Today’s fantastic family finance article is:
Teens have no clue about how much “real life” costs.
Not surprising. We only let them pay for the “good” stuff: fast food, movies, video games, music. Mostly “wants”. If you’re paying for all their “needs” directly, it’s no wonder they have no idea how much real life costs. The result? At best, a rude financial awakening as they exit the nest. At worst, crippling consumer debt as they adjust to harsh reality.
Lynne Finch has a simple solution: as the teens get older, buy less and less on their behalf. You still provide most of the funds, but they make the purchases and track expenses versus a budget. Lynne calls it the “semi-independent” stage.
Find out more about Lynne’s method in today’s article.
You owe your teens a financial clue.
Get tomorrow’s tip here.