015 - Budgeting and Teens Cover Art

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. 

  1. 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)
  2.  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
  3. 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.)
  4. 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.