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At this age, it's all about managing cash flow
Whether your teen’s goal is saving up for a video game or a portion of future university expenses, a great way to keep them on track is to encourage them to regularly set aside a portion of their allowance or income received from a part-time job—say, 10% to 20%. “The habit just spills over when they start working full-time in their 20s,” says Tom Feigs, a money coach in Calgary.
Just don’t make the mistake of second guessing your teen’s financial choices provided they’re staying within their means, Feigs adds. “A parent will always have a bias about what their teen spends their money on. But never mix money management coaching with discipline or use it to correct social behaviour.”
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