Money Matters - Put It In Perspective

Among the most important life skills teens approaching adulthood need are those pertaining to money. I am not just referring to the ability to make change, budget, and save; but also attitudes concerning money.

We will all agree that kids need to learn the value of money. They should be given chances early on to earn their own money. If they receive an allowance it should be for a job well done. Teens must feel free to make choices about how they use the money they have earned if we will ever teach them good management. Those who never had any, immediately lose their minds when they begin to earn large amounts. They often have no clue as to how to manage cash in a smart way.

Teaching teens how to save even small amounts should begin when they are tots, but is valuable at any age. Showing them your own good saving habits will be the best lesson they can receive. When they see you as a parent with a savings plan and the results when you reach certain goals are positive, they will pick up on your excitement. Mentioning how long it took you to reach that goal is also a positive thing to share since most teens show characteristics of impatience and desiring instant gratification. The idea that almost any goal can be reached when you break it into small steps is very helpful.

Most of us have witnessed the shameful problem, which exists among many young people and that is the inability to make change. If you want to see a real dilemma offer them a larger dollar amount, but the exact change. Or switch the original offered money to a different denomination of bills, panic sets in. Without the register telling them the exact amount of change to return that puzzled look often appears. When children are young, play board games that involve counting, and money exchanging. When my kids were young, monopoly was a favorite. The game of life also offers chances to learn about money. My grand kids when younger enjoyed playing grocery store and we used play money. They needed to figure amounts of purchases and make change. It was enlightening to see these smart kids have some difficulty with this process. Teens may not want to engage in games or role playing type games to learn how to count money. You could tell them before you allow them to get a job, you wish to see that they have some of these skills.

Often kids learn these skills when they sell products or help at fund raising events for school, church, or scouts. This is a great opportunity for them to master simple skills, but if not, parents must teach those things.

Attitudes concerning money are as important as any other skills. Teens must learn that making money is only one part of their overall work and career choice. It is much better to make a smaller amount of money doing something you love, than large salaries for a job you hate. I admit this is my own philosophy, but many others agree with me. It is hard to face a lifetime of work you dislike simply because you believe it will produce the best salary. Stress education and the ability to do fulfilling work that makes you happy above "chasing the big bucks."

Teach kids that money has value. I've talked to many teens that believe if the amount is not large; it is okay to waste it. There are those folks who will not stoop down to pick up a coin. To me this is wrong. The government we live under produces this money and it should be given the respect for what it is. I also believe in the Christian value of stewardship of money and not wasting it. As long as it is the 'coin of the realm', I will pick it up and stuff it in my piggy bank. If teens do not learn to respect small sums of money, they will never have large sums to worry about.

The idea that money doesn't grow on trees is still a good lesson. The idea that working for what you want and saving for it is necessary is a good lesson.

Teach your kids some money handling skills and you may have to help them out less when they become young adults and move out on their own. Being hard working, and having integrity are more important than how rich you are and if you can convey that message to your teen, you will have much to be proud of in the future.

Credits: Jo Ann Wentzel