clairmont32
asks:
Q:
At 15 years old, and having their first job, what do you feel the best way to teach them financial responsibility is? I learned by paying for my phone.
My fiance and I cannot agree on how the best way to teach a 15 year old practical financial responsibility. I learned by paying for my own cell phone at 50 bucks a month and eventually that expanded into other monthly subscriptions that I was responsible for. She says a credit card, however THAT even will affect our credit scores when the kid won't pay the bill. They still can't even apply for one at 18 without a cosigner so I feel that her point isn't even valid for a 15 year old.
Question asked after reading: http://www.education.com/topic/children-money-r...
In Topics:
Chores, allowance, and money management, Teen issues
Question asked after reading: http://www.education.com/topic/children-money-r...
> 60 days ago
Answers (2)
Since it's the first job, and not knowing if you have done any financial teachings, I would suggest the following. For the first 6 paychecks, 1/2 should go into a savings account and the other 1/2 goes to the child to use for what they want. The paychecks after that, 1/2 should go into a savings account, 1/4 could be used to pay any bills you might need to have them help pay and the other 1/4 could be used for what your child decides. This is just a suggestion because I do not know how much each paycheck will be or what bills you need them to pay. Adjust the amounts to your situation.
> 60 days ago
At 15 I think that you should have them choose 2 groups that they think they need money for collage video game ect. Tell them that they need to decide on a amount they must have by a certain time exp. $500 for collage by September. Agree on an amount then tell them if they don't make this standard then you get control wether they like it or not. Then let them have free rain the first mounth or so can then teach them how to to make reality goals and good management I think this way will work due to the fact that they will listen to you more if they feel they have more control and that will eventually teach them what they need to know
> 60 days ago
