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By Stewart Wrighter
The crucial economic crisis all over the world may be a major concern for you. If you go bankrupt, you would be looking for The Woodlands bankruptcy attorney or a Houston bankruptcy attorney. The Woodlands bankruptcy lawyer would help you in managing all the legal actions regarding bankruptcy. However, when you are bringing your children up, you need to teach them about spending money wisely.
Parents are the most influential role models that children find. Therefore, what you teach them about spending money, they continue the same habits in their future. The unsteady economic situation and increasing unemployment has increased numbers of teens worried about money matters. Many college students are also observed to drop out from college, not because of poor academics, but because they cannot manage the college fee. More and more students are falling under debt, and this is creating a major issue for the parents.
Basic teaching about money begins from your own spending habits. If you tend to spend money beyond your means, there is a lesser chance that your child will have a habit of wise spending. Therefore, the best lesson is a ‘show-and-tell’ lesson. Take your teens to the grocery store with you and let them buy stuff. Also teach them that it is not always necessary to buy your desired item. If they choose to buy the lesser expensive version of the same item, they can save some money to buy something else they might need or like to have.
Give some allowance to your teens. Make sure this is according to their needs. Handing them money in their own hands teaches them a lot about money management. You should give them a certain amount of money to spend every week and it is important that you stay strict about it. They should not be coming up to you, asking you for more and more money each day.
A savings account is another good idea to inculcate a saving habit in your teen children. Opening a savings account in the bank will also tell them about different bank policies. They can also get to learn about different ways of investments, like bonds, stocks, mutual funds, etc. You should also tell them about different account statements like 401k statements and credit card statements. This will also tell them that a credit card is not free money, but you have to pay it off in the end.
Older teens can also be encouraged to find employment. Youngsters might start with work experience in part-time jobs and internships. Such an experience will show them the importance of money. It will also teach them different skills about the corporate sector. You might also tell your child to keep a particular amount from his/her income for retirement. Young adults between the ages of 16 and 21 can put some money in Roth IRA, and it can give them great benefits by the time of their retirement.
In all, smart spending is all about saving. Train your teens to save money on every little thing they buy. A penny saved today can grow to be a dollar tomorrow. Ensure that your children know all about wise spending to tackle the critical economic times in their future.
About the Author: Stewart Wrighter recently spent time researching law firms with
The Woodlands bankruptcy attorney
on staff. His sister hired a
The Woodlands bankruptcy lawyer
to help her with her financial problems.