| In today's money-driven society, teens are | | | | were able to begin earning money, my dad had us |
| constantly bombarded by magazines, television ads, | | | | start paying for some of our own things such as |
| and peer pressure which make them feel less than | | | | clothes, gifts for other people, things we wanted, |
| ideal if they do not wear the latest clothing style and | | | | and so on. Because my parents did not buy |
| drive a "cool" car. Briefly visit your local mall and you | | | | everything for us, it taught me the value of hard |
| will observe multitudes of young people who shop as | | | | work, to think before I spend, and to look for the |
| if credit cards have no maximum spending limit. With | | | | best buy. |
| all this push for extravagance, is it even possible to | | | | 4. Teach Your Teens the Value of Hard Work |
| raise your teens with money sense and save them | | | | In a day when laziness is rampant, teach your teens |
| from making serious financial mistakes? | | | | instead the importance of being a hard worker. What |
| Although I have yet to have teenagers of my own, I | | | | you work for, you usually appreciate more. If your |
| was blessed to be raised by parents who taught me | | | | teenager has worked hard to buy themselves a car, |
| from a young age to be a wise steward of money. | | | | it can be almost guaranteed that they will appreciate |
| Let me share some things my parents did to instill in | | | | it more and take better care of it. |
| me that money is a limited resource and must be | | | | 5. Train Your Teens to Think Before They Spend |
| spent with care. | | | | This might seem like a no-brainer, but learning to |
| 1. Start Early | | | | think before I spend has literally saved me hundreds |
| Just because your child is too young to have a real | | | | of dollars over the years. Teach your teens to ask |
| job, does not mean it is too early to start teaching | | | | themselves at least three questions before making |
| basic financial principles. From the time we were little, | | | | any purchase: |
| we always received an "allowance" from our parents. | | | | 1. Do I have the money on hand to pay for this? |
| We only received this money if we had done all of | | | | 2. Do I need this? |
| our daily/weekly chores. This taught us that money is | | | | 3. Can I buy this somewhere else for less? |
| not free; it is earned. | | | | Oftentimes, in asking these questions, I will talk |
| 2. Set An Example | | | | myself out of making the purchase! I will realize I |
| You cannot expect your teens to wisely spend | | | | don't really have the money to pay for it or I don't |
| money if you do not set a good example for them. | | | | need the item. Other times, I will think of a way I |
| Do your children see you buying things on credit | | | | can purchase this item for less. |
| because you want them now and do not have the | | | | 6. Encourage Your Teens to Get the Best Buy |
| patience to wait until you are able to save up enough | | | | In addition to asking these questions, also train your |
| money? My dad was an excellent example in this | | | | teens to look for the best deal. It is amazing what |
| area. Before making any large purchase (such as a | | | | variation in prices you will find out there. For instance, |
| car), he first decided what he could afford. Then, he | | | | the water pump burst on one of our vehicles |
| began shopping around. Sometimes it would take him | | | | recently. When we took it into auto shop for repair, |
| close to a year to find what he was looking for, for | | | | they said that we would have to take it to a more |
| the price he wanted to pay. His patience always paid | | | | specialized shop, since the engine would need to be |
| off and it left an indelible impression upon me. | | | | taken out in order to replace the water pump. The |
| 3. Don't Buy Everything For Them | | | | first price we were quoted was $775. Knowing that |
| It is easy for many parents to want to "help teens | | | | was out of our current budget, my husband began |
| out" by buying most everything for them. But, is this | | | | calling around to different body shops. One place |
| truly "helping"? When your teenager enters the real | | | | quoted him around $500 another quoted him a little |
| world on their own, they are going to have some | | | | over $300. By calling around to find the best deal, we |
| hard lessons to learn if you always bought everything | | | | are going to be saving hundreds of dollars on this |
| they needed and wanted for them. As soon as we | | | | repair job. |