If you are venturing into the teenage epoch with your offspring, you will be finding out just how expensive they are becoming. With their friends having the latest technical gadgetry, branded clothes and luxury school packed lunches, your kids want to be able to keep up. You wish that you could give them everything that they are asking for, but sometimes it simply becomes too much. How can you enable your kids to have the best without breaking the bank?
Your son or daughter may be lucky enough to have a close knit group of friends. This is great for your child’s self-esteem and social skills but can sometimes be less pleasurable for your wallet. Their friends may have the latest sneakers, branded sweatshirts, and school sports bag. How can you help them keep up? Source online deals as much as possible and regularly check for vouchers. There are often promotional offers such as buy one, get one free deals which are ideal if you have two children to cater for. Many retailers also have clearance outlets where you can locate a bargain so long as your little darling doesn’t mind wearing something from last season.
You will lose count of the number of times throughout a two-year contract that you will hear your child pleading with you to upgrade their handset. Even if they are merely four or five months into the tariff, they may see their best friend with a larger HD screen, and an infinity display, and they simply must have it. This may be compounded by the fact that they are not taking great care of their phone and it has chips galore and a cracked screen.
While a new handset is out of the question, you could attempt a compromise. Tell your child that you will fund their cell phone screen replacement if they promise to look after their phone in the future. This is much cheaper than purchasing a new handset and saves wasting a perfectly good smartphone. If they make it through the next twelve to eighteen months without any more cracks or scrapes, you can say that you’ll consider upgrading their smartphone a couple of months early.
There may come a time when your child is eager to keep up with their friends in a social sense. While your son or daughter strives to become a social butterfly, the expense of giving them money to go to the next party or pop to the cinema is becoming a hefty burden. Sit down with your kids and negotiate an allowance. Tell them that they will receive a set weekly amount and what they do with it is up to them. They can spend it all as and when they get it or save it. This way, you are teaching them some useful money management skills as well as relinquishing some of your financial burden. They’ll soon realize that cash isn’t infinite and they need to prioritize the activities they want to do.
Having teenagers can be like having toddlers again. The moods can become intolerable, and they will become very needy. By following this advice, you can ensure that your kids remain grounded and financially aware.