Good, bad and unexpected of Military life.
Any thing that is available easily is not valued. So it is essential for parents to explain to children the importance of money and ask them to write every penny they spend and prepare a detailed monthly expenditure. This will help them identify what is more important and where money was wasted. This also results into good rapport building. If this process is followed strictly, it brings in transparency and parents have faith in the children as they know where the money is being spent.
2. ALWAYS GUIDE THEM:
Parents have experience on their side. They have successfully handled money and the ups and downs that come with it. Parents can lend insight to teenagers about how to manage money. From day one, they can set teenagers on the right track in understanding the advantages of money. Parents should ask them the nature of expenditure and should guide them in the correct way of spending.
3. SLEEP ON IT:
When a child sees something that he really want to purchase, he should sleep on it for a night or two. We all know about buyer’s remorse after an emotional purchase. Implementing “sleep on it” rule can save a teen from feeling that same remorse. Say he/she wants to buy a dress today, but by taking time to think, he/she may save to buy a cell phone.
4. ENCOURAGE SAVINGS:
If children need extra money, in coming month, they should be encouraged to start saving to meet future expenses, This will enable them to realize value of money. Even in case of sudden emergency, give extra money and deduct from the next month pocket money.
5. PRACTICE BEFORE YOU PREACH:
Nothing works better than setting an example by doing it yourself. If children see their parents doing a particular thing, chances are strong that they will follow the example. So parents by their acts can guide their children to spend money in the right way and be responsible!
These methods would surely help the teens to understand and manage the money at the young age itself.