Early high school years mark significant financial transitions as your kids become more independent, more capable, and legally able to work. They also mark the start of greater challenges as your kids are true teenagers. There’s a lot to learn and experience before they are ready to head off on their own. Your efforts to instill strong financial values can go a long way toward your broader parenting objectives, as you teach them how to make wise decisions in support of current enjoyment, future goals, and core family values.
Key Money Basics for Ages 14-16
- Balancing needs, wants, and values as teens encounter significant peer pressure.
- Managing greater financial decisions, such as annual clothing purchases.
- Learning to plan, save and budget from personal earnings and allowance.
- Engaging in discussions about college, including financial expectations.
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- Peer Pressure: Being cognizant of peer pressure at its peek.
- Spending: Transitioning more significant spending responsibilities.
- Allowance: Stretching allowance payments to once a month.
- Earning: Considering part-time work and/or volunteering.
- Saving: Discussing who’s paying college and college saving goals.
- Banking: Allowing greater autonomy with electronic co-monitoring.
- Giving: Encouraging insightful community participation.
- Lifestyle: Being cognizant of lifestyle impressions.
- Role Modeling: Demonstrating healthy financial practices in how you relate to money.