The teens want to have their own money. Teens want to have discretionary funds they can use without their parents poking at them and auditing all their cents. If the parents would let their teenagers manage their own money, they should be ready to give them advises on money management such as budgeting and fund management. In this way, they can be sure that their teens will not just squander their money on less important things.
The following may help the teens manage their money:
Teach the teens to save
Encourage the teens to open a savings account to deposit their earnings. Even just a few dollars a week will be good enough. If their parents are giving them allowances, they can talk to them and ask them to set aside some dollars in the bank. When the time comes that they need to withdraw, they will be amazed to see how much money they have saved. The teens want to have money and let them save.
Teens must spend wisely
The biggest nightmare among the teens is to wake up with nothing to spend, yet the next allowance is still a few days away. They will be forced to borrow and this will only add more problems. Spending wisely is a must especially...
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