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.
Mary 05/07/08
Help! I am in the midst of having 2 tweens and feel like I’m failing parenting. The problem is they are so inconsistent – one day, just fine and doing okay in school, the next crying and yelling and bringing home D’s and F’s. My daughter just got her period and claims she can’t get out of bed on her first day. I guess I just need patience to get through this.
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