Issue link: https://fredparent.uberflip.com/i/1537069
30 Fredericksburg Parent and Family • July 2025 family money WRITTEN BY NIKKI DUCAS Why do teenagers think they have financial autonomy when they only have a couple of hundred dollars to their name? Most see their small earnings as enough to sustain their immediate desires but ultimately cannot grasp the intricacies of everyday expenses. While we do not share all the ins and outs of our house- hold finances with our teens, we do talk to them about how much we spend on our Internet and cell phone plans monthly, the amount we spent at the grocery store or warehouse club this week, and how much we budget for family entertainment – vacations, camps, conferences, and annual memberships to the amusement park and pool. Teaching them about the cost of everyday expenses and how we budget for family fun is important, so they do think about money. Our teens know how hard we work for our paychecks and how we instill the importance of family time. As parents, it is our responsibility to teach financial accountability and not over-provide while creat- ing a false sense of entitlement. Sadly, most teenagers allow social media to define what they should have or how they should dress, which creates an unrealistic lifestyle further creating a false perception of financial independence. Many teens get a summer job to get hands-on experience but since our summer is filled with vacations, camps and conferences, we have opted to pay our teens to wash our cars, mow the lawn and give them stipends for "voluntold" opportunities at the concession stand. In addition, they also get a small monthly allowance divided into catego- ries for spending, saving, giving, and investing to hopefully help them transition into the working world. Most high schoolers unfortunately are not given proper financial edu- cation and budgeting skills and that often leads to poor spending hab- its and lack of understanding about financial planning. My eldest took a personal finance class that opened his eyes to budgeting and saving. Parents can also visit the Consumer Financial Protection Bureau to help educate their teens about personal finance. With all that said, even if your teens still think they have financial autonomy with a couple hundred dollars to their name, it is our job as parents to have open and honest conversations with teens early and often about money to encourage saving and allow for healthy finan- cial spending boundaries. Talking about the good, the bad and the ugly aspects of money and challenging them to make smart financial decisions with that couple hundred dollars now can set them up for successful financial freedom as an adult. Teenager FINANCIAL Freedom?