6 Practical Tips To Raise Financially Responsible Teenagers!

From opening their own bank account to helping with house budgeting, here are 6 practical tips to raise financially responsible teenagers.

Finance and teenagers! Don’t you think I have thrown an odd combination at you? Teenage years are when dreams are high and every castle in the rainbow shines bright. When hormones run amok and spending becomes the order of the day, raising the subject of finance and budgeting fades into oblivion.

It becomes a tough topic for parents to even broach in front of their teenage children. That said, teaching financial responsibility to teenagers is crucial and is one of the important milestones in parenting journey. 


Here are 6 practical tips to encourage teenagers to become financially responsible and bring in the culture of saving in their young minds:


Bank accounts are worth banking on!

Guide and help them your teen open their own bank account. This will be a valuable lesson in managing personal finance and managing their own account.  Also, money saved is every money earned so the money they value and save in their bank account will be a rewarding experience for children. When they save money and see their account balance grow, they feel proud of their achievement and it encourages them to manage finances well.

Bank account comes with essential tangible paraphernalia like cards, cheque book, e-banking, mobile banking, other account specific items so handling them gives a sense of entitlement or empowerment.


Involve them in household budgeting

Once teenagers understand the value of money, next comes budgeting. What is  budgeting? Budgeting means planning and managing expenses. Monthly budgeting would involve planning the funds on a monthly basis.

Work as a team and include all your expenses for a month. The family should sit together and add all their monthly pay-outs. Help teens understand that all their purchases involve money, so how to spend the money efficiently will come under budgeting.

Prioritise all buys depending on the sense of urgency. If something can wait till next month or the following months, then that need not be added in this month list. Strike them out.

This method of prioritizing and managing money will help them strike out unnecessary purchases. Ask your children to maintain a journal or a book. Let them note down the purchases to be done and also the expenses that involves outings or birthday parties or any other fun activities. This will help them track their outflows and they will be more cautious with their expenses.


Fixed monthly pocket-money

Make a monthly pocket-money kitty and label their name. This will help them be mindful in their spending. They will also know that based on the amount in the kitty, they will have to manage all the spends which will teach them money management skills. 


Embrace modern technology and finance apps

Do not shy away from modern methods of managing your personal finance. Even if you are comfortable using conventional ways, do not show resistance to new applications. Tech gizmos and various apps are making the job of administering and managing the financial affairs easy, so why not? A host of programs and tools are available which help in setting financial goals. So, if your teen has a good idea and easier method of maintaining a balance sheet or tracking their spending using a particular app, then let them adopt that method. You can give your  inputs but acknowledging the handful of wisdom coming from your teen is very important too.


Open discussions and asking for their opinion

Teenagers may not be adults but they are no more a child too. They can understand money aspects if guided effectively. Ask them their opinions, their ideas on money aspects.

Money can be a scary subject for many teens. Sitting with parents to discuss something can make teenagers less intimidated. It can also encourage dialogue from their end and make them ready to learn and unlearn in the process.


Walk the talk

Last but not the least would be walking the talk. Exercise the culture of saving yourself before dictating this advice to your child. They see you and they follow your behaviour. So let them get a feel by seeing you implement the methods. Let them recognise the positives of maintaining a cash book or expense journal. If they see you manage money well, they will definitely want want to follow suit.  

Image source: still from Aamhi Doghi

Liked this post?

Register at Women’s Web to get our weekly mailer and never miss out on our events, contests & best reads! Or – get a couple of really cool reads on your phone every day – click here to join our Telegram channel.

Exciting workshops for Writing & Other Creative Pursuits!

17th July: So you want to publish a book? with Asfiya Rahman; This is a workshop which will tell you about how to get published. What is the difference between a novella and a novel? How do I write a novel? What is micro fiction? Are short stories better than novels? These and other questions will be covered in this workshop. It is intended for those who have started writing but are looking for some help in structuring their writing and understanding the different options available. 8th August: When Less is More – Writing Effective Micro-Fiction, with Anupama Dalmia; Micro-Fiction has gained immense popularity in the digital literary space today. However, writing impactful micro-fiction is not easy as one needs to pack a punch in limited words. This workshop will help you hone the craft of writing memorable stories in a few words. 4th & 5th September: Learn Alcohol Ink art with Piyusha Vir; Explore the exquisite magic of Alcohol Ink Art. You will learn how to make beautiful abstract art, patterns like ripples and ridges. Learn how to create roses. Create beautiful art decor pieces to beautify your home while you also indulge in your creative side and give expression to your soul. One-on-one sessions Creative Writing – Fiction, with Poorabie Khare; Creative writing is based on imagination and dream imagery. This skill helps work on planning, analyzing, and forecasting. Writing about characters, creating character sketches, putting together a plot, and indulging in descriptive writing keep our cognitive self agile.   Up your blogging game with Anupama Dalmia; After attending this session, the attendee will have a clarity on the steps to be taken to make their blog more effective and expand blog reach. All doubts related to blogging will be clarified, and feedback will be provided on the blog content and design.

Women’s Web is an open platform that publishes a diversity of views. Individual posts do not necessarily represent the platform’s views and opinions at all times. If you have a complementary or differing point of view, sign up and start sharing your views too!

A writer/Educator and Spanish Language trainer. Loves Reading, Music and Art. Favorite Author is

Learn More

The post 6 Practical Tips To Raise Financially Responsible Teenagers! appeared first on Women's Web: For Women Who Do.

You might also like More from author

Leave a comment