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Young People and money: laying solid foundations
The best gift you can give a young person these days is not plenty of money but to show them how to manage their finances wisely. It is an invaluable lesson that will help them throughout adolescence but also through their adult life. As a result, they can hopefully lead a debt-free life.
Expectations have changed over the last few decades for young people in the western world who are growing up surrounded by the notion that anything can be bought on credit. Spend now, pay later. It's hardly surprising that the credit crunch now nibbling at the western world may come to bite us over and over again if younger generations are picking up such habits.
Try these steps to guide your child: 1) In their early teens, give them a reasonable amount of pocket money. This should cover the cost of their clothes, bus fares, lunch, mobile calls etc. Set some rules from the start but not too many: clothes have to be clean, no drugs, no alcohol. This way they can already learn to budget e.g if one month they spend too much on their mobile phone, they will have to save by walking to school. You give them some responsibility over money and they have to make their choices. 2) Encourage them to work young: they can do the paper round, wash cars or windows in the neighbourhood, even babysitting. This way they can top up their pocket money or save towards a laptop, game or car for later. 3) Lead by examples. I remember meeting a couple travelling round Asia with their 5 years old girl. The mother was telling me how their daughter used to make long lists of presents that she wanted for Christmas. However, that year after having seen and lived with less affluent children she asked Santa for a box of sugary Cereals! Not everyone can or wants to take their children travelling but you can teach your children about giving up some of your time, helping and volunteering at an early age and by getting involved yourself. What about running Sports Relief with all the family? Or getting involved in other fun fundraising events for Children In Need, Comic Relief or else.
Also, show sensible spending patterns to your children and try not to get into debt. They are more likely to do the same even if they go through some rough patches at times. 4) Resist giving in to pestering. It's not because your child is turning 18 that they should expect to get a car and insurance from you. If children always expect to be given things they will continue to do so in adulthood which ultimately is not helping them to manage their finance nor is it helping your pension. |
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This intel was contributed by banania
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May, 2012
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