Many parents want to shield their children from financial worries. But talking about family finances and learning practical money skills help kids become financially responsible adults. To get the discussion started in your family, ask everyone in your household to fill out this inventory. Then compare answers during a family meeting (see “Hold a Family Financial Summit”).
Expenses (Circle Answers)
| Who Should Pay? |
| Clothes | Parents | Teens | Both/share |
| Cell phone bill | Parents | Teens | Both/share |
| Gifts for friends | Parents | Teens | Both/share |
| Spending money/entertainment | Parents | Teens | Both/share |
| Extras (iPod, new cell phone, texting, downloads, etc.) | Parents | Teens | Both/share |
Sources of Income (Circle Answers)
| Should Your Teens Have the Following? |
| Job | Yes | No | |
| Hours per week | Fewer than 10 | 10-20 | More than 20 |
| Allowance | Yes | No | |
| Amount per week | $5 | $10 | Based on child's age |
Financial Decisions
(Circle Answers) | How Should Your Teens Spend Their/Your Money? |
| Birthday/holiday money | All in the bank | Half in the bank | Spend as they want |
| Money from job | All in the bank | Half in the bank | Spend as they want |
| Money from allowance | All in the bank | Half in the bank | Spend as they want |
| Clothes shopping | Stores of their choice | Stores of my choice | Compromise |
| Allowed to spend money without permission? | Purchases under $10 | Purchases under $20 | Purchases under $50 |