Estimated reading time: 10 minutes
Finances for teens is learning to make wise money choices during their remaining years at home and when they live on their own.
A friend told me about the day her son Brandon bounded into the kitchen with an announcement: “I want a Ford Mustang when I get my driver’s license!”
Instead of lecturing him, his mother asked him to find the Mustang he was interested in. Together, they calculated the monthly payments on a car loan, as well as the cost of taxes, insurance and gas. Then they calculated how many hours a month he would need to work to own and operate the car.
Brandon was shocked to discover he would need to work nearly 80 hours a month. So he gave up his dream of owning a Mustang and was fine with simply borrowing the family car. Like Brandon, many teens don’t grasp the reality of money matters. But as parents, we can prepare them for life on their own by teaching them financial fitness.
Teaching finances for teens includes teaching them how to work hard and complete tasks on time to give them a skill set that directly affects their finances. For example, a teen who knows the value of working toward a goal is more likely to get better grades in school, receive college scholarships and be more successful in her career.
One way to develop this work ethic is through regular chores. Teens can help with yard work, housework and even special projects for a little extra cash. If you have a teen who likes technology, then part of his chores might be coaching you on the use of a new social media app.
When our kids were teens, my husband and I had occasional struggles with their bouts of laziness. We let the guilty party know our expectations whenever this occurred. In one instance, our son regularly left for school without making his bed. We “hired” his sister to make his bed each morning. When allowance day rolled around, we paid this son his weekly stipend and then reminded him that since his sister had made his bed, he needed to pay her. To his dismay (and her delight), he had to give her half of his allowance. He never left the house with an unmade bed again.
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Teens can develop a budget if we help them establish one based on their allowance and their clothing and school-supply stipends. If you give your teen $100 per semester to spend on clothing, for instance, you can teach her to stretch those dollars by scouring a store’s clearance racks. In our family, our teens were given a set amount. Then we let them keep what they did not spend, which motivated them to not only stay within budget, but also come in under budget.
When giving kids an allowance, be sure you teach them to save a portion, give a portion and wisely spend the balance. Learning to spend less than they have can be a fun challenge with a lucrative reward.
One of the ways to get teens interested in saving money is to teach them savings hacks — easy ways to avoid unnecessary expenses. Eating out is a great venue for teaching finances for teens. For example, let your teen know that ordering lunch in a restaurant can be cheaper than ordering from the dinner menu. Also, ordering water instead of a soda saves money and is a healthier option.
Get your teen involved in cooking at home to help him see the cost of making versus buying a meal. Not only are you teaching kids the value of saving money, but you’re helping them learn to cook on their own, which will prepare them for life.
Our kids often asked to borrow money to buy something they wanted. We turned those opportunities into teachable moments about debt and gave them another option. We explained debt and interest and talked about saving for the item they wanted. Then we offered them an expedited means of reaching their goal through a unique family savings plan.
We called our savings plan the “Family 401K.” When they wanted a larger ticket item such as a bike, iPod or video game, we told our kids they could save for it. For every dollar they earned, we would match it (up to a set amount). They took better care of those items because they went through the work of saving for them, and they learned to be grateful for them, as well.
As the mom of enough kids to make up a basketball team, I can say from experience that there is hope for teaching teens to be financially savvy. They really can learn to make wise money choices during their remaining years at home and when they live on their own.
Of course, conversations and plans around finances for teens includes jobs and career choices. Experts suggest matching the teen to employment that fits with their sensory style.
Experts have defined three sensory systems through which people tend to “take in” the world: visual (seeing), auditory (hearing) and kinesthetic (touch, taste, smell). Your teen has a sensory preference, too. It has a big influence on whether he’s succeeding or struggling in school — and on the kind of career that may fit him in the future.
Sensory preference refers to the type of sensory input that registers most quickly in one’s brain. Unimpaired, we’re able to use all the senses. But each of us tends to rely on sight, sound or touch for more of our “data collecting” than on our other senses. We feel most comfortable and understood when we get data through our preferred system — visual, auditory or kinesthetic.
Which of the three senses is best? None. All have their place. We can become competent in any of the three senses — but we still have a natural preference for one.
Collecting information through your preferred system comes easily and energy efficiently. That’s why you tend to gravitate toward, and return to, environments that reward your sensory preference.
Being visual doesn’t mean you need to become a photographer; being auditory doesn’t mean you should be a professional musician; being kinesthetic doesn’t mean you must throw footballs or potter’s clay for a living. But knowing what type of sensory stimuli gets your attention most quickly can help you focus on activities and situations that match your preference. It can also help you to understand why you feel more comfortable in some environments and less comfortable in others.
Auditory people tend to prefer careers that let them use their ability to listen and talk. In which fields do we find them? Here are some examples: musicians, singers, instrumentalists, psychotherapists, counselors, speech therapists, talk-show hosts, public speakers, radio broadcasters, telephone communicators, and foreign language translators.
Visual people tend to gravitate toward careers that allow them to use their sensitivity to appearance — both in absorbing information and in expressing themselves. They usually excel at tasks that require “eagle eyes.”
In which career fields do we find visual people? Here are some examples: airline pilots, firefighters, sharpshooters, marksmen, TV or movie entertainers, designers, models, sign-language translators, and air traffic controllers.
Kinesthetic people tend to select careers that allow them to express themselves in physical ways and in tasks that require “the right touch.”
In which career fields do we find kinesthetic people? Here are examples: athletes, dancers, surgeons, therapists (physical, occupational, or massage), computer programmers, artists (painting, pottery, sculpting), sign-language translators, mechanics, machinists, chefs, and cooks.
Putting the puzzle together, experts say it’s best to structure your life so that about 70 percent of your waking hours are spent in areas where your preferences naturally lie. Life is much more than a career, of course, but since a job takes up a large part of those waking hours — working and thinking about work — your teen will be much happier if her career fits her preferences.
Even within a career field, it’s good to look for a niche that fits your teen best. For instance, pediatrics is normally better for a right-brained nurse, while the intensive care unit usually will be a better fit for a left-brained nurse.
If your teen chooses a career that doesn’t match her brain preference, she’ll need to make up for it in other areas of her life. If right-brained Kevin’s job requires him to manage, schedule and make decisions, he’ll want to allow plenty of time for walks in the park, journal writing and singing on the church worship team. These activities will give relief from the brain strain he feels at work.
If your teen is left-brained and extroverted, look into careers that involve negotiating, leadership, goal setting and decision making, management, mechanics or repair.
For a teen who is right-brained and extroverted, consider careers that involve troubleshooting, entrepreneuring, self-directed activity (consultant, small business owner, truck driver), marketing, public relations, teaching or counseling.
If your teen is left-brained and introverted, explore fields that involve researching, diagnosing, accounting, bookkeeping, engineering and following detailed instructions accurately.
And if your teen is right-brained and introverted, check out occupations that involve computer programming, acting, music, composing, guiding, counseling, pastoral activities, self-directed work situations (resource specialist or consulting), or designing new things.
Here are three steps counselor Tim Sanford recommends to a teen piecing together her personal career and finance puzzle:
Following these three steps will help your teen develop mentally, physically, socially and spiritually (see Luke 2:52) into the person God has designed him or her to become.
Many young people have yet to zero in on a specific dream for the future. One of the simplest — and most effective — ways to help is to encourage them to try a wide variety of activities:
Some of these efforts won’t go so well, but that’s okay. Your child may learn which interests not to pursue — an invaluable lesson. Other efforts will show promise, meriting further study and practice. Sooner or later, one may prove to be the most enjoyable and natural fit in the world. Finances for teens becomes natural in a career that fits their sensory preference.
The post Simple Keys to Launch a Financially Fit Teen appeared first on Focus on the Family.
Continue reading...
Finances for teens is learning to make wise money choices during their remaining years at home and when they live on their own.
A friend told me about the day her son Brandon bounded into the kitchen with an announcement: “I want a Ford Mustang when I get my driver’s license!”
Instead of lecturing him, his mother asked him to find the Mustang he was interested in. Together, they calculated the monthly payments on a car loan, as well as the cost of taxes, insurance and gas. Then they calculated how many hours a month he would need to work to own and operate the car.
Brandon was shocked to discover he would need to work nearly 80 hours a month. So he gave up his dream of owning a Mustang and was fine with simply borrowing the family car. Like Brandon, many teens don’t grasp the reality of money matters. But as parents, we can prepare them for life on their own by teaching them financial fitness.
The keys to finances for teens
Teaching finances for teens includes teaching them how to work hard and complete tasks on time to give them a skill set that directly affects their finances. For example, a teen who knows the value of working toward a goal is more likely to get better grades in school, receive college scholarships and be more successful in her career.
A strong work ethic
One way to develop this work ethic is through regular chores. Teens can help with yard work, housework and even special projects for a little extra cash. If you have a teen who likes technology, then part of his chores might be coaching you on the use of a new social media app.
When our kids were teens, my husband and I had occasional struggles with their bouts of laziness. We let the guilty party know our expectations whenever this occurred. In one instance, our son regularly left for school without making his bed. We “hired” his sister to make his bed each morning. When allowance day rolled around, we paid this son his weekly stipend and then reminded him that since his sister had made his bed, he needed to pay her. To his dismay (and her delight), he had to give her half of his allowance. He never left the house with an unmade bed again.
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Budget plans
Teens can develop a budget if we help them establish one based on their allowance and their clothing and school-supply stipends. If you give your teen $100 per semester to spend on clothing, for instance, you can teach her to stretch those dollars by scouring a store’s clearance racks. In our family, our teens were given a set amount. Then we let them keep what they did not spend, which motivated them to not only stay within budget, but also come in under budget.
When giving kids an allowance, be sure you teach them to save a portion, give a portion and wisely spend the balance. Learning to spend less than they have can be a fun challenge with a lucrative reward.
Saving money
One of the ways to get teens interested in saving money is to teach them savings hacks — easy ways to avoid unnecessary expenses. Eating out is a great venue for teaching finances for teens. For example, let your teen know that ordering lunch in a restaurant can be cheaper than ordering from the dinner menu. Also, ordering water instead of a soda saves money and is a healthier option.
Get your teen involved in cooking at home to help him see the cost of making versus buying a meal. Not only are you teaching kids the value of saving money, but you’re helping them learn to cook on their own, which will prepare them for life.
The power of patience
Our kids often asked to borrow money to buy something they wanted. We turned those opportunities into teachable moments about debt and gave them another option. We explained debt and interest and talked about saving for the item they wanted. Then we offered them an expedited means of reaching their goal through a unique family savings plan.
We called our savings plan the “Family 401K.” When they wanted a larger ticket item such as a bike, iPod or video game, we told our kids they could save for it. For every dollar they earned, we would match it (up to a set amount). They took better care of those items because they went through the work of saving for them, and they learned to be grateful for them, as well.
As the mom of enough kids to make up a basketball team, I can say from experience that there is hope for teaching teens to be financially savvy. They really can learn to make wise money choices during their remaining years at home and when they live on their own.
Your teen’s sensory preference
Of course, conversations and plans around finances for teens includes jobs and career choices. Experts suggest matching the teen to employment that fits with their sensory style.
Experts have defined three sensory systems through which people tend to “take in” the world: visual (seeing), auditory (hearing) and kinesthetic (touch, taste, smell). Your teen has a sensory preference, too. It has a big influence on whether he’s succeeding or struggling in school — and on the kind of career that may fit him in the future.
Sensory preference refers to the type of sensory input that registers most quickly in one’s brain. Unimpaired, we’re able to use all the senses. But each of us tends to rely on sight, sound or touch for more of our “data collecting” than on our other senses. We feel most comfortable and understood when we get data through our preferred system — visual, auditory or kinesthetic.
Finances for teens through three senses
Which of the three senses is best? None. All have their place. We can become competent in any of the three senses — but we still have a natural preference for one.
Collecting information through your preferred system comes easily and energy efficiently. That’s why you tend to gravitate toward, and return to, environments that reward your sensory preference.
Being visual doesn’t mean you need to become a photographer; being auditory doesn’t mean you should be a professional musician; being kinesthetic doesn’t mean you must throw footballs or potter’s clay for a living. But knowing what type of sensory stimuli gets your attention most quickly can help you focus on activities and situations that match your preference. It can also help you to understand why you feel more comfortable in some environments and less comfortable in others.
Auditory
Auditory people tend to prefer careers that let them use their ability to listen and talk. In which fields do we find them? Here are some examples: musicians, singers, instrumentalists, psychotherapists, counselors, speech therapists, talk-show hosts, public speakers, radio broadcasters, telephone communicators, and foreign language translators.
Visual
Visual people tend to gravitate toward careers that allow them to use their sensitivity to appearance — both in absorbing information and in expressing themselves. They usually excel at tasks that require “eagle eyes.”
In which career fields do we find visual people? Here are some examples: airline pilots, firefighters, sharpshooters, marksmen, TV or movie entertainers, designers, models, sign-language translators, and air traffic controllers.
Kinesthetic
Kinesthetic people tend to select careers that allow them to express themselves in physical ways and in tasks that require “the right touch.”
In which career fields do we find kinesthetic people? Here are examples: athletes, dancers, surgeons, therapists (physical, occupational, or massage), computer programmers, artists (painting, pottery, sculpting), sign-language translators, mechanics, machinists, chefs, and cooks.
Putting the puzzle together, experts say it’s best to structure your life so that about 70 percent of your waking hours are spent in areas where your preferences naturally lie. Life is much more than a career, of course, but since a job takes up a large part of those waking hours — working and thinking about work — your teen will be much happier if her career fits her preferences.
A niche for finances for teens
Even within a career field, it’s good to look for a niche that fits your teen best. For instance, pediatrics is normally better for a right-brained nurse, while the intensive care unit usually will be a better fit for a left-brained nurse.
If your teen chooses a career that doesn’t match her brain preference, she’ll need to make up for it in other areas of her life. If right-brained Kevin’s job requires him to manage, schedule and make decisions, he’ll want to allow plenty of time for walks in the park, journal writing and singing on the church worship team. These activities will give relief from the brain strain he feels at work.
If your teen is left-brained and extroverted, look into careers that involve negotiating, leadership, goal setting and decision making, management, mechanics or repair.
For a teen who is right-brained and extroverted, consider careers that involve troubleshooting, entrepreneuring, self-directed activity (consultant, small business owner, truck driver), marketing, public relations, teaching or counseling.
If your teen is left-brained and introverted, explore fields that involve researching, diagnosing, accounting, bookkeeping, engineering and following detailed instructions accurately.
And if your teen is right-brained and introverted, check out occupations that involve computer programming, acting, music, composing, guiding, counseling, pastoral activities, self-directed work situations (resource specialist or consulting), or designing new things.
Forward steps
Here are three steps counselor Tim Sanford recommends to a teen piecing together her personal career and finance puzzle:
- Observe and become aware of who you are. Psalm 139:14 says, “I will praise you because I am fearfully and wonderfully made.” Do you really believe God values you and has created you with unique abilities?
- Evaluate yourself honestly. Psalm 139:23-24 says, “Search me, O God, and know my heart! Try me and know my thoughts! And see if there be any grievous way in me, and lead me in the way everlasting!” Have you asked God to show you your weaknesses as well as your strengths?
- Get honest feedback from others. According to Proverbs 11:14, “Where there is no guidance, a people falls, but in an abundance of counselors there is safety. How many “counselors” (parents, friends, pastors, teachers, etc.) have you asked for help in figuring out your future? Are you open to hearing things from them that make you a little uncomfortable? Or do you listen only to people who agree with you?
Following these three steps will help your teen develop mentally, physically, socially and spiritually (see Luke 2:52) into the person God has designed him or her to become.
Helping your teen narrow the career field
Many young people have yet to zero in on a specific dream for the future. One of the simplest — and most effective — ways to help is to encourage them to try a wide variety of activities:
- Does your son think he’d like to play the guitar? Rent an instrument, get him some lessons and encourage him to work at it for at least six months.
- Does your daughter like to run? Buy her some good shoes and shorts, and encourage her to go out for the cross country team.
- Does your son think he might like to work with children, maybe even become a teacher? Encourage him to volunteer with a Sunday school class at your church.
- Does the medical profession appeal to your daughter? Encourage her to volunteer at a local hospital and to interview your family doctor about “what it’s really like.”
Some of these efforts won’t go so well, but that’s okay. Your child may learn which interests not to pursue — an invaluable lesson. Other efforts will show promise, meriting further study and practice. Sooner or later, one may prove to be the most enjoyable and natural fit in the world. Finances for teens becomes natural in a career that fits their sensory preference.
The post Simple Keys to Launch a Financially Fit Teen appeared first on Focus on the Family.
Continue reading...