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Hi Taylor
- My 12-year-old son doesn't seem interested in good spending habits,
to the point where he kind of ignores my advice. Any tips for how
I can break through to him?
Hi Mindy - This is one of my favorite topics—not because
I've got all the answers, but because I enjoy the challenge of it.
Every mind works a little differently and everyone has their own Money
Personality, so figuring out how to get through to a pre-teen is quite
the riddle. There will be a lot of trial and error, but here are some
good rules to follow. |
1.
Don't make it about money. As an adult who worries about
bills and rent and groceries, you have a very different relationship
to money than a kid with no financial responsibility. What looks
like bad spending habits to you might feel completely reasonable
to your son, so you won't get anywhere by trying to explain how
money should be spent. Instead, the conversation has to be about
his interests. What big-ticket items does he want to buy? Where's
a place he'd like to go? What's an activity he really wants to
do? Get him excited about something in the future, then try to
attach that objective to a savings goal. Make saving exciting
instead of boring and he might do an about-face.
2. Gamify. Everything is more fun when you get to play. If
you give your son an allowance, start giving him the opportunity
to earn extra dollars through playful chores or trivia night,
something where it's not too much work but not just free money.
The money earned has to be saved for something specific like an
outfit for a school dance or a family trip; this way you don't
give him the opportunity to blow the experiment on a video game
or some other ordinary purchase. Without taking money away from
your son, this will give you a chance to have some say in how
he spends and make him aware of goal-oriented saving.
3. Take the Money Personality test together. Depending
on your son's self-awareness, he might actually enjoy learning
why he feels the way he does about money. We've got a free test
at 5MoneyPersonalities.com where everyone in your family can learn
about their primary and secondary Money Personalities. It will
be really helpful for you, the parent, and it might be interesting
for your kid. Lots of teenagers get excited about having a personality
to identify with, and just getting this self-assessment can change
their spending habits a little.
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| I expect you'll
still get a little resistance to whatever money conversations you
try to have. As long as you start the discussion on your son's terms,
you can hopefully get a foot in the door and build off of that first
talk. Good luck, Mindy! |
| Legal Disclaimer:
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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