Womanitely

10 Ways to Teach Your Teenager Financial Responsibility

Jennifer Raskin

Many young people are very irresponsible when it comes to financial matters because they were never taught skills that every adult needs in order to succeed in life. If you want to equip your teenagers with those necessary skills, then teach them those skills, even if you have to use tough love. Here are a few suggestions with a well-proven track record:

1. Get your teen a credit card

Get them a credit card (such as a department store or a low-limit VISA or MasterCard) for which they must be 100% responsible. Some people fear to let a teenager have a credit card, but this is an excellent way to start them on the road to financial responsibility. Later on, as they get older, they will be able to get them on their own.

Since this is an event you will not be able to prevent, why not help them to get one while you are still in a position to teach them how to best use them? Credit cards, when used responsibly, are an excellent way to establish credit. They are also a good way to monitor your teenager’s purchases.