Meeting Your Child's Financial Needs

The teen years bring a wave of new expenses for parents. From buying trendy clothes to funding date nights, teens regularly ask their parents for money. But if your teen’s unnecessary purchases are draining the family budget, it’s time to make some household changes.

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While it’s necessary to meet your child’s financial needs, it’s also important to stay firm against giving into their financial wants. The following are tips for meeting a teen’s needs while keeping your family’s budget intact.

Compare Wants to Needs

The world is full of financial temptations that, with their lack of maturity, teens can’t resist. From designer clothing to expensive smart phones, your teen is likely constantly asking you to purchase the latest and greatest items. While, as a parent, you may find it difficult to deny your teen those requests, this is an important life lesson to teach them while they’re still young.
Assess whether each financial request from your teen is a want or a need. If the teen needs money for essential educational items or has outgrown their clothing, these are necessary purchases you should be willing to make. However, if you’re asked to buy expensive items that’ll only fulfill short-term financial wants, stand firm and resist the request.

Create a Budget

Teaching your child the difference between financial wants and needs begins with discussing the family’s budget. Many parents conceal their income and expenses from their teens, not wanting to burden the children with the realities of adulthood. However, your teen can’t possibly understand whether or not you can afford to fund their requests if they aren’t given an overview of the family’s finances.
Schedule a monthly family meeting to discuss the family’s financial outlook. These meetings may initially be awkward, especially when revealing debt to the children. However, the finance meetings will also be eye-opening for the teens and will help prepare them for future financial responsibilities.

Find Funding Sources

If you currently lack the money to fund your child’s financial needs, consider taking out a payday advance. Often, payday loans are needed after unexpected financial problems arise such as medical expenses or car breakdowns. A temporary loan will offer the short term cushion you need to get your finances in order while also ensuring you continue being a great parent by meeting your children’s needs.
Raising a teen is difficult. As a parent, you must ensure your teen’s needs are met while also teaching them the difference between financial needs and wants. By creating a family budget and sticking to it, as well as by seeking financial assistance when needed, you’ll keep your teen happy while not draining your finances.