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During high school, teens gradually gain financial independence which can present challenges for them and their guardians. Here are a few key points of consideration when working with teens in these transitional years:
Balancing needs, wants, and values as teens encounter significant peer pressure.
These can be trying times for you and your kids as peer pressure is at its peak. It’s important to find a balance in setting realistic life expectations by working together to keep a reign on spending and other financial decisions. Listen to your kids, talk to them in adult terms, and set good financial examples.
Learning to plan, save and budget from personal earnings and allowance.
By high school, a monthly allowance is recommended. This is a big transition that requires more planning and budgeting. Make sure the amount is enough to cover basic expenses plus a few fun things, but not so much that your kids can frivolously spend.
Starting at 14, your kids are legally able to work part-time. A part-time job helps your children to understand the value of working, earning, and the value of money. Finding the right balance of schoolwork, employment, and other activities is key.
Introduction to financial apps and banking functions, with parental oversight.
Your kids should already have a savings account but it’s time for them to begin managing their monthly earnings and allowance by adding a checking account. Expand discussions to include banking basics like monitoring transactions and balances, using a debit card and account safety, relevant to their needs and goals.
Focus on insightful giving
Many high schools require community service for graduation. This underscores the importance of serving others in your community. Talk to your kids about volunteer experiences that align with their interests, your family’s values, and even perhaps their future career goals.
Demonstrate healthy financial practices
Your teens might be at an age where they want to be as different from you as possible, but they’re still paying attention to your actions and behaviors. Think about creating a good example in how you manage, discuss, and relate to money.
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