Friday, June 08, 2007

Control teenage spending

My kids are still small and I am spending a fair amount of money on them. When I told some of our older friends about this, their reply was "wait till they become teenagers" or something to that effect.

It seems that a lot of teenagers have a problem with handling money. In many cases, I can see that the fault lies with their parents. Most people don't spend enough time with their kids and because they feel guilty, think they can make up by giving their kids money. Teaching your kids to be prudent with their money will definitely help them in the future by establishing smart financial habits.

One great way to teach teens how to manage their money is by using Teen Prepaid cards. With these cards, the parent remains in control. The parent can monitor the spending habits of their teen and can even suspend it if needed. It can prove to be useful in emergencies as the card is a convenient way to give teens money electronically.

Some of the cars can actually teach the kids to instill work ethics. For example the cards from PAYjr's Allowance and Chore System can be a way to pay their teens based upon completion of household task or other goals.


happilywealthy said...

It's great that the intention of Payjr is to teach the kids manage their spending habits.Sad to say,'CONTROL' is not a method of teaching.However,'MANAGING' is creating a habit of money wise.My financial coach creates good programs for young adults:
If you can't be there, at least read her book : specially for young adults.My conclusion is- better not give a man a controlled ammount of fish.Teach the man to fish and manage his fish himself.

Adam said...

Thanks for dropping by my blog. Going over there now.

minci said...

hmmm.. I didn't use much of my parents money when I was a teenager. I was in a boarding school and I got RM80 per month to spend dgn bijaknya. dad only gave me extras in school holidays. and that is like an extra RM10 or RM20.


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