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The teen years often set the course for a person’s adult spending habits. For that reason, it is wise to attempt to influence a teenager’s spending habits as early as possible.
Perhaps the easiest place to begin is with your teen’s clothing & accessories, gadgets, and electronics.
Managing Teen Money
Since most people start giving their children more financial responsibilities in their teen years, it makes sense to teach them a thing or two about spending wisely, as well.
Instead of letting your teen pay $60 for expensive torn or painted jeans, show them how to pick up a designer pair of jeans from the thrift store for $10 and customize the jeans themselves.
Teach them to comparison shop for high-tech gadgets and electronics and how to save and budget for the items they really want. You might have them vacuum the house for a month in exchange for the money to purchase a fun new gadget. The more work that it takes for it, the more they will appreciate it and take care of it.
Since many teens are environmentally aware, remind them that purchasing used items and recycling old items is helping to save the Earth. Ecnourage your teen to trade things like clothing, CDs and DVDs with their friends, and to alter items that do not fit right instead of throwing clothing and accessories away.
Places like teen clothing consignment shops and CD swap shops are other fun places to introduce your teen to, as well.
More than anything, I would encourage you to stress the importance of individuality to your kids.
A child with a strong sense of self will be less caught up in what is popular and will be less inclined to purchase expensive clothes and items to fit in with their friends. This may make teens (especially girls) more likely to make their own clothing and recycle their old clothing, as well. Teenage boys, on the other hand, may learn to become content with what they have, instead of longing for the next new thing.
I have been a certified tightwad striving for financial freedom since I became pregnant with my first child — and I decided to find a way to stay home with him full-time. I enjoy sharing my personal experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.