Get Your Teen Not to Spend All Their Cash
Ever wonder how to get your teen not to spend all their cash?
With all our financial obligations it’s easy to lose focus when it comes to teaching our kids good spending habits. A recent study has shown that 21% of teens spend their money on clothing and food, 10% on personal care and accessories, and a further 8% on shoes and electronics.
In this All4Women article Wikus Olivier, debt counsellor at DebtSafe, talks about how to get your teen not to spend all their cash. Wikus stresses the importance of instilling good spending habits. Letting kids experience the rewards and benefits of saving will set a firm foundation that will continue into their adulthood.
Wikus talks about the various ways to get your teen not to spend all their cash. These include: Opening a savings account, part-time or holiday jobs, chores, how to set boundaries and monitoring their spending.