Happy New year beautiful people ❤️❤️❤️
Today is our first parenting tip for the year 2022. 🙌🙌
Today, I’m going to share some tips about money management skills that you can teach your teenagers.
If you’re a parent of a teenager or young adult, then today’s post is for you.
My youngest son will soon be 18, and he is reaching that age now that I think he needs to start learning how to have a good grasp of how to be responsible for his own finances.
If you’re like me, that doesn’t have a clue about how to manage money, you may have to start learning how, before you can teach your children!
And the easiest way to teach any child a skill is by showing them how, that is if you want your children to have good money habits.
And that’s what I did, I stopped buying on impulse and budgeting my money before spending and saving.
HOW DID I TEACH HIM?
✅I started paying some monthly allowance into his savings account, and that taught him how to budget and spend money wisely.
✅ I made sure I don’t just buy him everything he asked for.
✅ When someone gave him some money, I made sure he saves some of the money.
✅ I showed him how to budget his money
✅ I bought him books about money management
And more …
I have been doing this with him for over two years now, he is so responsible when it comes to managing his money now. (Try it, it works😊)
So today I’m going to share some tips about money management skills that you can teach your teenagers 😊
💥Here are 5 financial tips for Teenagers and young adults
- BUDGET BEFORE YOU SPEND
- TRACK YOUR EXPENSES
- MOVE YOUR CREDIT CARD BALANCE
- SPEND LESS THAN YOU EARN
- SAVE, EVEN IF JUST A LITTLE
❗️5 More things to remember about Money 💰 👇
1️⃣NEVER RELY ON ONE SOURCE OF INCOME
2️⃣SAVE AT LEAST 10% OF YOUR INCOME
3️⃣DON’T EVER GO BROKE BECAUSE YOU WANT IMPRESS SOMEONE
4️⃣SPEND LESS THAN YOU EARN
5️⃣YOU NEED TO DEVELOP MONEY MINDSET
💥HERE ARE 5 BOOKS TO BUY FOR YOUR YOUNG ADULTS TO HELP THEM (my son is also reading them, you can ask them to borrow the books from library if you can’t afford them)
- First to a million -By Dan Sheeks
- Rich Dad Poor Dad For Teens
- The meaningful money Handbook
- Unshakable – by Tony Robins
- The Entrepreneur mind
(By the way, if as a parent you want to learn about money management, you can also buy some of these books and read)
HERE ARE SOME EASY WAY TO MAKE MONEY AS A TEENAGER
✅Find a part-time job. …
✅Sell items on EBay or Poshmark. …
✅Open an Etsy shop. …
✅Sell your skills and knowledge. …
✅Give pet-sitting or house-sitting a try. …
✅Babysitting .
✅Help neighbors with garden work and lawn mowing.
💥 Encourage your teenagers and young adults to always focus on services not money whenever they start something or create something new.
💥ADVICE FOR YOUNG PEOPLE
- DISCOVER WHAT YOU ARE GOOD AT
- BUILD GOOD HABITS AND ROUTINES
- LEARN ABOUT YOURSELF
- IMPROVE YOURSELF DAILY
- BELIEVE IN YOURSELF
- SET GOALS
- BUILD RELEVANT SKILLS
- LEARN AS MUCH AS YOU CAN
- BE PATIENT AND DON’T STRESS
P.S: Please remember they are their own person, so they have their own dreams, today’s post is just a suggestion.
In addition, you can start by asking them a question about what they’re passionate about and then talk to them about learning more about that skill.
Don’t force them just keep encouraging them 😊
If you would like to learn more about today’s topic, you can get my book for your teens, ‘Life Skills for teenagers and young adults.
I love to hear your thoughts and questions 👇
Thanks and have a great day today 🥰🤩🤗
Olu 🥰❤️❤️❤️
Positive Parenting With Olu 