Tuesday, May 5, 2009

Teens and Money 1

"There is really no clearer indicator of responsibility and self control than how teens handle their money." (Parenting teens with Love and Logic, Cline and Fay, p.251)

Believe it or not, the best way to help young teens be responsible with money is to give them more - in the form of an allowance.

  • First figure out what you are already paying for (that you feel is a valid expense). Include lunch money ($4 per day?); personal spending ($5 per week); some parents include a clothing allowance for the year broken down into weekly increments... work this out together with your teen but be realistic about your family budget too.
  • Next set up the same boundaries you have for paydays. Pay the allowance on a regular day and time. No advances allowed and you are not a credit lending institution.
  • Love and Logic recommends NOT tying allowance to chores. Chores are what everybody in the family contributes to the family. (However, if a teen does not do their chores and you need to pay someone else to do them, that can be deducted from their allowance without warning them in advance.)

More soon...

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