing teens to pay for any overages can be a lesson in actions and consequences.
Lost items. Sometimes life happens and items can get lost. I get it. However, other times, well… losing an item and having them cover the cost of a replacement can be a good lesson for teens to care for their items.
Car insurance. Adding a teenager to the family car insurance policy can bring costs up considerably. Sharing with them the process of shopping for insurance and letting them help cover the cost will bring them a step closer to adulthood.
Going out with friends. At this age, teens learn that friends always want to do things that cost money. By paying for their own outings, teens get to learn to make a budget so they don't run out of money.
Presents for friends. Gifts fall into the wants category. Sure, as a parent I'm always willing to help them by giving them a budget. If they feel like they want to give a present to their friends that's over budget, they should pay for it. If they cannot afford to buy a present, this might be the perfect opportunity to show them other options they could do for free instead.
Yoly Mason, a blogger living in Orlando, Florida, wants to live in a world where Latinas can enjoy an abundant life with a small budget, and being in debt is as out of style as the rotary phone.
Image via iStock
