'Tis the Season to Teach Your Teens About Money, Spending

Believe it or not, talking to your teenagers about money and spending can be fun and entertaining. Just think of the many times you were at the mall with your teenager and the number of times that you said you weren’t going to buy that item they really had to have.

If your child has ever had a job or been paid to babysit, just use the variable of time rather than money. Ask your son or daughter how long they would have to work in order to pay for that item. The trick is to repeat this at least 100 times, and this season is a good time to start. Soon, they will begin to think in those terms and won’t be able to stop. 

Much of the time, my two sons value time more than money, so time becomes the more precious commodity. When we shop together I tend to make a comment about the time it will take to earn that expensive jacket or tennis shoe or video game. Don’t forget about the cell phone bill. It actually becomes fun, at least for me. They may get exasperated and roll their eyes, but they will think differently about the money I give them, and the things I buy them just because they are my two sons. 

Children will also begin to use math to figure out how much work it takes to make a decent living and support children. They will calculate hourly rates of pay and how long it would take to buy that new phone, pay for a car and all the rest. I feel that this reality is great for kids because our children need to learn how to take care of themselves. Who is there to teach them now but us parents? Let’s make sure that our children are knowledgeable about money and finances early to help them flourish and prosper.

Joe Arndt CLU, ChFC, President, Arndt & Associates 8124 Big Bend Blvd. St. Louis, MO 63119