Helping teens with money management.


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Here are some tips to help teens manage money.

If your teen lives at home:

1. You can help your teen understand the value of money. Go shopping together. Give her a small list of items your family needs and tell her she only has $20.00 to spend. Have her write down the prices of the items she puts in her cart and add the prices up on a calculator. This will help her understand that the food she puts in the cart all cost money. You can then guide her to choose healthy food that fits in her budget.

2. Teach your teen with FASD to write in a notebook which bills need to be paid and when they need to be paid. This will become his budget book. Have the teen write down when he spends money on his bills, food, clothes, medicine or fun. Staple an envelope to the back of the notebook to keep all receipts in. Try to get him into the habit of writing totals in this notebook. It is important to keep the notebook in the same place all the time. Teach him to have a trusted family member or friend help him with his money.

3. Do not to give her large amounts of money to spend all on her own. If she get gifts of money at Christmas or birthdays, help her spend it wisely. If the teen insists on an expensive item like a stereo, have her save it in the bank for one month. This will allow her time to think things over before she spends a lot of money. Praise her when she makes good decisions.

4. Have your teen spend some of the money she earns or receives from allowance (her money) on the things she wants or needs. This will help her understand that shampoo, clothes and treats all cost money.

5. Teach your teen important money skills like how to use a pay phone, coin operated laundry, or pay for a bus or a cab ride. Teach her to look up a phone number in a phone book so she is not spending money to call directory assistance. Teach your teen to take back video and game rentals on time. Show him how quickly the charges add up every day they are not returned.

6. Teach your teen that it is cheaper to spend $80.00 on food for 2 weeks than to spend $5.00 a meal each day eating out.

7. When your teen is about to leave home set up a system to support her. She will need to know who she can call anytime she needs help. Make sure she takes her budget book and keep checking to see if she is paying her bills.

Reference: FASD Support Network of Saskatchewan Inc. (n.d.). FASD Tips for Parents and Caregivers Numbers 1-20.