The Money Talk Podcast
When Jana M.’s 14- and 16-year-old sons were younger, she gave them a monthly allowance and told them to put some in savings, some in their wallet, and a small amount to something charitable. It didn’t work.
When her son, Grady, 16, started working, his allowance stopped, but the money he earned went right into his wallet.
Looking back, Jana realizes she hadn’t taught her kids to make their own responsible money decisions. “It may have been more effective sitting them down and getting their input so they felt like part of the process and, in turn, more accountable,” she says.
With Grady’s “zero balance” savings account looming over both of their heads, she’s likely right.
Saying the Words: Telling Your Kids All About Money
Sure, no one likes to discuss money – it’s considered private. But with a looming recession, housing slumps, and teen stars living a conspicuous high life, having the money talk with your teen is more critical than ever.
What is money for? Why do we care so much about it? When do you save, and when do you splurge? When do you give away money to others and when do you keep it for yourself? What’s the difference between needs and wants? These are all significant questions that rarely—if ever—get asked and answered in most homes.
Chen Teo, WI 10/07/08
Chen 08/10/08
Help! My 15 year old son wants money in return for taking school final exam. He seem to turn deaf ears to all good advices that education is for his own good from teachers , parents and aunts . Also he has already skipped 2 papers and seem to want to continue this way. Also , he has "rich working friends" who are school drop outs who seem to meet his daily needs and he hates his parents for giving him very "meagre" allowances which was shrunk as he started wasting allowances on gaming habits and neglecting his studies.
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