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Does Your Teenager Have An Allowance?

Every parent wants their children to be successful, and we have a tendency to help, even financially, a bit too much.

As children become adults, they need to learn how to be financially independent. That starts with communication. Sit your child down and open your books to them. They will probably be surprised at how much money it costs to run a family. As you show them your numbers, show them how to start budgeting for themselves. Help them set up their own bank accounts if they do not currently have one, and help them to budget how much money they would need to save for rent, food, and necessities. Even if they can’t afford it all now, it gives them a plan and action steps to work toward.

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