The Piggy Bank: Sensible Spending for Ages 16+
I was lucky enough to stumble upon an amazing infographic that laid out some age appropriate lessons that lend themselves to sensible spending in the future! This is an important topic because while our kids are learning a lot of valuable information in school, only 17 states require a high school course in personal finance. That means this responsibility falls on the parents This week we are going to look at the recommendations and abilities of our almost adult children, ages 16 and up. I know, I know; there’s no way you would refer to them as adult children but in these next couple of years they are going to make decisions that could impact them for the rest of their lives! If you are currently a parent of a teenager then you will know this to be true; at this age, they are trying to establish control over their lives and seek increased independence. Our focus at this stage should then be preparing them for a solid financial future. One of the big decisions that is likely at the forefront of your mind is covering the cost of college. If this isn’t something that you as the parent are taking on then having a conversation with your teen about how to cover such an expense should be something you are planning to do soon. Sit down with them to start researching colleges, not just to pick the best school but to discuss the cost as well. When considering options, look at the cost of books, living expenses, transportation and other factors that will affect their financial future.
College isn’t the only expense your son or daughter is thinking about—it is very likely that they will want a vehicle or other large expense items. This opens an opportunity to discuss the importance of maintaining a job for consistent income and with that you can address setting up a path for success in a certain career.
By doing these things you will be setting the foundation for your child’s personal financial outlook and will be able to build on a strong base. Check back next week as we continue into the next age bracket!