Like many parents, you worry about your child’s future, everything from their grades to extra activities that will look good on a resume. However, it is equally important to build their financial skills as well, since they’ll need to know what to do with their money once they have it; saving vs spending.
Why Can’t I Spend It?
It’s difficult for teens to be patient. They are still in an impulsive phase of their development so seeing and wanting something usually equates to buying it. Dave Ramsey recommends teaching your teen how to create and stick to a budget. This not only helps them prepare to save their money for future “big ticket” items but it also helps them manage the practical aspects such as monthly bills.