This is the age where your kids might come into peer pressure, so balancing the same becomes an important task. You need to explain to them how to take wise decision & instil strong family values this will help them to stay away from external distractions.
- Please help them to improve their budgeting skills.
- Enhance the level of purchase responsibility to a family level from a personal level.
- Balancing between needs, wants & desire needs to be very well explained & executed.
- Engage them in a couple of financial decisions like upcoming college expenses. ( how to manage the same, are we taking a loan or paying up from our asset which has been built from your savings.)
- Remember that you are still the most important role model in your kid’s life, so you need to shape them with healthy financial habits by this age.