When it is the parents who pay and they choose, they will not be afraid to choose the most expensive product, without thinking about how much money they have left or if they can make a better investment.
1. That they are the ones who buy
But if you give them the money so that they are the ones who choose what to buy, with the only condition that they will not give them more, they will begin to make smarter choices.
2. That they earn the allowance
In some families it is customary to give the children an amount of money so that they can cover “their expenses”; However, a good idea for them to begin to understand the mechanics of work is to grant that money in exchange for performing tasks. It can be as simple as washing dishes, sweeping the room, cutting grass, etc. Of course, this should not be mixed with those that are your own responsibility such as tidying up your room and laying your bed.
3. Let them invite something!
Now that they are making money, they must learn that all things cost, including all the times they go out to eat. To improve the lesson, it would not be bad if on Sunday they are the ones who buy ice cream or something similar. It goes without saying that everything must go according to the budget they have and without warning.
4. Encourage them to save
Part of what they receive should go to a savings account, even if it is a small amount. What you can do is buy them a piggy bank and at the end of the month, take them to the bank so that they deposit that money in a savings account that you can open for that purpose.
There are only four tips that will help you change your teenagers’ perspective on money and how they relate to it. Of course, the best teaching has to do with the example. Are you saving and paying your debts on time? So, if you don’t have a savings account yet, it’s time to look for the best option and get one. To compare the options and see which account pays you the most interest, you can use web comparators like Harlequin’s.