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Teaching Teens to Handle Money

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Do you find yourself saying these words:

Do you think money grows on trees?

or

What do you think I’m made of, money?

When my kids hit middle-school age I felt like I was constantly shelling out money for the movies, Chick-fil-A, youth group activities, and new clothes. I wanted my kids to have all of this but what yanked my chain was they did not seem to appreciate the value of money.

Chuck and I came up with a plan that taught a great life lesson to our children. We figured out how much money we spent on them over a twelve-month period. This included clothes, fun money, and summer camp. We then divided the amount by twelve and came up with their weekly allowance.

We sat down with the kids and explained the value of budgeting, tithing, generous giving, and saving. We even took it a step further and presented it in typed form and had them sign it.

My boys still enjoy wearing only designer clothes, but they bid for them on e-bay or watch for sales. They don’t mind drinking water and using coupons when they go out to eat with their buddies or on a date.

I knew Wesley understood the value of a dollar when one evening after the movies he and his friends stopped to buy ice cream at Marble Slab. Wes was shocked at the price and convinced his friends that he had a much cheaper plan. They bought a gallon of ice cream from Wal-Mart and a package of plastic spoons for the price of two double dipped cones. Wesley’s innovative idea is now a tradition after the movies.

About Loi Palmer

Loi and her husband Chuck have been married 22 years and have a revolving back door with three teens. She has a successful direct sales business, and is involved in a thriving mentoring ministry to women--Mom to Mom. Loi's passion is cheering on young moms in their vital role as godly wives and moms.

Encouraged? Share this post...

Loi Palmer

Loi and her husband Chuck have been married 22 years and have a revolving back door with three teens. She has a successful direct sales business, and is involved in a thriving mentoring ministry to women--Mom to Mom. Loi's passion is cheering on young moms in their vital role as godly wives and moms.

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