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How to Teach Your Teen to Manage Money

Watch more How to Improve Family Relationships videos: Subscribe to Howcast's YouTube Channel - With these tips, teach your teen to manage money -- and save a little yourself. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Model behavior Model the behavior you desire. Get your house in order and discipline yourself before you curb them, so that your advice and counsel has credibility. Step 2: Say no Say no to your teen. Many parents lack the gumption -- don't be one of them. Step 3: Control their spending Help control your teen's spending by educating them about wants and needs. Allowing them to have a credit card only temporarily forestalls the conversation about responsibility. Step 4: Use allowance Use allowance as a tool through which they can experiment with their own money, allowing them to suffer the consequences when money is wasted. The results will be priceless. Tip Many financial companies offer services for monitoring your teen's credit card account. Step 5: Teach planning Teach them to plan, which may include getting a part-time job to purchase desired objects. Step 6: Help them make a budget Help them develop a budget, teaching them to acknowledge each expenditure and to organize their basic material desires. Step 7: Set saving goals Set goals for a savings account aimed at future needs like college, trips, and marriage. Agree to reinforce this with small matching contributions on your part. Tip Teach sound investment strategies to your teen, or have someone who knows what they're doing help. Step 8: Allow a pre-paid card Allow the teen to have a prepaid debit card instead of a credit card. There is no government bailout authority that will reinforce poor money management for your family. Did You Know? By 2008, over 91 million U.S. households had at least one credit card.
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