It might seem like just yesterday you brought your newborn babies home from the hospital, but now, they’re teenagers. This is an exciting time to be a parent, but it’s also one that comes with its own share of anxieties and uncertainties, one of the biggest of which is, money. Parenting teenagers can be expensive and you need to know how best to deal with it. Here are four thrifty ways to prepare yourself for teenagers.
Put Aside Money for College
If you weren’t already saving for your teen’s college, do so now. The price of higher education is getting, well, higher. You want to make sure that they are able to get through with as little to no debt as possible. When considering a pricey purchase, ask yourself if it’ll be worth additional debt for your teen.
Find Deals on Clothes
Teenagers go through rapid growth spurts. You could have your teens growing several inches in the space of a few months. This means they’ll out grow their clothes fairly quickly, particularly their pants. In order to make sure you aren’t spending too much money on clothes, you should find special deals.
Look online and at in-store ads for savings. You can also utilize thrift shops that will be a blessing to your wallet.
Teach Defensive Driving
Obtaining a driver’s license is a rite of passage that most teens look forward to. However, it can create anxiety for parents, who worry about the dangers of novice drivers on the road. In order to put these fears at bay, you should teach your teens how to drive as safely as possible. Make sure they know all about defensive driving, from proper lane changing and merging to following the speed limit and driving and hazardous conditions.
This way, you won’t have to worry about paying for car repairs and insurance hikes. Every teenager makes mistakes, but mistakes behind the wheel are expensive – especially if they involve alcohol. If your child ever gets a DWI, they will suffer severe consequences. Lawyer Thomas A Corletta reminds us that for instance in New York if convicted of DWI, you will:
So, it’s much easier on your family, and your finances, to simply teach your child early to avoid situations like that.
Have an Emergency Fund
In case things go awry and you need money to get by, you should be prepared. Make sure that you’re saving your paychecks on a regular basis. There should be a separate savings account that you keep your money in that accumulates interest. You want to be able to provide for your teenager and your family as a whole.
We hope this has given you a great idea for how to prepare yourself for teenagers. By following these tips, you can ensure solid finances for you and your whole family.
You might also like:
- Budget Bash: Throw Your Holiday Parties for Less
- How Young Families Can Move Past the Living Paycheck-to-Paycheck Phase
- Frugal Living 101
- Frugal Finances: 5 Ways to Save Money on Home Bills
- How to Coupon the Modern High-Tech Way
- 4 Tips For Finding Deals On Everyday Necessities
- 6 Tips For Saving Money On Your New Favorite Outfit
- More Tips on Frugal Living
