When Should Teens Be Involved With Our Home Budget?
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Many families realize the importance of a home budget and religiously follow one. However, as children begin to get older and enter the teenage years many families wonder when its the right time to introduce the teens to the family budget. Some families want their kids to simply enjoy their childhood while others want to prepare them for the real world. There are also those parents who are struggling and could really use some help from a teenage childs income to the home budget. The following suggestions will help you determine what to do.
Money is Not an Issue
For those of you who are able to get by fine on your income then you probably dont want your child working to help out with bills. But, your child does need to learn how the real world works and how much it costs to live in it. So, education should start around 13 years of age. Give your children chores to do that earn a certain amount of money. This money is then used to cover a certain bill. For example, you have your daughter do the laundry on weekends and she earns $20 each time. She is also responsible for the cable bill, which costs $60 a month. After paying the cable bill she has $20 left.
Kids need to help out around the house and they also need to learn about the home budget. So, giving your kid a chore to do that earns a set amount of money can allow them to pay a family bill as well as make a little money on the side. Your child will learn that $60 is a lot to pay to watch TV and take interest in how hard it is to earn money while it is so easy to spend.
Money is an Issue
Some of you out there are having money problems and having a teenage child that works could really take a little bit of the strain off. For instance, your child works so he can pay for his own gas, food, and entertainment. He may even be able to save for college or a car. This is a great way to take some of the monetary responsibility off your back and let your child help out with the home budget. This could begin around age 15 or even 14 if your child is mature for his age.
Then, there are those families who simply cant make ends meet. Single mothers frequently fall into this category. If you really need additional income your child may be able to contribute to the home budget as early as 13 years of age. He will only be able to work weekends and limited hours due to his age and will earn minimum wage, but it might be enough to put food on the table. Each year your child will be able to work more.
Your Child
When trying to determine when your teenager should contribute to the home budget you need to take several things into consideration. How mature is your child and what abilities does he have? Do you want to teach him about money or do you him to actually make money? All of these answers will help you decide the right age for your child to enter the home budget.
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