How Parents Can Help Teens Manage Money
Teaching teens how to manage their money is a critical skill that can be passed down from mom and dad. And they need all the help they can get. You would be surprised how little the average teen knows about how to allocate money. Until they have their first job, they’ve never thought about budgeting their money, how to balance a check book or really what it takes to pay for all the cool stuff mom and dad have gotten them. Some that work don’t develop this skill either. This is where you come in. Whether it is an allowance, or the money they get from their first job, use this opportunity as a teachable moment. I always recommend teens split their money in thirds with some set aside for charity; 30% to contribute to household expenses, 30% for spending and having fun, 30% for savings and 10% to a charity for those in need. I think it is important for teens to realize early that a portion of the money they make go for things that are considered ob...