Creative Ways to Solve Financial Problems of Teenager

| June 23, 2013

The teen years are difficult to manage as a parent. You want to trust your teenager and give them more responsibility and freedom, and you know that they need to learn to handle life on their own before they are really on their own. The problem is that teenagers do not always make the best decisions, and they may not see the error of their ways until it is too late. You cannot take the chance of your teenager making a tragic mistake with something as important as their money.

You must find creative ways to give them the responsibility and freedom they need without completely turning all control over to their judgment. One great tool for money management is the prepaid money card or credit card. You can load money onto the card and carefully monitor all transactions your teenager makes with the card. This prevents them from spending their money on things you would prohibit them from buying, since they know you are watching all of their spending transactions.

Since you can monitor a prepaid card, you will have the chance to discuss finances with your teenager and teach them to act responsibly with their money. The more you monitor the card and encourage them to treat their money with great care, the more they will learn to think every transaction through carefully. Once you see that your teenager is making sound financial decisions on a routine basis, you can allow them to manage their own money without as much monitoring. Eventually, they will be on their own and you will know they are ready or that responsibility.

 

Creative Ways to Solve Financial Problems of Teenager

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