Summer is here, the kids are out of school, the routines have shifted, and money for fun is likely high in demand!
If you have teens, they are probably busy spending money hand over fist (whatever that means) and hopefully, many of them are making some or all of the money they are spending. If they aren’t, and YOU are supplying the money they are spending… STOP!
Yes, you read that correctly. Stop giving them money to spend frivolously! Kids don’t learn how to CREATE their own money streams when you are always providing it.
Kids need to experience money for themselves in order to learn how it works in the real world. Summer is a perfect time to get them started, no matter how old they are.
Try this: figure out, on a monthly basis, how much you spend on your kids and then run it THROUGH them instead, age appropriately of course.
You give them a lump sum at the beginning of the month, talk about what they are going to need and want, help them put together a budget, and then let them go at it! Guess what? They get to make mistakes, recover, make decisions, feel the impact and, most important of all, practice! All you have to do is be willing not to rescue them when they run out of money. THIS is where the lessons will begin.
Have you ever noticed how much easier it is for kids to spend YOUR money rather than THEIR money? This is why it is imperative that you put them in charge of purchasing the things they need as early as possible. It might be uncomfortable for a while but you’ll notice the changes before school begins.
You can learn more about allowances in Elisabeth’s book, The Ultimate Allowance. |