- Inflation is prompting families to rethink their household budgets.
- We developed an allowance plan that teaches our two teenagers about budgeting and family finances.
- For instance, allowance is given weekly but not tied to chores.
Inflation over the last couple of years has a lot of people rethinking how they manage their household budgets. This is no different in our family of four, which includes two teenagers.
As our daughters, aged 13 and 14, grew older and neared high school, my spouse and I knew that their financial demands would grow as well. For instance, we could see their fashion needs were getting more expensive, and their entertainment requirements had outgrown Chuck E. Cheese. This presents a particular challenge when we are also trying to tighten the budget to deal with rising prices.
To fit the needs and wants of two teenagers into our family budget, we first came up with a new plan for their allowance in 2022 that encouraged good habits. The next step was to get them involved in the family finances to teach them about budgeting and the importance of being smart about money.
Since we adjusted the family finances, we have seen patience grow in terms of saving money and waiting to see if a purchase is truly necessary. We have also seen them become more interested in budgeting and smarter with money.
Here are several ways that we budget around two teenagers and teach them about money at the same time.
