015 - Budgeting and Teens

It may be a boring topic, but it is vital! This episode covers how to get your teens motivated to do a budget, and how to help them stick with it.  Start with dreams about their financial goals (then insert some reality) Ask her to dream about the next 5, 10, 20, and 50 years. Where does she want to be? Share your goals and dreams Inject reality (housing and college costs)  Show them how to do a budget, and help them stick to it. Decide ahead of time what she will pay for (gas? team fees? insurance?) Make sure the budget is HERS Find a good app or program to do her budget on  Get her involved in your budget as much as you feel comfortable Teach her budgeting basics (projecting income, categories, tracking, savings)  Make her stick with it Help them figure out how to earn money For younger teens, this might be neighborhood jobs - dog walking, babysitting, kids camps, etc. For older teens, try and help them find a skill they can use to make more money (swimming, tutoring, graphic design, etc.) Encourage them to do their own research - make sure to send them to the right resources Encourage researching - try to help them find excitement in certain financial areas (investing?) Find out who they admire financially. Encourage them to interview them, perhaps even go out to lunch.   RESOURCES: Dave Ramsey, Teaching Teenagers About Money, https://www.daveramsey.com/blog/teach-teenagers-about-money Rachel Morgan Cautero, How to Teach Your Teen About Budgeting https://www.thebalance.com/how-to-teach-your-teen-about-budgeting-4160105 (Budgeting with Percentages) Jacob, 10 Tips on Budgeting for Teens, https://teenfinancialfreedom.com/10-tips-on-budgeting-for-teens/ (Fun to watch your daughter - so funny!) Bliss Bean, Budgeting and Savings, https://www.youtube.com/watch?v=TfdZDmgXP14 Jo Franco, The Realest Financial Advice I Wish Someone Told Me, https://www.youtube.com/watch?v=3ioNPBHUBlk (Budgeting with Quadrants/Matrices), Sophia Amoruso - GirlBoss, How To Make Budgeting Fun" Teen Vogue, https://www.teenvogue.com/story/how-to-make-budgeting-fun (Great websites for learning more) https://www.moneyunder30.com, https://www.notquiteanadult.com/ Great Instagram Accounts to follow:  @_teenfinancialfreedom_⁠ @daveramsey⁠ @wisewomanwallet⁠ @rachelcruze⁠ @anthonyoneal⁠ @thefinancialdiet