By Sana Asghar
How many times have you reached into your wallet and realized that you’ve spent all your money? Well, if you’re like the majority of the teen population, your answer is probably a lot.
Teenagers these days don’t have good budgeting skills. They spend money whenever they feel like it, not thinking about whether they actually need to.
Successfully utilizing money is an important tool that students will need in the future. Children need to break their habit of buying food whenever they see a deli nearby. Instead, they should think about saving their money or putting it to better use.
I feel that it is part of a parent’s responsibility to teach their kids about money-management. Today most children aren’t learning about financial responsibility skills, because no one around them talks about it.
When parents are going through tough financial times, they don’t tell their children. They whisper to each other, not letting their children know that sometimes money isn’t always available. If this keeps going on, children are never going to become mature spenders.
Teenagers need to learn what “tough times” are. Parents should discuss their financial situation in front of their children, not hide it from them.
Studies have found that 87% of teenagers admitted that they don’t know much about personal finance.
For parents, the first step in helping their children learn about money is giving them an allowance. Children who grow up with an allowance will find that in the future, balancing a budget becomes easier and more natural, because they have already been keeping track of the money they spend and get.
Getting a part time job is also a good approach. Children will most likely start a savings account and therefore learn how to save up for the future.
Ms. Zipper, an English teacher here at Tech says, “Getting a part time job is a great learning experience, because it helps you value what you earn and therefore spend money more wisely.”
Many students agree. “I started getting a set allowance each week and now I use much less money than I used to use last year,” says Annie Yin ’17.
Another student named Annie Yang ’17 states, “I work a part-time job and it has caused me to create a savings account which will hopefully benefit me later on.”
Parents teach their children many things that they will need to know in the future. Learning how to manage money is also an important skill that must be taught.