Having teenagers to raise means that you still have time to go through those important life lessons before they attend college. Sure, they’re going to learn many of them through experience rather than conversations but when it comes to money, it’s definitely better to be safe than sorry.
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Keeping in mind that so many young adults graduate with a ton of credit card debt and no job offer in sight, this conversation is definitely more important than ever.
Here is a handful of tips you should try to teach your teen as soon as possible so that they can get enjoy a solid and debt-free foundation when they finally graduate college.
First: Teach them to cook
Let’s start with the one life skill that will benefit both their personal finances and their health, in general. Many teenagers are at a loss when it comes to cooking and it usually doesn’t improve much when they grow into young adults.
University life relies on convenient food that is quick to prepare and quick to eat but usually not even close to as cost-effective as buying regular groceries at the shop.
Talk to your teenager about finances, first of all, but make sure to teach them the actual skills when it comes to cooking. Most people bring with them the habits they were taught at home and, if you even feel slightly guilty when it comes to your teen’s diet, it’s time to change your own habits as well.
Simply telling them to eat healthier is not enough; you need to do it yourself as well. Have a look at this site and send them off to college with a few basic recipes up their sleeve.
Next: Talk about budgeting
Again, we need to think about the things we say to our teenagers as opposed to the things we do. It’s easy enough to remind them to spend less money, to budget better, and to stay conscious about their spending – but teenagers need to have you in the lead before they’re able to follow.
Show them how you budget for the household, point out the biggest expenses and talk about how you’re trying to decrease your own spending.
This includes everything that you may be able to cut the costs of such as your car insurance and fuel costs. Have a look at One Sure Insurance, by the way, if your teen needs a car before they head off to university but keep in mind that if they live in a big city and are able to do without a car, it will seriously benefit their finances.
Try to make it clear that wealth comes from saving money as well as making money and if they ever want to have a well-off and comfortable life, they need to save as much as possible. Teach them to avoid spending money they don’t have and set a good example by showing them how you’re staying on top of your financial situation as well.