The road to becoming financially conscious is never easy. It is about money behaviours and how it affects us. Awareness of your spending will give you better results and reliefs behind the scene. Every time you look into your purse or wallet you will think more clearly before spending. We always want to spend what we don’t have and allow consumerism to brainwash us to spend more. Think about your future and things you want to have like financial peace of mind.
Having knowledge or discernment of your finances is a life lesson. To be attentive and well informed about your spending is a great way to start building a nest egg for future. This is the 1st step to becoming responsible for your own spending and creating financial peace of mind. It is so important to know about financial wellness and consciousness because your future will look so much brighter financially.
Finally, parents of teens, that is mature enough and ready for the responsibility of taking on and being accountable through hard-work. You will learn the value of the different types of wellness throughout your life and things that will make you aware of areas that may be intriguing.
For Instance life lessons.
Using life experiences and realities will be a major part of your journey.
Paying Bills– Actually paying bills or ask your parents if you can start to help out in this area. It’s a great way to learn for your future.
Having a budget and sticking to it-You determine your priorities for spending during the vacation day, such as purchasing souvenirs versus touring the museum, and then, you also have to do the research how much each of these priorities will cost.
Determining what is a need and want– Getting to know what is a need and want. You will be able to determine the importance and what they actually mean.
When to spend money – This experience will teach teens the dollar amount of those expenses, when bills come due, and consequences of late payments.
Why is saving so important– Setting saving goals whether it’s for your education, or something that you want to save up for. Saving up and planning for the trip or college. Make sure you always put money aside for your future.
Evaluating your finances before and after budgeting– You will reflect automatically after going through the process and putting them into practice.
Teens really like to feel that they are making a difference in the world, and this will help them improve their self-worth, reduce selfishness, and teach them good financial sense. You should discuss money with your family and make it a family awareness process. Once, you see what it cost in the real world it may change YOUR mind and you actually get a realization of how expensive things can cost.
Understanding the nuances of the situation and can even participate in finding solutions. You can lead the discussion with your parents on how each family member will help get through the tough times: Who will give up which extras and who can earn extra spending money or help with additional chores so the parents can hunt for other income? Make it clear that everyone, including parents, has to sacrifice some things for the good of everyone.