If you are raising a family full of teenagers, you may be facing some unique financial challenges. In addition to the basics such as food, clothing, and shelter, you may also be paying for cell phones, car insurance, and other hefty expenses you didn’t have to worry about when they were kids. What should you know to help manage your family budget and start saving money today?
Going to camp, playing on a traveling sports team, and taking part in the school art trip to France all cost money. While you want your kids to enjoy their teenage years, you also want to make sure they aren’t draining your entire budget or their own college funds. Ask them to choose one activity or trip they want to do each year and make it a priority in the budget. The rest of the activities can fall under their responsibility, or can take a backseat in the budgeting you do.
Make Sure Your Insurance is Adequate
The bad news is, your kids will always get sick or need dental care at some point in their lives. The good news is, your insurance plan may take care of some or all of these expenses. Whether you get a plan through work, or decide to get a plan through the health insurance marketplace, this is a critical component to taking care of your children without going bankrupt. Ask your Smile Makers Dental orthodontist, eye specialist, and family doctor about different financing plans you may also be eligible for.
Ask Teens to Pitch In
As your teen gets older, they may be able to get a job of their own. Working a few hours a week to pay for a cell phone, car insurance, and other costs makes it easier for you to put a roof over their head or start saving money for retirement. While you want to be there for your kids whenever possible, the teenage years are the perfect time to start transitioning them from total dependence on you, to complete independence.
Start Planning Early
You know when your children are born that they will be teenagers one day. Therefore, it may be a good idea to plan ahead and start saving money immediately. Over 10, 12 or 15 years, even a few hundred dollars can grow into a nice sum to help cover or defray those costs.
Raising a teenager isn’t easy. However, you can make it less expensive by having a solid financial plan. Limiting your teen’s expenses, having good insurance, and planning ahead ensure you won’t have financial drama to worry about in addition to dating and everything else the parent of a teenager must navigate.