When they do their chores, they’ll earn a commission. Not only will this strip them of any entitlement, but it’ll also help them see the relationship between hard work and money earned. Instead of giving them an allowance just for breathing, you might want to think about giving them a commission. Use the best tools to teach your kids about money. But now that you’ve got a teenager in your house, you’re probably off-loading the big-item chores like mowing the lawn or taking out the trash (woo-hoo!). You may have started out asking them to help you wash the dishes, sweep the floor, or feed the dog. If you’re like most parents, you’ve probably been eagerly waiting for the day your kid is old enough to start helping around the house. You’ll want to show them how to earn money, create a budget, give, save and spend wisely. But you don’t have to be a finance professor to teach your teen how to save money. It’s your job (as the adult of the house) to teach your teen what they need to know for that moment you send them off to college, trade school or even their own apartment. Think of your teen as an adult in training. Now’s the time to start teaching teens about money-how to earn it, save it and spend it wisely. That’s part of being a good dad or mom. It means showing them the ropes when it comes to adulthood, things like getting up on time, taking a regular shower, and learning how to make a budget. But no matter which side of the spectrum you’re on, the end goal is still the same: help them become successful contributors to society. When it comes to raising kids, most parents either look forward to the teen years.
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