A large contributor to stress and anxiety for adults is their financial life. When there is not enough money to pay the rent, electricity, and/or any other bills, a person can feel the weight of fear, stress, anxiety, and even depression. When there are bills piling up and there is less income than outcome, this kind of stress can impair one’s mental health. In fact, according to an article from Marketwatch, Americans worry about money more than anything else.
However, if parents took the time to teach their teens about money and about how to wisely use and save their money, this might prevent stressful situations in their future. This article will provide four suggestions that parents might consider in order to prevent a teen’s financial life becoming a burden in the future.
Encourage them to get a part-time job. If your teen is frequently asking you for money, then you might encourage him or her to start earning their own. Typically, teens want and need more money than younger children. They might ask for cash for the movies, gas, a new pair of earrings, or a new pair of jeans. Although you might be willing to provide your teen with the money he or she needs, it might make more sense for your teen to begin learning about how to earn money. Any extra financial needs can be met with the extra money that your teen earns on the job.
Teach them how to budget their money. Whether your teen gets a job or not, learning to budget is going to be an essential task later in life. Sadly, the school system rarely discusses money in classes during high school. However, if you can teach your teen about budgeting money now, he or she will likely have an easier time in college and afterwards.
Teach them how to save money for the future. One of the biggest mistakes people make when it comes to money is not saving for the future. Then, when the bills begin to pile up, whether because of an unexpected medical expense or the expenses related to a sudden death in the family, there is money to rely upon. Although teens might have it easy, knowing that they can rely on their parents, at some point, they are going to have to be independent. In fact, your teen might even want to begin putting away money now for unforeseen hardships in the future.
Show them how to use credit cards wisely. Credit cards can be a life saving tool if you haven’t saved money or if you don’t have enough money one month. However, using them on a regular basis is an incredible mistake. It can turn one’s financial life from black to red pretty quickly. If teens understand from the beginning to use credit cards only in emergencies and learn to spend within their means, they may prevent much headache in the future.
These are some financial tips to share with your teen. In fact, you might not only share these with them, you might strongly encourage them to become financially savvy. If they’re able to wisely use and save their money, they are sure to prevent the anxiety, fear, and depression that money troubles can bring.