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Teens
Teens
Q: My son is graduating in June and has just informed us that he plans to work for a year or two before going to college. We have money set aside for his education, but now that he plans to work instead of going to school I think he should pay rent. My wife isn’t sure; can you help us solve this dilemma?
Q: I'm a retired teacher and I always made a point of incorporating discussions about financial concepts such as saving and the benefits of working during school years, into my classroom. But I look around now and I see kids expecting their parents to pay for everything. Is there value in teaching kids about money through working?
A: I'm in favour of young people working during their high school years as long as it doesn't affect their top priority: school.
Q: My teenager has been working for several months but seems to spend his money as fast as he can earn it. I'm worried that he's blowing everything on useless items. What can I suggest to him so that he learns how to budget and save?
A: Many parents envy your situation—a teenager who works and earns his own spending money. Helping him learn how to manage his money is an equally important aspect of his financial independence. Here are things to consider when you speak to him:
