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Families & Money
Teaching children about saving & budgeting
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What could be considered a necessary expense in your teenager's budget?


While your teenager may think they’re all essential, the cell phone bill is an expense that must be paid on time every month.

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What do experts recommend you do when your teenagers overspend?


Though it may be tempting to cover the costs yourself, sitting down and working through where they overspent can help your teenagers avoid mistakes in the future.

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Key Takeaways

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The teen and tween years are when kids often start earning more of their own money through part-time jobs or chores around the house. Teaching them how to build their budgeting and saving skills now can set them up for long-term success with handling money.

  • Work with your teenagers to identify the differences between their “needs” and “wants” so they can make smart spending decisions
  • Do a little math with your teenagers to estimate required expenses and figure out how much money will be left over for saving and for spending on the fun stuff
  • Establish guidelines with your tweens and teens for how they spend and save their monthly income, including paychecks, allowances, and gifts from birthdays or holidays
  • When you’re helping your middle or high schooler build a savings plan, start with a manageable, short-term goal. The more distant the goal, the harder it is to visualize