Parenthood is rarely dull — especially if you’re raising teenagers. Your kids are growing into adulthood, after all. And you’re supporting them through the process. But what about the cost? Last year, the average UK household spent £572.60 per week.
How much of the weekly spend goes on our teenagers? And aside from the essentials, what’s this money going on?
Let’s find out.
Does your teenager have a passion? If so, they’re not alone. Many do — and this can bring numerous benefits.
A hobby isn’t just fun. It could boost a young person’s employability too. Job applicants that are part of a social/sporting team are often more likely to be hired. So, it may be worth supporting your teenager in their favourite pursuit.
True, this can be costly — but it doesn’t have to be. Why not buy blocks of lessons. It tends to be cheaper this way than paying for each separately. You can also seek recommendations from your fellow parents about getting the best deals.
It needn’t be expensive to help your teen prepare for the future and enjoy themselves in the process.
Teenagers spend too much time on their phones. It’s a common complaint. But just how true is it? In 2017, a Statista survey revealed that 95% of Brits aged between 16 and 24 owned a smartphone. This percentage has most likely increased since.
But is this really a bad thing? It can be a useful tool — particularly for busy people. And teens tend to lead jam-packed lives.
Most have to balance an array of duties — from study to personal growth. From apps to alarms, smartphones can be a massive help. A phone contract doesn’t have to break the bank. Why don’t you negotiate a fair deal with your own mobile provider? Or you could also browse the web to secure the best offer.
You might want to do this with your teen. That way, you’ll then be able to introduce them to the world of budgeting.
Do you give your teenager pocket money? If so, this can be a simple way to teach them about money management. You could work through a spending plan together. Ask your teen to list their current expenses and you can then calculate an appropriate allowance together. Don’t worry if they go over budget. They’ll soon learn from it. They are, at the end of the day, still living at home.
After a while, they could very well become experts in saving, so you might be able to decrease their pocket money amount as a result. It could provide a win-win situation. They can grow their finance skills while you limit your spending.
Adolescence really is a period of transition. No wonder we want to help our kids to make the most of it. And money needn’t get in the way of this. With these tips, you can support your teenager and protect your finances.
It’s important to organise our finances — however old we are. Teach your kids this valuable skill, and they can take it into adulthood.