Money matters when learnt early in life brings in a positive mindset and attitude while dealing with the routine in life.
When it comes to talking about money with a teenager there are a few do’s ad don’t’s
Do include :
- Find ways to inculcate a saving habit. Maybe, start with their pocket money.
- The piggy bank stays, collect the coins and let them use it well.
- Teach them to avoid comparing their family standards with those of others.
- Explain to them about bank deposits, ATM, insurance and also the EMI.
- If the pandemic has affected your income, be upfront but not harsh.
- Curb unnecessary splurges but make the important days special.
- Explain to them the VALUE of education and not that fees are high.
- Prior to shopping set a budget and look out for sales, so there are riff-raffs while picking an item.
Don’t’s include :
Teach them to VALUE money and what money can get in terms of necessity, comfort and luxury. Let them have a mix of all these factors in materialistic aspirations and let them decide how to prioritize a few of the expenses.
- Never say “ Do not waste money.”
- Avoid discussing loans and repayments before them.
- Do not mention lack of money, worry about money and ‘no money’ talks.
- Do not postpone money talk especially when your child wants a merch, branded item or a high priced item.
- When refusing, be firm and do not give false promises or fake futuristic hopes.
Happy Parenting in 2021.