Money Management for Teens
Raising a teen has plenty of challenges, especially if that teen has ADHD. One skill that is important for teens to learn as they grow older is money management, but teaching money management can be particularly hard if the teen has a child focusing or sitting still for an extended period of time.
Luckily, there are some tried-and-true strategies for teaching teens with ADHD money management, and you can rely on these techniques if you're ready to help your kid become smarter about money as he grows older. Try keeping the following tips in mind.
Set Up a Money Management Station
Designate a place for your teen to work on money management. This could be a desk in a home office or a specific area of their bedroom. Store all of the things they'll need to manage money there: a checkbook, notebooks to keep track of budgets, calculators, pens, envelopes and stamps, and any other materials required for money management. By creating a special place to work on money management skills, you can limit distractions and ensure that you minimize the risk that any important items get lost or misplaced.
Allow them to Earn Money
If your teen doesn't have a job, encourage them to get one, or if he's not ready, then allow them to do chores to earn money at home. When your child earns their own money, they'll learn to value money and the work it takes to bring it in.
Sit Down and Create a Budget
Sit with your teen and create a simple budget for his or her expenses, based on the amount of money they earn. Include things that they regularly spend money on, like going to the movies, school lunches, and clothes. Come up with a budget for each of these things together, then spend some time each week making sure that they adhere to the budget. By comparing the money that the child earned to the amount they spent, you can show them how to spend within limits and keep track of what's going into and out of his bank account.
Set a Good Example
Bring your teen with you when you do errands, and set a good example for managing money and spending. By being careful about what you buy, comparing prices, and determining the proper way to pay for goods, you can model good money management behavior for your teen, who can then carry the skills forward into their own life.