How to discuss money with your teenager

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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.

  1. Never say “ Do not waste money.”
  2. Avoid discussing loans and repayments before them.
  3. Do not mention lack of money, worry about money and ‘no money’ talks.
  4. Do not postpone money talk especially when your child wants a merch, branded item or a high priced item.
  5. When refusing, be firm and do not give false promises or fake futuristic hopes.

Happy Parenting in 2021.

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