Teaching teens about money
May 5, 2022
I’m Miriam Neff-with and I’m Valerie Neff Hogan with Wise Women Managing Money
M Where and how do teens learn about money? In their homes first. Yes, they see and learn. Are there arguments over debts? Disagreements between parents? They should not be privy to all discussions. But much that’s taught is ‘caught.’ Observation.
V Teens can earn money. Designated extra household tasks, online surveys. Even online selling and buying. The first vital thing to learn is that you spend less than you earn. Second, save something consistently. Parents, you can help them open a bank account. Have they received birthday money? Into the account it goes.
M Is there something they want beyond what the family provides? The early lesson of delayed gratification is a good one. Wait until you have the money to pay for it.