01/01/2021
5 Strategies to help your teen become financially independent – For Parents
The need for financial education for our teen and young adult aged children cannot be over emphasized. Just like any other skill in live, financial management can be taught and the onus falls on us, the parents. It should not be left to chance. More so, considering today’s economic situation, teaching our young adults how to manage money is crucial to help them lead better lives as adults, reduce stress that comes with financial instability and mismanagement, and overall, makes our lives easier as parents.
1. Help your kids define their motivation for choosing a certain career path. Do not force anything down on them either. I have seen young people say, ‘oh. I don’t want to work for Nigerian companies, or I don’t want to start my business in Nigeria,’etc. Most times we mistake their confusion for excellence or high taste. While there is nothing wrong with the above statements, sometimes it is their ignorance of the opportunities in our clime, it is them sticking to a fantasy they saw in an American movie. How to get around this, agree with them first, then ask them what is wrong with the other end, the reason behind their decision. Ask them if they know of other people who are succeeding in that same area, in same environment? IF they don’t know any names, let them do a research about it and tell you. The research could open their eyes to what their minds where missing. To put it differently, think of the many things you thought you were convinced about in your career at their ages, didn’t you come to see things differently 5, say, 10 years later? Help them define their motivations.
2. Show and tell them how you do it: How you are able to manage your own resources to meet the needs of the family, despite the money not really being enough. Yes, no one has enough money. Most parents are scared of doing this as they feel they don’t want to expose their teenage and young adult aged children to the harsh realities of life. Guess what sir/ma, you can only do this for so long, if they are not educated on the need for managing their finances, be it the pocket money you send to them, a harsher, inevitable reality is about to hit on them when they find out life is no cake walk. Then, they would only start to suffer the consequences and hopefully learn from life the harsh way.
3. Help them understand the need for entrepreneurship on time: Days of just sitting and waiting for when “I will get a job as an engineer, artist, etc in that big company then buy a car and house and relax, are long gone. Help them understand that even among their friends, what service could they offer? Note: this is not really about the money, it helps shape their character, they are already leading their equals, being able to manage themselves and those around them. These skills will come in very handy later in their lives, either as employees or employers.
4. Think about the price: Help them think about the real value of that amount before they spend on that designer shoes or bag. Do this through example, for instance, don’t buy things the family does not need. Resell or give away products no longer needed in the family. Consciously help them see how you are able to keep the family financially up by being financially prudent yourself.
5. Avoid giving kids that feeling that you have money stocked somewhere waiting for them to help spend it all. Ask for breakdown of what they did with the last money you sent to them, if you have reasons to believe it got exhausted rather too quickly. This can also be achieved by helping them take responsibility for how they spend their money.
