Teach Teens About Money Before They Leave Home

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I admit becoming a mother has turned me into the sort of person who starts crying in Target at the college-dorm end-caps when I'm shopping with an eight-year-old, soon-to-be third-grader. I'm not going to have to think about college for quite a while, so it's good I read this post NOW. Check out Mara's tips for schooling teens about money before they leave the nest.

She writes:

Teach compromise: Life is full of give and takes. There are always options. I explained to my daughter that most likely in second year when she’d have an apartment, she would have a double bed. I encouraged her to find something she liked that was less expensive because she would be getting another new set of linens the next year. I also pointed out that there were limited funds available, so if she spent so much on one item, there would be less to spend on others. Reason seemed to work where flat out no’s and motherly frustration didn’t.

kids shopping

Credit Image: Phil Denton on Flickr

Read more from Teenagers and the Dollar: How to Teach the Value of Money at momfaze

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