The Tutoring Center, Roseville CA 

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06/17/2015
As your children become teenagers, their involvement in money becomes greater and greater. While there any many skills and experiences they will learn naturally during their lives, having a discussion with your child early on can give them a head start when financial matters start to become prominent. Alongside regular tutoring and homework help, The Tutoring Center in Roseville has some ideas on how you can teach your teenager the benefits of budgets in a practical and relatable way.

Your experiences are important.

It’s no surprise that budgets work; so why not share yours with your teenager. When learning about managing a budget and money, your children are likely to have questions.  Being able to answer those questions with direct and relatable examples of household finances can greatly increase the lesson retention.

Don’t be afraid to let them take control.

Let them try it out for themselves. Start small by working out how much you spend on them each month for food, clothing, school, sports etc., and then give that money to your child. Provide them a suggested list of items to buy for themselves, and see how they manage.

If they’re able to manage successfully for a period of time, try giving them a little more financial responsibility.  Remember that this is their first time, so while it’s good to encourage them to take on more responsibility, make sure they don't get overwhelmed. 

While it’s important to have a backup fund ready in the event that your child has some trouble adjusting to managing on a budget, try not to use it to bail them out if you notice they have been spending frivolously. The important lesson is that they learn how to abide by a budget and manage personal and entertainment expenses.

These are just some of the great practical home based financial skills that you can share with your teenager to help give them an advantage. To complement these useful skills, our experts can provide reading, writing, and math help through one-to-one instruction or private tutoring in Roseville. Call us today at 916-771-4100 for more information.

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