It's MY Money!!! #Teens.. eh!

You are trying to teach your teen financial responsibility, so you set standards for what they do with money. Yes, their money. Money they get from you, grandma, their job etc. I have yet to meet a parent who hasn't had to have the 'MY money conversation' with their teen...something like...

teen:     i need to pull money out of my account for (some must have thingee)

parent: you spent all your spending money - all that's left is your savings.... which you aren't to touch

teen:     i can put it back later, I really want (this must have thingee)

parent: no. 

teen:     i DON'T understand, it's MY  money!

parent: blank stare (trying not to think of violent things)...eh

Here are a few suggestions to keep the peace and prepare your young person for financial responsibility.

• Set a standard of give some (10% to any charity), save some (20%), spend some (budget) - in this order. This habit instills smart financial responsibility, don't just tell them - show them WHY you are teaching them this system. Have them read (short) financial articles, add money **apps to their phones, etc.

• Make sure they set goals - what are they saving for? That makes the saving more realistic for them.

• Let them manage their own debit card, balance their checkbook and keeping track of spending with a *check register or online banking. Show them how to do it 1st, 2nd time - 3rd time let them do it themselves and review. Teach them to set aside a regular time of month to do this, put it on the calendar. 

*I know they won't be using checks - still recommend a register to log debit and EFT transactions. **Also - I    don't suggest mobile banking for teens. Simple money budgeting apps are okay, but don't link to their actual accounts.

• If you allow them to dip into their savings - hold them accountable for replacing the money. Remind them that saving is how wealth is created.

• Allow them to SPEND their money - as long as they don't buy anything you don't allow in your home or aren't going crazy. Example - if my daughter only has $100 - I'm not going to let her buy $75 jeans. I'd explain that it's 75% of her income and she won't be able to buy anything else. (although, every now and then you might want to let them make this mistake for the lesson...)

Here's to creating a family legacy of wealth! 

Your Financial Coach, 

Dorethia

#Follow: @DorethiaConner @MoneyChatLive  

You Are The GIFT!

OMG!!! We had such wonderful time last weekend as over 300 girls swarmed around us at the Annual You Are The Gift Conference for Girls created by H.I.S. Agency Founder and President Derschaun Sharpley. The girls participated in workshops and 'fun' zones that encouraged them to maximize the 'GIFT' they are! They attended classes ranging from zumba, hip hop, and etiquette to starting a business, relatioships and leadership. Of course, yours truly taught them how to keep their money tight in my 'Young Money' workshop!

I had a ball, each year the girls wow me. One young lady, who was 14, pulled me to the side before class to inform me she really needed help because she had a job and wanted to do the right thing with her earnings. So... we used her as our case study and I let the class help her budget her pay! They loved it...

I laughed out loud when I asked one of the classes what their goals were and one beautiful gift stated she wanted to not have to look at price tags when shopping, just shop freely! I hated to burst her bubble, but had to tell her that no matter how much money you have, you should ALWAYS look at price tags!!

Visit http://hisagency.org/ to learn more about Derschaun Sharpley and the wonderful work she is doing turning our young men and women into the next generation of leaders!

Your Financial Coach,

Dorethia Conner
http://www.connercoaching.com/