When we talk about money,people tend to spend their money on the thing they likes and loved.
Parents are the best educator but how about their children.Do they appreciate the money that their parents give?
Nowadays we can see most of the urban teenagers spend their times at the knownly malls.Meeting friends at expensive coffeeshops,watching movies and shopping branded shirts and pants.Still not mentioning about the latest gadgets in hand.
Here are the "best" practices that can be easily implemented:-
1) Use Jars
- Get your teenager to save his money in separate jars. These specific jars can be allocated for the future,education and indulgences. Examples: Get 2 jars,1 for savings & 1 for spending.So they can see the money increase or decreased.When they want to spend on something,allowed them to spend from spending jars.It will teach them to make a decision and sees the money in the jar will decreased which is so hard for them to save the money.
2) Let them decide who pays
- When it comes to big-ticket items,let them decide who will pay.Offers to pay for a cheaper alternative if your children contemplating buying something pricey.Teach them differentiate between needs and wants.For example,if they want to purchase a computer,offer to pay a basic one but if they insists on a more expensive model with the latest specifications and such,let your child know they have to top up the price difference.This also will teach them to think in decision making.
3) Motivate them to do better
- Get them motivated to want to do more. Give them an idea of how much they can earn.This can be done by setting a range of "payments" that depends on how well they complete a task.Example asking them to do a house chores.We as a parents can offer a money.If they did well,we pay extras for them.This way,they can decide how much they want to get and it motivates them to want to do better.
posted from Bloggeroid
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