Home
>
Parenting
>
Parents/Teens and Money ? 5 Ideas for Keeping the Peace

Parents/Teens and Money ? 5 Ideas for Keeping the Peace

Children and teenagers are relentlessly bombarded with merchandise that entices. It can be difficult to find contentment when a newer, better, faster gizmo of the moment hits the market every day. What's a parent to do?

First, try to put yourself in your child's shoes. The pressure to fit in and to belong is particularly strong for young people. Part of that belonging involves having the latest "it" item or article of clothing. It makes sense that you feel frustrated at times. Perhaps you've even reminded your teen that money does not grow on trees or that you are not an ATM.

With a little patience, planning and compassion you can stop fighting with your teen about money.

To start, set aside some time for a family meeting and bring some of the following options to the table (your teen may also have some ideas about how to balance saving and spending). Look for options that you are both comfortable with and willing to try.

Involve your teen in family budgeting. It may be difficult to understand what the limits are if you have no idea of the fixed expenses and income for the household.

Agree on spending limits. This method works well with expenses such as clothing. If you are shopping with your teen, establish non-negotiable spending limits well in advance of your trip. This will give your young person time to plan how best to use the allotted funds and cut down on frustration and wheedling later. Remember, the spending limit is non-negotiable ? no whining or brooding allowed. It is also important to let your teen live with his or her spending decisions. If your child decides to buy two high cost designer items rather than ten more reasonably priced items you must give them the space to own the choice.

Listen to your teen. There will be many times when you will have to deny a "must have" request. If you have not previously established a spending limit be sure to say no with compassion and offer to explore other alternatives for purchasing the item or doing without. If you have previously agreed on a spending limit try to honor the agreement unless you have new information or another compelling reason to change your mind. Again, it must be compelling ? the idea is to help your teen develop the discipline for responsible money management (after all, you can't go to your boss if you spend all of your money before pay day!).

Give a regular allowance ? A weekly or monthly allowance helps your teen plan for both anticipated and unanticipated expenses. Some parents and financial experts have suggested the three-thirds plan: one-third of the allowance is earmarked for spending, one-third for short term savings (such as school clothes or the class trip, and one-third for long term savings (such as a car). If this is the plan that you and your teen agree to try allow your teen to be responsible for the money decisions he or she makes by refusing to rescue. Educate your child/children on the benefits of saving with a credit union. Find a local credit union at www.creditunionrate.com and open a savings account.

Encourage alternative sources of income ? your teen may want to start a small business or find a job. This can be a great way to make up the difference if money is misspent or if your teen is working toward a big dollar goal.

Learning to manage money responsibly is an ongoing process; be patient with yourself and your teen. Revisit your goals and progress at least once each quarter and make adjustments as needed.

Nicole Soltau
President and Founder
http://creditunionrate.com/
The Leading Online Credit Union Directory

cleaning team near Winnetka ..

In The News:

Researchers discover phishing scam using invisible characters to evade email security, with protection tips including password managers and two-factor authentication.

iPhone and Android users can reduce battery drain and data usage by restricting Background App Refresh to Wi-Fi connections instead of mobile networks.

Scammers nearly stole an Apple account by exploiting the support system with authentic-looking tickets and phone calls, users can protect themselves with safety steps.

FoloToy restored sales of its AI teddy bear Kumma after a weeklong suspension following safety group findings of risky and inappropriate responses to children.

Threat intelligence firm Synthient uncovers one of the largest password exposures ever, prompting immediate security recommendations.

Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.

Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.

Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.

Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.

New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.

FDA approves first human trial for Paradromics' brain-computer interface that could restore speech for paralyzed patients through neural technology.

New phishing platform QRR targets Microsoft 365 users across 1,000 domains in 90 countries. Learn how to spot fake login pages and protect your accounts.

OpenTable now uses AI to track your dining habits and share insights with restaurants. Learn what data they collect and how to protect your privacy.

Google's discontinued Nest thermostats still secretly upload home data to company servers despite losing smart features, raising serious privacy concerns.

New Android malware NGate steals NFC payment codes in real-time, allowing criminals to withdraw cash from ATMs without your card. Learn protection tips.

DoorDash confirms data breach exposing customer names, emails, addresses after social engineering attack. Learn how to protect yourself from scams.

Concerned about Google's AI scanning your Gmail? Learn how to disable Gemini features that access your emails, Drive files and Chat messages for privacy.

Google warns Android users about dangerous fake VPN apps hiding malware that steals passwords, banking details and personal data from phones and tablets.

Apple's digital passport feature lets iPhone users breeze through TSA checkpoints this holiday season using Digital ID technology at 250+ airports.

A new phishing scam targets family photos with fake "Cloud Storage Full" alerts. Criminals steal credit card information through fake sites. Learn protection tips.

South Korean scientists create ultra-thin fabric muscles that turn clothes into robotic assistants, lifting 33 pounds while weighing under half an ounce.

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Parents/Teens and Money ? 5 Ideas for Keeping the Peace

Parenting