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  how to budget and save money money management tips - duration 1037. Moneywise teen lesson 2 - budget and opportunity cost - duration 814. Money management is about planning, analyzing and assuming responsibility for ones finances.   below are 11 money management tips to discuss with your teenager. Learning to manage their money is a key part of teaching kids about personal finance. In order to get them learning, help them establish a steady income. Have them start applying for jobs or start giving them an allowance. Earning moneywhether its from an after-school job or an allowance from chorescan give teens a sense of independence and maturity. While they may be eager to buy things, its important to teach your teenager money management lessons early. A teen with a credit card is only slightly less dangerous than one with a loaded gun. Dont fill their brains with that you need a card to build your credit crap. Thats for people who want to make a life habit of borrowing money. Break that cycle before it even gets started by teaching them to not borrow. Money management for teens is probably the most important life skill you can teach your kids before they are sent out into the world. An inability to control money or ignorance about how it works will spell misery for an entire lifetime. Money management is the process of knowing where your money is going now and having a plan in place for where you want it to go in the future. Setting goals goal setting is your chance to figure out what you really want to do with your money and to get what you want without having to borrow for it.   the business of being a social teen isnt cheap and helping your teen create a balance sheet can be the springboard to sound money managing when they become adults. Stress the importance of getting a part-time job to save money for future college expenses and help them put those funds in an account that they can draw on for their expenses. Teens are missing out on personal finance education at school, so parents need to teach them money management. How to help teenagers manage their money parents and carers play an important role in shaping their childrens financial behaviour and attitude towards money. Many teenagers rely on their mum or dad to set the right example when it comes to managing finances.

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