It may be a boring topic, but it is vital! This episode covers how to get your teens motivated to do a budget, and how to help them stick with it.
- Start with dreams about their financial goals (then insert some reality)
- Ask her to dream about the next 5, 10, 20, and 50 years. Where does she want to be?
- Share your goals and dreams
- Inject reality (housing and college costs)
- Show them how to do a budget, and help them stick to it.
- Decide ahead of time what she will pay for (gas? team fees? insurance?)
- Make sure the budget is HERS
- Find a good app or program to do her budget on
- Get her involved in your budget as much as you feel comfortable
- Teach her budgeting basics (projecting income, categories, tracking, savings)
- Make her stick with it
- Help them figure out how to earn money
- For younger teens, this might be neighborhood jobs – dog walking, babysitting, kids camps, etc.
- For older teens, try and help them find a skill they can use to make more money (swimming, tutoring, graphic design, etc.)
- Encourage them to do their own research – make sure to send them to the right resources
- Encourage researching – try to help them find excitement in certain financial areas (investing?)
- Find out who they admire financially. Encourage them to interview them, perhaps even go out to lunch.
- Dave Ramsey, Teaching Teenagers About Money, https://www.daveramsey.com/blog/teach-teenagers-about-money
- Rachel Morgan Cautero, How to Teach Your Teen About Budgeting https://www.thebalance.com/how-to-teach-your-teen-about-budgeting-4160105
- (Budgeting with Percentages) Jacob, 10 Tips on Budgeting for Teens, https://teenfinancialfreedom.com/10-tips-on-budgeting-for-teens/
- (Fun to watch your daughter – so funny!) Bliss Bean, Budgeting and Savings, https://www.youtube.com/watch?v=TfdZDmgXP14
- Jo Franco, The Realest Financial Advice I Wish Someone Told Me, https://www.youtube.com/watch?v=3ioNPBHUBlk
- (Budgeting with Quadrants/Matrices), Sophia Amoruso – GirlBoss, How To Make Budgeting Fun” Teen Vogue, https://www.teenvogue.com/story/how-to-make-budgeting-fun
- (Great websites for learning more) https://www.moneyunder30.com, https://www.notquiteanadult.com/
- Great Instagram Accounts to follow: