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You can’t protect your kids from everything in life. However, what you can do is protect your child from a difficult financial future caused by student debt. Student debt could not only cause your child to cope with a considerable amount of stress, but it can also cause them to put off getting married, buying a home, or even saving for retirement.
Your parents do a lot for you, so you may be asking yourself what you can do to help them out. As a member of your household, there are plenty of things you can do that will make a world of difference, not only for your family, but sometimes for the environment too.
Be sure to tell your parents about your changes. They will be very proud of you, and they may make some changes as well.
In today’s world, younger generations possess a large amount of spending power and influence. This power is ideal for companies because many items kids buy fall under the “luxury” category, things like: games, music, and clothing.
Unfortunately, the advertisements that attract youth to these items usually work by making them feel insecure. Teenage years are often the easiest target because issues like body image, power, and peer acceptance are sought after by teens and easy for advertisers to focus on.
If you’re not knowledgeable with your own finances, this is the time to educate yourself. It’s never too soon or too late to begin talking with your children about money. Don’t know where to start? Begin with books written by people known for helping others with financial success. The sooner you get your finances under control, the sooner you’ll be able to lead your children by example. Remember, actions speak louder than words.
Here are four tips for teaching your kids about money:
1) Keep it age appropriate: The current economic situation makes it difficult to hide conversations about money. If your child happens to overhear your discussions about finances, remember to keep your explanations in a language they understand. It may be best to refer to a bank account or ATM as a piggy bank when speaking to younger children. When your child is older, tell them mall money comes from working (in their case an allowance from chores). Remember, it’s okay at any age to tell your child they can’t have the newest toy or overpriced t-shirt because it doesn’t fit into your budget. Even though it may be hard, you’re setting an excellent example on how to set boundaries and stick to your budget.
Sometimes school activities can interfere with holding a part-time job, or maybe you’re simply not old enough to begin working yet. Whatever the obstacle, here are four realistic ways to make extra cash:
1) Winter weather brings excellent business opportunities. Go to every house in your neighborhood and ask if you can shovel their driveway for $10 to $30, depending on the length of the driveway. Some people are uneasy about one person approaching their door and offering services so it may be best to round your friends up and work together. Working with your friends may be a better approach because it is safer, more efficient, and may not put off potential customers. If you do your job well, you will likely have loyal customers in the future.
To learn about money, there are some pretty fun tools available.
People view money very differently, and as a teen, your opinions about money are mostly shaped by your parents. Whether you see it as simply a means to buy things you want or something more, it’s important to feel comfortable and confident with your emotions toward money.
Have you ever needed to purchase gifts when you didn’t have any idea what to buy? You could spend a long day at the mall buying gifts and then realize that you forgot a few people and have to make another trip out for more shopping. Doing a little planning before you hit the stores can save you time, frustration, and money. Hopefully these tips will help.