Preteen Money Management:
Helping Tweens Learn About Money
Preteen money management brings up a whole new set of questions than teaching money to younger kids.
Really, it's not any different than what is happening in the rest of their lives. Tweens can present a whole new set of money education challenges as they gain more independence and responsibility. How do you balance increased needs and wants with the money lessons so far and the ones that they still need to learn?
One step at a time.
It can be overwhelming to think about how quickly preteens will become teenagers and everything that goes along with that. If you focus on the preteen money management skills only, it will be much easier - both now and in the future. There are a few key areas to consider depending on your tweens money education to date and what they are interested in now. By concentrating on the basic areas and continuing on some from when they were kids, you will be more successful in teaching money to your preteen.
Allowances for Preteens
Tween allowances can start to include more expenses as they gain more independence and start spending more money away from their parents. Figuring out what the preteen allowance should cover and how to balance that with the family budget can be a puzzle. Start by looking at these tips.
How preteens can earn money
Another piece of preteen money management is how preteens can earn money. Having his own earned money can really help him gain confidence in managing money as well as put him on a great path for the teenage years. One of the most common ways for tweens to make money is through babysitting. No matter whether this is through a babysitting business or on a more infrequent basis, it can help to know about fun babysitting ideas, babysitting safety and babysitting tips.
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If babysitting isn't the best way to make money for your preteen, there are a number of other options to consider. Here are some ways to find a good fit:
The preteen years are the perfect time to start experimenting with different types of work and jobs to find something that really clicks with your tween. Plus, they can earn some money along the way!
If your preteen has been doing chores, this is just keeping up with the things you had in place and maybe giving them more responsibility with age appropriate chores. If your tween hasn't been doing chores, now is a great time to get started. Review these common chores and how to get started with a chore contract.
Any one of these topics are great places to get started on preteen money management. Be sure to also sign up for the monthly newsletter, The Money Messenger, to get great articles and tips on all aspects of kids and money.
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