Helping teenagers manage their money with Money Talks (for teens)
In this week’s Money Tips (for teens) Little Miss Diva and myself planned to tell you about a really simple money management tool that will help you teach kids how to make the most of their money.
Unfortunately, we are experiencing some technical problems so can’t do a live video but the gist of it is that Little Miss Diva has made some Save, Spend and Share jars as she gets paid in cash for some of the jobs she does.
“It’s a really simple idea,” says Little Miss Diva. “You can make these jars yourself or buy them on the internet. When I get paid I put 30% in the Save jar, 60% in the spend jar and 10% in the share jar.”
You can choose the percentage to put into each jar, but the basic concept is that it gets children thinking about money and not just spending it all in one go. By doing this we’re encouraging them to not only save, but also share or give back something.
I’ve got to be honest though younger kids love the Share jar the most, but teenagers not so much! However, when I worded it differently and said it could be the jar for saving up for your friends’ birthdays or to buy them a treat when they need cheering up, it was much more pleasantly received.
To be fair, LMD does like giving my money to charity but doesn’t think she earns enough yet.
If you pay your kids pocket money digitally then an app might be a better option. If you prefer this option, there are some fab free ones out there such as Plum, Tandem, Chip or Cleo and many bank accounts have their own easy to use apps these days as well so check these out first.
So why not create your own jars or get started with an app today? That’s it for this episode for Money Talks (for teens) folks, for more money tips for teens and parents don’t forget to follow the Broke in Bristol (& beyond) page on Facebook. More from Broke in Bristol: