Do your teens understand money? Here are 10 tips to start the conversation - NBCNewsBETTER
“Having conversations at home, early and often, about things like income disparity, wealth disparity, the value of money —including online currency — is going to equip the kids to have a better chance at success,” she said.With that in mind, here are 10 money lessons you can use with kids ages 10 to 14.The next time your child asks you to buy something that is out of the norm — such as Justin Bieber concert tickets or a video game — ask your kid to come up with a plan to save up for it.
Work up the cost and build a plan on how you can save for it — and whether it is even within the range of your saving ability, Bonneau said.That’s where they get lost, she said.2. Teach them how to earn moneyIf you have the ability, pay your kid an allowance or pay for doing certain chores around the house.
You can also help your child come up with other ideas to make money, like babysitting or dog walking. Now that your children have their own spending money, they’ll have to learn the difference between something they need and something they want.“If you want what you want and want it right now, you won’t have the time to do your due diligence on the item you desire,” Hutchinson said.
Have them conduct research of the item they want to buy — which will also teach them to spend wisely. Show them online reviews and help them differentiate between paid advertising, influencers and unbiased reviews.
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