How To Teach Your Teenager About Money
July 29, 2020
Teaching your teen about financial literacy
When it comes to teaching teens about money, parents can find this rather tricky. As much as we want to give in and deliver everything that they ask for, it’s important that they come to understand the value of money and why they need to conserve it. How should you tackle the topic of financial literacy with your teenager? Here’s what we suggest.
1. Help them set some goals
Whether it’s a new skateboard or smartphone, coming up with a savings plan will teach them how to save, the value of money and even how rewarding it is to work for what you want. You’ll also be teaching them delayed gratification, something that can only help them in later life.
2. Show them how to earn money
Do they need to get a part-time job, sell sports equipment they aren’t using or help out a little more around the house? Part of financial literacy is teaching kids that money is something that needs to be earned. It can’t just be expected or asked for. If there’s pocket money in place, what do they need to do to earn that allowance? Remember, a handout never helped anyone.
3. Teach them the difference between wants and needs
When you’re young, everything you desire is something you need. You need new clothes, a new laptop and even that bar of chocolate. As you come to learn the value of money and what it takes to get these things, you soon learn to separate your wishes into needs and wants. Helping your child identify both from a younger age is a great way to lessen frustration when they don’t get what they want. They’ll also be practising that delayed gratification we spoke of earlier. This will lead to less impulsive purchases and fewer financial dips later on in life.
4. Give them a budget
If you are going to treat them to some new clothes or treats, give them a budget and take them shopping. Let them become aware of pricing and have them add up the value of the items that they want. What should they put back in order to fall within the budget? This helps them make sensible choices and not to spend above their means.
5. Talk about money
Have conversations about money, budgeting and saving from a young age. This will help open up the narrative surrounding finances, which will result in healthier spending. It’ll also help your child speak up if they ever fall into debt one day, something many don’t mention until it’s almost too late.
6. Let them make mistakes
If they want to blow their pocket money on something silly, let them. Sometimes, they only need to do this once before they realise that their money could have been better spent somewhere else. It’s better for them to learn this now than later in life when they have greater expenses and responsibilities.
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As the preliminary and final examinations approach, both students and parents or guardians often experience heightened anxiety and stress. This guide provides practical strategies to help parents and guardians support their children through this critical phase of their academic journey. 1. Foster Effective Organization Create an environment conducive to studying by providing a quiet, well-lit study space equipped with essential stationery. Collaborate with your child to develop a structured study timetable to set clear expectations and promote disciplined preparation. Encourage the use of resources such as past question papers, which serve as valuable tools for revision and practice. 2. Maintain Daily Check-Ins Schedule regular, intentional conversations, such as during dinner, to discuss your child’s progress. Inquire about their experience with the day’s examination paper, adherence to their study schedule, and their feelings about upcoming tests. These check-ins foster open communication and allow you to gauge their emotional and academic state. 3. Minimize Distractions Help your child stay focused by keeping electronic devices like phones, tablets, and gaming consoles out of reach during study sessions. Set boundaries on screen time and social media access to prevent procrastination. While challenging, limiting Wi-Fi access during study hours can significantly enhance productivity. 4. Support Emotional Awareness Encourage your child to identify and articulate their emotions, such as anxiety, stress, or fatigue . Recognizing these feelings is the first step toward addressing them effectively. Discuss coping strategies to help them navigate emotional challenges during this period. 5. Teach Self-Regulation Techniques Guide your child in practicing self-regulation to manage stress. Techniques include: Breathing Exercises : Inhale deeply for four seconds, hold for four seconds, exhale for four seconds, and repeat. Sensory Focus : Identify five things they can see or hear to ground themselves in the moment. Tactile Stimulation : Hold a cold object to shift focus and reduce anxiety. These methods can help your child regain calm and focus during stressful moments. 6. Promote a Balanced Routine Prolonged study sessions late into the night can lead to burnout. Monitor your child’s study habits and encourage breaks to maintain balance. Plan activities such as outings with friends, a family meal, or short recreational periods with access to devices. Engaging in non-academic activities, like helping prepare dinner, can provide a refreshing change of focus. 7. Prioritize Self-Care Support your child’s well-being by ensuring they: Eat nutritious, regular meals. Get at least eight hours of sleep by limiting screen time before bed. Engage in physical activities such as walking, jogging, yoga, dancing, or gym workouts. These practices help alleviate stress and anxiety, which are common during examination periods. 8. Practice Empathy and Patience The examination period can be emotionally taxing for both students and parents. Approach your child with empathy, actively listening and offering guidance without criticism. This fosters a supportive environment, bolstering their mental health and sense of inclusion. By implementing these strategies, parents and guardians can play a pivotal role in helping their children navigate the challenges of examinations with confidence and resilience. Good luck to all the Grade 12 students with the upcoming examinations - you most certainly can do it!
