Teen Budgets and Finances

iVillage Member
Registered: 01-03-2006
Teen Budgets and Finances
14
Thu, 01-04-2007 - 11:15am

Hi all....it's been a while, but I've been peeking in from time to time.


I am always working on teaching the value of the dollar to my kids and think I have probably spoiled them too much already, but nontheless, I need to

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iVillage Member
Registered: 03-06-2006
Fri, 01-05-2007 - 10:54am

That is pretty funny! You might want to also caution her on the dangers of getting credit cards on campus. I understand that cc companies send reps out to college campuses during the first few weeks of school and actively recruit young new spenders. The companies are happy to give credit cards to students and in a very short time, these kids are seriously in debt with little or no means (other than mom and dad) to pay it all back.

Good luck and keep us posted as to how it all goes.

 

 

 

iVillage Member
Registered: 01-03-2006
Fri, 01-05-2007 - 12:44pm
Good point to add to our discussion! Thanks!
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iVillage Member
Registered: 10-06-2010
Sat, 01-06-2007 - 1:15pm

I would say to sit down and talk with her by saying that on XX date, you will now be responsible to pay for your gas and insurance or whatever you want her to pay for. I got my first car at 16 and I worked to pay for the insurance and gas. My insurance at that time was about $2000 a year. I also paid for my own car repairs.

At 17, if she is old enough to have a car she should be old enough to pay the expenses to have that car.

Could she get another job that is all year and not just seasonal? I worked all through high school and and college.

iVillage Member
Registered: 01-07-2007
Sat, 01-13-2007 - 5:36pm
My son is just 13 so we don't have the car issues yet but I was very interested your comments. I've tried to teach my son to prioritize his spending. When he does want something, he can be quite the saver, though he figures he can put all his money in savings and get me to fund his other desires. Ha!
I've been telling him when he is in high school that I will expect him to pick one family bill and be responsible for it. He immediately asked which was the smallest... lol. Since it's just me and him, I thought this would be a good way to help help him safely learn household responsibility before he goes off to college.
Reading your posts, I wonder if that is a silly thing to have him do.
Of course, I also told him I would not buy a car for him, he will have to buy it himself (I might pay for part.)
I try to at least talk to him about saving and spending... no one ever ever did that with me and you can tell. I live pretty much paycheck to paycheck and, although we do have an ok house and a car, I had crummy credit until I was in my late 30s. I want him to do better.

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