How to stop teens from burning cash

Some expenses, though heavy, are required by teens. They may want a special pair of sneakers or a great backpack every semester. But if their requirements involve pricy labels rather than utility, and seem to be growing in frequency, you need to put a stop to it. How can you do that without a showdown? Here are our suggestions.

Get your teen to earn it 

Does your teen already have a job? If not, suggest a part time financially useful engagement, or at least get them to help you save time in concrete terms. Teens would respect money if they are earning it, and it will also make them a confident, kind, caring human being. Don’t push them into a job at the cost of study hours. But it should be clear that if they want to spend on luxuries, they will need to pay for it.

Ask your teen to take over some expenses 

We are not saying you should ask children to buy family groceries or pay the electric bills, but weekly outings with friends can be paid by your teen from the allowance you give them. Having said that, we need to add that you have to be updated on expenses. Your teen is not paying what you paid for soda and burgers 10 years ago. Make sure you give them a realistic allowance, and ask them to manage designer clothes within it.

Be alert, but do not micromanage teen expenses 

Teenagers’ preferences are dynamic, and that’s one of the main reasons of them clashing with parents. Don’t stop your teen form blowing his or her allowance on whims you know will pass, as long as it stays within the allowance limits. Most Indian parents micromanage kids, and end up being over-protective and meddlesome at the same time. That’s bad for a teen’s budding individuality. It’s alright if your daughter colours her hair or your son buys 3 leather jackets. They have to cover for these ideas, so if they don’t like it anymore, the regret for easting money would be very real.

To make this advice practical, be updated on product prices and set limits and boundaries. A teen is still a child, but also an emerging adult.