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Student Spending: A Guide to Teaching Teenagers How to Budget

Stacy Tolkin May 22, 2019
Sending the late teens off to university can be really scary not just for the kids themselves, but for the parents as well. So, teach your student teens these top budgeting tips before they head out into the world!

Teaching Them the Value of Money…

Summer Jobs and Internships…

One of the best ways to teach your teen about the value of money is to get them to go out and earn some money. Once they realise that buying designer trainers equates to three days of work, they may just budget more methodically!

Some Suitable Job Options for Students and Teens:

  • Babysitting 
  • Pub jobs/pot wash
  • Local cafes and restaurants
  • Dog walking
  • Cleaning
  • Online work
  • Supermarkets

Handing the Bills Over to Them…

Phone, TV and Netflix...

If you want to teach your teen how to budget before they head out then it may be worth handing their bills over to them. This can be a difficult conversation to have, but letting them take care of their own netflix subscription and phone bill will certainly help to prepare them for life without financial support from parents!

Show Them the Tricks of the Trade…

Hand Your Wisdom Over...

Don't be afraid to share your money saving wisdom with your teen. You most likely have some great tips that they can make use of! Tell them the ways that you have saved money throughout your life and encourage them to do the same.

Providing Them With Resources...

Fill Them With Supplies...

Making sure that your teen has all the resources that they need in order to save is a great way to encourage them. Make sure that they always have to-go-to sources of information should they run into any trouble!

Money Saving Sites to Direct Them to...

  • Ebay
  • Discount Promo Codes
  • Savoo
  • Amazon
  • Travel Supermarket
  • Money Magpie
  • Quidco
  • Hot UK Deals
  • Top Cash Back
  • Freecycle

Money Advice Sites...

  • Money Advice Services
  • Money Saving Expert
  • Save The Student
  • UCAS - Financial Advice
  • WealthHow

Setting Up Cost Analysis Sheets…

Showing Them the Ins and Outs…

Try sitting down with your teen and going over how to set up a financial record of their spending. By showing them their total incomings and their total outgoings, you can help to measure how well they are managing and where they may need to tighten up.

Try to Be Encouraging, Not Bossy

Teenagers are often in that sensitive period where they don't like to feel bossed around or patronised. Try to be neutral and encouraging when showing them where they need to cut their spending...

Sign Up for a Course...

Learning From the Professionals...

Sometimes it is just worth heading to the professionals for a little bit of advice. Enrolling on a course can often teach your teen more than you could, so this is a great resource to ensure that they will be financially capable when they move out!

Where to Find Courses...

There are plenty of avenues for short and effective personal finance courses. In fact, plenty of Universities offer these hour long advice sessions for free, so it is definitely worth asking around! The internet is always a great place to look for courses as well.

Ultimately...

After all of this, there is only so much you can teach your teenager. The majority of their learning will come from real life trial and error. 
So, be kind to them, be approachable and give them the advice that they may need to succeed in financial stability alone!
May your teen be happy, healthy and financially independent!