teens Archives - Kids Ain't Cheap

9 Money Moves Every Teen Should Know Before They Turn 18

March 26, 2025 | Leave a Comment

There are many financial concepts your teen will need to understand by the time they reach adulthood, such as saving, investing, and building credit. Some schools don’t offer courses on personal finance for teens, so parents may be solely responsible for teaching their kids about money. To help you craft a lesson plan for your child, here are 9 money moves every young adult should know about before they turn 18.

Personal Finance for Teens: 9 Essential Money Moves

1. Creating a Budget

The most important element of personal finance for teens is budgeting. Teens who have a part-time job often blow their earnings on eating out and shopping. Helping your teen create a budget can prevent them from wasting their hard-earned cash. Everyone prefers different budgeting methods, so teach your kids various money management styles.

A good one to start with is the 50/30/20 rule, which involves setting aside 50% of your income for necessities, 30% for fun, and 20% for savings. Since teens usually don’t have bills to pay, they can up their savings percentage, enabling them to build a nest egg for their future.

2. Tracking Spending

It’s not enough to simply set up a budget with your child. They need to learn how to track their spending and make sure they’re actually following their financial plan. Budgeting apps can streamline personal finance for teens by helping them keep tabs on their purchases. Apps like EveryDollar and You Need a Budget make it easy for young adults to see where their money is going and course correct if needed.

3. Building Good Credit

Although teens can’t take out loans or open credit cards yet, they should still understand how credit scores work. Credit scores track how well each person handles and repays debt. Adults who pay their bills on time and don’t take on too much debt usually have good credit scores. Because lenders use credit scores to screen loan applicants, building good credit is crucial for teens who dream of buying a home or starting a business someday.

Teens whose parents have good credit can ask mom and dad about becoming an authorized user on one of their credit cards. Minors can be added to a guardian’s credit account, allowing them to start establishing credit history early. Once they turn 18, young adults can consider applying for a secured credit card of their own to build a positive payment history. Secured credit cards are often easier to get approved for than regular unsecured cards because they require an upfront cash deposit, which serves as collateral.

Teens should also understand that there are different types of bank accounts. High-yield savings accounts offer a higher APY, or average percentage yield. This figure represents how much interest an account holder will earn on their savings each year. On the other hand, checking accounts provide much less interest, but make it easy to pay bills and receive direct deposits from work. Don’t forget to explain bank account bonuses to your teen, which are often available to adults who open an account at a new bank.

4. Setting Up a Bank Account

Another important aspect of personal finance for teens is banking. Opening a bank account will give your teen a secure place to save funds from summer or part-time jobs, making it easier to reach their financial goals. Since minors usually can’t open a bank account on their own, you’ll have to help your child get set up. Banks typically require both the parent and the child to bring valid forms of identification, such as a birth certificate, passport, or driver’s license. You may also need to provide personal information like your address and Social Security number.

5. Investing

Ideally, personal finance for teens should also involve investing. Parents can open investment accounts on their child’s behalf, such as a 529 for educational savings or a custodial brokerage account. Although you’ll be managing the account until they reach the age of majority, you can still use the account to teach them about investing. Encourage them to check the balance with you and discuss which assets you’ve chosen and why. Covering important topics like compound interest and diversification will help prepare them to manage their own portfolio as adults.

6. Setting Realistic Financial Goals

Sometimes teens have unrealistic salary expectations and financial goals. According to Bank of America, teenagers think they’ll pay off their student debt, save $100K, and own a home all by age 30. Make sure to explain to your child that meeting lofty financial goals requires a high income. Discuss the average salary new grads earn, and cover lucrative jobs and career paths that would allow them to build wealth more quickly.

If their career aspirations won’t make them rich, teach your kids how to set more attainable financial goals. Showing them your budget and bills will help them understand the cost of necessities. Add up their expected expenses and show them how much money they might have left over each month. This hands-on budgeting lesson will right-size their financial expectations.

7. Job Search Skills

Job search skills should also be part of any discussion about personal finance for teens. Even if your child is too busy to get a job now, they should understand how to find and apply to roles on sites like Indeed. With parental consent and assistance, teens may even be able to set up a LinkedIn account to learn about networking. Teaching your child interview skills is also crucial. Understanding how to frame their experience and skills to interviewers will help them get a solid foothold on the career ladder after graduation.

8. Understanding Debt

For teens, credit cards can seem like free money. That may be why young adults rack up an average credit card balance of $2,319 by age 20, according to Bank of America. It’s important to ensure your teenager understands how debt and APRs work.

The annual percentage rate expresses the annual cost of borrowing money as a percentage. Show your teen the average APR for credit cards and calculate how much interest they’d pay on small and large balances. Seeing how interest costs stack up and make it hard to pay off credit card debt may help your young adult avoid costly financial mistakes.

9. Planning for Education Costs

Once your teen understands how debt works, they may be eager to find alternative ways to fund their college education. Explain that student loans aren’t the only way to pay for trade school or university. Your child can apply for financial aid, merit scholarships and grants, or get a part-time job to start saving now. With proper time management skills, they can also work while they study to help cover living expenses and tuition.

Although your child may have a dream school in mind, make sure to discuss the benefits of choosing a cheaper college. Attending community college first or picking an in-state school can help lower tuition costs, reducing their debt burden after graduation.

Are there any personal finance lessons you wish you had learned before you turned 18? Share your experience in the comments.

Vicky Monroe

Vicky Monroe is a freelance personal finance writer who enjoys learning about and discussing the psychology of money. In her free time, she loves to cook and tackle DIY projects.

Alert for Parents: 12 Unexpected Things Your Teen is Doing Behind Closed Doors!

February 9, 2024 | Leave a Comment

Navigating the teenage years can be a perplexing journey for parents. As teens seek independence, their lives become more private, often leaving parents in the dark. We will shed light on 12 unexpected activities that teens are engaging in behind closed doors, offering parents a glimpse into the hidden world of adolescence.

1. Embracing Digital Creation and E-Sports

Many teens are passionately involved in digital creation, including video editing, graphic design, and even app development. They’re not just playing video games; they’re becoming proficient in e-sports, a rapidly growing industry. These activities are more than hobbies; they’re avenues for creativity and potential career paths.

E-sports, in particular, can teach valuable skills like teamwork, strategic thinking, and problem-solving. Understanding and supporting these interests can foster a positive connection between parents and teens.

2. Exploring Niche Subcultures Online

The internet has opened doors to a plethora of subcultures and communities. Teens might be deeply involved in fandoms, from anime to K-pop, forming global connections with like-minded individuals. These interests can significantly influence their identities and social interactions.

While it’s important to monitor online activity, these communities can also offer support, acceptance, and a sense of belonging. Parents should aim to understand these interests and engage in open dialogues about them.

3. Self-Education and Online Learning

Away from the traditional classroom, teens are turning to online platforms for self-education. They’re exploring subjects beyond their school curriculum, from coding languages to advanced mathematics, often using resources like Khan Academy or Coursera.

This self-directed learning showcases their curiosity and initiative. It also reflects a shift in how the digital generation perceives education: as an ongoing, self-driven process. Encouraging this thirst for knowledge can have long-term benefits for their educational journey.

4. Experimenting with Digital Entrepreneurship

The entrepreneurial spirit is strong in many teens, and they’re using digital platforms to experiment with business ideas. From starting a YouTube channel to selling artwork on Etsy, these ventures teach valuable skills like marketing, financial management, and customer service.

This trend reflects a shift towards gig economy and digital entrepreneurship among the younger generation. While these endeavors should be monitored for safety and balance with other responsibilities, they can be a powerful learning experience.

5. Dabbling in Content Creation and Influencing

The allure of becoming a social media influencer is strong among teens. Many are actively working on building their brand, be it through fashion blogging, travel vlogging, or lifestyle content creation.

This pursuit isn’t just about fame; it’s about harnessing creativity, developing digital skills, and understanding online marketing. However, parents must discuss the implications of online presence and privacy with their teens.

6. Exploring Health and Fitness Trends

Health and fitness have become significant interests for many teens, thanks to the influence of social media. They’re following workout routines, experimenting with diets, and exploring wellness trends they find on platforms like Instagram and TikTok.

While this can foster a healthy lifestyle, parents need to ensure that these pursuits are balanced and don’t lead to negative body image or health issues.

7. Delving into DIY and Crafting Projects

The DIY movement has a strong appeal among the younger generation. Teens are engaging in various crafting projects, from upcycling clothes to building electronics.

These activities not only spark creativity but also promote problem-solving skills and patience. They offer a hands-on break from the digital world and can be a source of pride and accomplishment.

8. Secret Struggles with Mental Health

Many teens grapple with mental health issues behind closed doors. From anxiety to depression, these struggles are often hidden from parents.

The pressure from social media, academics, and social life can be overwhelming. Recognizing the signs and encouraging open communication about mental health is crucial for parents.

9. Navigating Romantic Relationships and Sexuality

Adolescence is a time of exploring romantic relationships and sexuality, often privately. Teens are figuring out their identity and preferences, which can be a complex and emotional journey. Parents should aim to provide a safe, open environment for discussions about relationships and sexual health.

10. Experimenting with Identity and Self-Expression

Teens often use their private space to experiment with their identity. This could involve changing their appearance, exploring different fashion styles, or expressing themselves through art and music. These experiments are a crucial part of their journey to self-discovery and should be approached with an open mind by parents.

11. Participating in Online Activism

Many teens are actively involved in online activism, championing causes from climate change to social justice. They’re using social media to spread awareness, participate in campaigns, and connect with activist groups. This engagement reflects a socially conscious and connected generation.

12. Seeking Independence and Autonomy

The ultimate goal for many teens behind closed doors is to seek independence and autonomy. They’re making decisions about their lives, often without parental input. This quest for independence is a natural part of growing up and should be supported with guidance and understanding.

The World of Teens

The world of teens is complex and multi-faceted. As parents, understanding and empathizing with these hidden aspects of their lives and knowing what things your teen is doing behind closed doors can lead to stronger, more open relationships. It’s about finding the balance between guidance and allowing independence, ensuring our teens grow into well-rounded, responsible adults.

Tamila McDonald

Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.

How Two Teens Are Financially Responsible in Different Ways

October 12, 2023 | Leave a Comment

My daughters are 13.5 and 15 years old. Last summer, I decided I wanted them to begin to learn how to manage money in preparation for leaving the nest someday. I created a new chore chart for them, increased the amount I paid them, and told them they were responsible for buying all their clothes. (The increase in chores and pay was enough to cover the cost of their clothing—if they did their chores each week.) Now that this experiment has played out over a year, I’ve discovered they’ve both become financially responsible in different ways.

Daughter #1

My oldest daughter diligently does her chores. She saves her money and tries to buy clothes when they’re on sale. Sometimes she does extra chores because she wants more clothes or spending money. This child works hard and then carefully spends her money—but she does spend.

Daughter #2

My younger daughter hates doing chores. She will go weeks doing very little and, subsequently, earn very little. Then, for one or two weeks, she will have a spurt of energy and do all her chores plus some extra.

However, not doing chores hasn’t impacted her fashion because she’s a shrewd bargain shopper. For instance, their homecoming is a few weeks away. She went to the store, shopped the clearance racks, and found a homecoming dress she loved in her size that was marked down to $14. When we checked out, we discovered the dress was a further 50 percent off, so she got her homecoming dress for $7. She continually finds bargains like this, so she doesn’t pay much for her clothes.

My Parental Frustration

My objective for this experiment was that my daughters would learn that work equals money to save and spend. If you don’t work, you miss out because you don’t have money.

My oldest daughter has learned this lesson. She works hard and carefully spends her money.

My second daughter has circumvented the system. She only works when she feels like it or needs to replenish her dwindling funds. Instead, she’s learned to be an impressive bargain shopper. She’s also learned to limit her wants so she doesn’t spend much. Her freedom from work is more important than buying things.

At first, I thought I had failed my younger daughter, but now I realize she has learned important lessons—she makes her money stretch, so she’s not beholden to a job. I’m guessing many of us adults wish we had the same ability to only work when we need to or want to.

I’m not sure how this philosophy will work in adulthood, but clearly, she’s learning money management, just in a different way than I envisioned.

Final Thoughts

If you have teens, I encourage you to try this experiment. If your kid is constantly hitting you up for spending money, make her work for that money and give her enough money, but not too much, so she learns to allocate her money properly. You may discover, as I have, that teens learn financial responsibilities in different ways, but they ARE learning responsibility.

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Melissa Batai

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in Arizona where she dislikes the summer heat but loves the natural beauty of the area.

7 Free Summer Activities We’ve Enjoyed This Year

July 13, 2023 | Leave a Comment

Now that our kids are teens, they are less satisfied with having a low-spend summer, unfortunately. While we have spent money doing fun things with their friends, we try to even out the spending with activities that cost nothing (or close to nothing). We have a list of free summer activities we’ve enjoyed this year and plan to continue next summer.

7 Free Summer Activities We’ve Enjoyed This Year

We find our free summer activities through Facebook and Google searches. Sometimes friends will also tell us about free events.

Shakespeare in the Park

A local park hosts two different Shakespeare plays. Each play runs for three weeks and is free. Bring your lawn chair or a blanket and enjoy the play. We went to watch Measure for Measure last week, and in a few weeks, we’ll return to watch Romeo and Juliet.

Patrons ranged from young children to retirees. People brought snacks, and one older couple even enjoyed the wine they brought while watching the play.

Kids Bowl Free

Okay, this one isn’t completely free. My kids can bowl for free through the Kids Bowl Free program, but I paid $16 for them to get bowling shoe passes. Our total expenditure was $32, and so far, we’ve bowled six times, with many more bowling days in our future before summer ends.

If we bowl ten times before the end of summer, each trip for two games of bowling for two kids plus shoes for each will cost us $3.20 per visit, which makes this a cheap outing.

Niagara Falls

Since Niagara Falls is in our backyard, we visited the sights. Seeing the Falls was free; we only had to pay $5 for parking.

Park Days

My kids meet with some friends at the park to chat, play, create chalk drawings, etc. We’ve done this at least four times this summer. My kids are happy anytime they can meet their friends to hang out and talk.

Art Gallery

Our local art gallery had a free day when they reopened after significant renovations. We met up with friends and spent a few hours touring the new gallery. I’m not going to lie; we stopped at some paintings, trying to figure out the images! But other paintings were gorgeous, and we saw quite a few by artists like Picasso, Rembrandt, and Kahlo.

Beach Days

We’ve had several beach days with other families with teens. The kids swim, metal detect, and bury themselves in the sand. They enjoy their time at the beach and hanging out with friends. We, parents, love that it’s a free, memorable summer activity.

Home Movie Nights

One family in our group enjoys hosting events. Their favorite activity is having everyone over to watch a movie they project onto their garage. People come a few hours before dusk, talk, hang out, and roast marshmallows. Then, we all watch the movie together at sunset.

Final Thoughts

Entertaining teens is more expensive than entertaining younger children. However, we’ve found many free summer activities to enjoy this summer, which helps offset the price of the expensive activities that the kids want to do.

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3 Lessons I Learned Buying Christmas Gifts for Teens

January 5, 2023 | Leave a Comment

Christmas gift shopping for my kids used to be easy and frugal. I’d buy toys I could find on sale. If an item was outside our limited budget, I wasn’t above buying it secondhand. My kids knew I did this, and they didn’t mind because they got the item they wanted.

However, now all three are teens and tweens, and their lists are more expensive and particular. Because of this, I upped my Christmas budget to $150 per child plus stockings, which for our budget, is a lot. However, because of the 3 lessons I learned buying Christmas gifts for teens, I likely won’t spend the same amount next year.

Our Gift Situation

I should clarify that the presents my husband and I give our kids are not their only gifts. My mom gives them several gifts, as do their godparents. Our gifts are only a portion of what they receive.

3 Lessons I Learned Buying Christmas Gifts for Teens

I had determined now that the kids are older (18.5, 14, and 12.5), I would have to spend more to make them happy. However, I learned this year that the assumption is incorrect, so I will likely reduce the Christmas budget next year.

Buy from the List

The one piece of advice I want to give all parents of teens is to buy gifts your teen asks for on their Christmas list. Those gifts were a huge hit; the kids loved them! When we strayed from the list and got something we thought a teen would like, they were disappointed. Buy from the list!

Shop Black Friday Sales

My next piece of advice is to shop Black Friday sales. (Remember, since COVID-19, these sales no longer start the day after Thanksgiving. They often begin a week or two BEFORE Thanksgiving.) Black Friday sales are essential if your child asks for a pricey gift that you can’t afford.

For instance, my 18-year-old wanted Apple Air Pods. As I was only spending $150 per child, these were out of my budget unless I only got him one gift. Yet, a Black Friday sale allowed me to snag some for $80. Because of the deal, he got Apple Air Pods and other presents.

Sometimes Less Is More

Finally, spend the amount you have to spend, but don’t increase your budget because you’re worried about your kids’ expectations, as I was. I learned this year that a few gifts the kids really want are all they need. In fact, one of my kids said, “I got too many gifts this year.” Lesson learned.

Final Thoughts

The 3 lessons I learned buying Christmas gifts for teens this year will help me save money and buy presents my kids want next year. Yes, buying gifts for teens is different than buying gifts for younger kids, but don’t make the experience more challenging. Instead, buy from your kids’ list and stick to the budget. and you will both have a good holiday.

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Our Favorite Stocking Stuffers for Teens

November 24, 2022 | Leave a Comment

After you buy Christmas presents for your kids, you have one item left to tackle—the stockings. Unfortunately, I find stocking stuffers can be challenging to buy, and if you’re not careful, they can be more expensive than the gifts under the tree. Still, stockings are a nice bonus and one of my kids’ favorite parts of Christmas. Over the years, we’ve acquired several favorite stocking stuffers for teens.

A Hint for Affordable Stocking Stuffers

Every parent’s budget differs, but we’ve found that we prefer smaller stockings to stuff. For a few years, we had giant stockings, and filling them was expensive! So, we got rid of those stockings and picked smaller ones (luckily, while the kids were still little, so they didn’t notice). Now, we can fill the stockings more affordably, and they also overflow with gifts (since they’re smaller), which the kids get excited about.

Favorite Stocking Stuffers for Teens

We try to include both necessary and fun items in their stockings.

Fun Stocking Stuffers

Over the years, the kids have enjoyed these stocking stuffers:

Compact Games

We like to play games in our family, so their stockings often include a smaller game we can play as a family. Card games like Uno, Sushi Go, and Five Crowns have been hits. We’ve also included dice games like Tenzi and Yahtzee to Go.

Lip Balm

My kids like flavored lip balms such as fruit flavored or Christmas flavors like candy cane, vanilla, or mint chocolate. Their favorite brand is Burt’s Bees.

Sweet Treats

Even though my teens now have money to buy their treats, they love getting candy in their stockings, especially milk chocolate bars. They also enjoy receiving hot chocolate packets so that they can enjoy hot chocolate on Christmas morning.

Gift Cards

The older teens get, the more they enjoy gift cards to buy their own items. My kids’ favorite gift cards are from Amazon, Starbucks, and local fast-food joints.

Art Supplies

My artist in the family enjoys receiving art supplies such as paints, paint brushes, watercolor pencils, colored pencils, and other art items.

More Practical Stocking Stuffers

In addition to the fun gifts, we also like to fill the stocking with some practical, necessary items.

Socks

Every year I give my kids some socks in their stockings. These bulk up the stockings, and everyone needs socks throughout the year.

Batteries

If the kids are getting any presents that require batteries, I put the batteries they need in their stockings. Then they can use the battery-operated gifts they received on Christmas day without making a separate trip to the store.

Final Thoughts

Christmas stockings in our family are not an afterthought. Instead, they’re a gift as important as the wrapped presents under the tree. These are our favorite stocking stuffers for teens, and our kids love receiving some variation of them each year.

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Should Your Teen File a Tax Return for a Summer Job?

October 7, 2021 | Leave a Comment

Getting a summer job may be the first taste of freedom for your teen. She likely now has more money coming in than she did when she was only receiving an allowance. However, with increased freedom comes increased responsibility. Your teen may now also need to file a tax return. Whether she needs to file a tax return for a summer job will depend on several factors.

Should Your Teen File a Tax Return for a Summer Job?

The quick answer is, it depends. Here are a few factors to consider:

How Much Did He Make?

First, consider how much your teenager earned in a year. According to the IRS, if a single filer earned less than $12,550 in 2021, he does not need to file a tax return. (This new amount represents an increase to account for inflation, up $150 from last year.)

However, you must answer another question to know whether or not he needs to file taxes—did he have taxes taken from every paycheck?

Did She Have Taxes Withheld?

When your child starts a new job, she has to fill out a W-4 form. On that form, she has to determine whether or not she will have taxes deducted. If she thinks she will earn less than $12,550 in a year, she can claim “exempt,” and no taxes will be taken out of her paycheck. If no taxes were pulled from her paycheck and she earned less than $12,550 a year, she likely won’t have to file a tax return. To be certain, you can utilize the IRS’ free tool, Do I Need to File a Tax Return?

You may consider having your child go ahead and have taxes withdrawn from her paycheck for two reasons.

First, having taxes withdrawn from her paycheck is a good life experience. When she’s older and working full-time, taxes will be withdrawn. Learning that her entire salary is not her own because her employer will withdraw things like taxes and insurance is a good experience.

Second, some states have different standard deductions. If you live in Arizona and are a single filer, you have a standard $12,550 state deduction just like the federal deduction. However, if you live in Iowa, the single standard state deduction is only $2,130. If your child works in Iowa and earns more than $2,130 in a calendar year, she will owe state taxes if she claims “exempt” on her W-4. If you don’t know what your state’s deduction is, having taxes withheld is easier.

One Exception

An important exception is if your child is an independent contractor, a.k.a a freelancer, and earns a 1099-MISC for his work. If he is a freelancer, he will need to pay self-employment taxes regardless of how much he makes in a year. In this case, he will need to file an income tax return every year.

Final Thoughts

Whether or not your child needs to file a tax return for a summer job depends on several factors. If you’re still not sure, the IRS tool should help you determine the answer.

Getting your child into the habit of having taxes withheld and filing a tax return is excellent practice for adulthood and the responsibilities that come with it.

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7 Reasons You Shouldn’t Buy Your Kid a Car

October 15, 2020 | 2 Comments

When I was 15, my dad died. When it was time for me to get my license and a car, my mom gave me my dad’s El Camino truck. My dad loved El Caminos; he would buy beat-up ones for cheap, refurbish them, and then sell them for a profit. The one I inherited was a beat-up one he had bought but wasn’t able to begin to fix up before he died. I took shop class when I was 16, and during downtime, we could bring in our cars for a car wash. I’ll never forget my humiliation when I brought in the El Camino, and huge, rusted chunks fell off when we washed the car. The El Camino wasn’t a good car to drive in the winter, so my mom sold it. She then bought me a beater Ford Escort, and I paid her a payment every month until I’d paid her back in full. Should you consider buying your kid a car? My husband and I firmly believe there are many reasons why parents should not buy their children cars.

1. Kids Need to Learn How to Earn What They Get

One of the reasons you shouldn’t buy your kid a car is because they need to learn how to earn what they get. Part of your job as a parent is to teach your kids responsibility.

Of course, you should provide for their basic needs, such as housing, clothes, food, etc. But giving them everything they want in life is not going to teach them to appreciate what they are given.

You could argue that they will have to pay for the gas and any repairs but not the actual car. Even with those financial responsibilities, it may not be enough to teach your kids that they get what they earn for themselves.

There is a saying that if you “give a man a fish you feed him for a day but if you teach a man to fish you feed him for a lifetime”. Applying it to this situation means giving your kid a car isn’t the best thing you can do for them.

2. They Need to Learn Patience

Depending on the type of car your child wants, saving up money for it will take some time. However, in doing so, she will have learned a valuable lesson. Hopefully, that patience will continue throughout her life so she doesn’t get into the habit of buying things on credit before she can truly afford them.

As an adult, I’ve had to wait for many things that I wanted until I could afford them. My husband and I didn’t even buy our first house until we were in our early 40s.

3. Buying Their Own Car Could Help Them Build Credit

Even though it’s preferable that kids save to buy their own car, some argue that a loan could work to their advantage when buying their own car. If they are responsible for making their payments on time, it can help them build their credit for future purchases.

Putting your kid in debt at a young age isn’t necessarily the ideal situation. For one thing, you will probably have to co-sign the loan. But perhaps it’s a better option than buying your kid a car and paying for it yourself.

4. They Shouldn’t Expect the Best

Many kids now expect that they will have the same standard of living their parents have while they are still quite young. These kids don’t realize that their parents have been working 10, 20, 30 years to earn the standard of living they currently experience.

When I started out on my own, I struggled, as many of us have. When I moved out, most of my furniture came from garage sales. Most of my clothes came from second-hand stores. Most of my early cars were beaters.

Photo by Steady Hand Co. on Unsplash

One of the things I remember most vividly about reading Michelle Obama’s biography, Becoming, is that Barrack Obama had a car in college that had a hole in the floorboard of the passenger seat. Michelle Obama wrote about keeping her feet far from the hole and seeing the pavement rushing past. Clearly, I had a similar experience with my dad’s El Camino, and many of you reading might have also experienced driving a beater car because it was cheap.

5. They May Not Take Care of It

Another one of the reasons you shouldn’t buy your kid a car is because many teens are not good at taking care of their stuff. If yours is one of them, do you really think it’s a good idea to spend thousands on a car for them?

Before shelling out a ton of money on a vehicle, consider whether or not your kid is ready to take responsibility for the car. Talk to them about changing the oil, filters, wiper blades, and other regular maintenance.

If it is clear your kid expects you to pay for repairs and give them gas money, you can certainly say no to the car.

6. Is it the Best Use of Your Money?

Buying your kid a car may not be the best use of your money. This is just one more reason you shouldn’t buy your kid a car.

For instance, you might be able to take the money and invest it for your future retirement. Or, pay down debt instead of buying your kid a car.

7. It May Cause Them to Study Less

If your child is given a car, it may lead him to feel like he is free to come and go as he chooses. This is especially true if you have not given him strict rules on when he should be home at night.

With too much freedom, your teen may spend less time on the things she should be doing, such as studying. This could cause her grades to drop and threaten her ability to get into a good college.

So, what do you think? Should you buy your kid a car?

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4 Tips to Save on Car Insurance for Teens

May 15, 2019 | Leave a Comment

Kid’s ain’t cheap, and it gets worse as they get older. Nothing hits harder than when your child learns to drive, and when they are ready for college. For me, adding my child to my car insurance was filled with “my baby is growing up” emotions stabbing my heart and “how on earth are we going to afford this” on repeat through my head. They are normal, but you’ll need to find ways to tackle these thoughts. Here are some ways I learned to save some extra cash on car insurance for teens.

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