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The Piggy Bank: Sensible Spending for Ages 13-15

By Kimberly Shane

The Piggy Bank: Sensible Spending for Ages 13-15

Piggy bank sensible saving 13-15 blog-01.jpgI 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 a child between the ages of thirteen and fifteen. 

As your teen begins to take on additional responsibilities and likely making some of their own money, they can begin to make some of their own financial decisions. At this point they have developed better reasoning skills and can understand abstract ideas better than in their previous years. They also have fully grasped the concept of cause and effect. You can, however, assist your teens by helping them to understand that their financial choices now will affect their future as most teens aren’t likely to consider their circumstances further down the road.

Some practical ideas include setting up a budget with them that compares their monthly income to their expenses and touch base with them to see how they are doing with sticking to the budget. Be sure to include contributing to a savings account in the budget. Teach them ways to save money on the stuff they do purchase i.e.; couponing, purchasing used items versus new and looking for sales. Teach them about the stock market, pointing out the ups and downs in price for a specific stock.

By doing these things you will be setting the foundation for your teen’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!

Sources: http://www.visualistan.com/2015/04/the-road-to-responsible-spending-infographic.html

 

Tags: Finances, Money, #SMCsmartmoney, financial