Nowadays, it seems as thought there are more and more things for teenagers to buy each day. There are expensive clothes, video games, mp3 players, designer sports shoes and much more. If, like most of us, you are not made of money, then it is clearly difficult to give your teenagers everything they want and, as a result, it is important that we help them understand the value of money. It is extremely important to start teaching your kids about money at a young age. Beginning at around age 10 you should give them a few dollars each week which they can spend however they want. This allowance should not 'free' but ought to be dependent on their undertaking some household chores. You should however work with them and allow them to what chores they want to do instead of giving them particular jobs. It is also important that you do not set limits on what they can spend their money on and also that, once they are getting an, you do not then simply go on buying them things they want. They must, and soon will, find out that if they spend all their allowance the moment they get it they will not be able to get some of the more costly things they want. It is also very important for you children to learn the ins and outs of budgeting at a young age and discover just how much things cost. Take them to the mall when you go shopping, have them help you with the household budget and let them watch you when it is time to pay the bills. It will not take them long to get a feeling for just how costly day to day living can be. As your kids get older, and without doubt by the time they get to the age of 13 or 14, slowly raise both their level of responsibility and their allowance. For instance, include their lunch money in their allowance and give them the responsibility of paying for their own lunch. As they accept greater responsible, teach them to draw up a budget for larger items such as clothes or an mp3 player, and then make them stick to this budget. Once again, you will discover that they will soon learn that if they want to buy expensive items, then they need to make sacrifices. Do not forget too that you can always backtrack. If you discover that your kids are not learning how to to use their money sensibly, then step in and take back control of that money until you are satisfied that they can handle it. Sooner or later, your teenager will get a job and this is an excellent time at which to introduce them to the concept of saving. Teach them to put some of their wages into a savings account which they have to come to regard as funding for major projects, such as their college education or other significant pursuits. Also, get them to put a small amount of their wages to one side to pay for less important, but nonetheless expensive, items such as a computer or video game system. Having made these provisions, you can then let spend the rest of their wages in whatever 'crazy' way they choose and, if you are concerned about what they are buying, then open up a checking account for them which you can monitor. Teaching your kids the value of money can be a long and slow process which takes a number of small steps and is not going to be without its difficulties. Your children, and especially your teenagers, will mess up but remember that we learn perhaps our most valuable lessons as a result of the mistakes we make.
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