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If you have a teenager who will soon be graduating, you’ll want to help them get ready to go out into the world, whether to work or go off to college. You will want to consider a few things to help them prepare — like skills they should know, including basic personal finance and daily living considerations.
If you are the parent of a teenager that is getting ready to head out into the world, you are likely to have a lot of concerns and questions. You may need reassurance that your teenager is as well prepared as possible.
Your questions may be about everything from having auto insurance for a student living away from home to your teen’s financial knowledge and responsibility, primary health care, and eating habits.
Basic Financial Skills
It’s important to teach children about money by helping them navigate the basics with your supervision before they leave home. Your teenager should be able to start managing their earnings early, whether it’s money they earned on a part-time job or from doing chores for your home or neighbors.
You can have them complete age-appropriate chores as they grow and encourage them to earn outside the home as they get older. Paying your child for helping with household chores fosters a sense of responsibility and creates a relationship between what they make and what they accomplish.
Set Up Bank Accounts
When your kids are little, a piggy bank is appropriate. You should help them set up a bank account or two as they grow. Savings and checking accounts are great tools to help teach money management.
After the accounts are established, you can use some time to discuss their goals and transactions once a month. Sit down with them, help them reconcile the account, and have them save a portion regularly.
This monthly time together is also an excellent opportunity to discuss setting long-term goals.
Budgeting Skills
Teach your teen how to create a basic budget, to set aside money to save, spend and give. Make a habit of this with your child. This way, thinking about money is a good foundation for financial success and avoiding falling into overspending and debt.
Money management should also include learning about investing and saving for retirement. Teaching an early habit of saving at least 10% of income will serve your teenager well for life.
Also, be sure they understand the basics of credit scores, how credit cards work, how insurance works, and how compound interest works. Finally, point out that credit scores affect their ability to buy a car or home and may affect their employability.
Basic Cooking Skills
Before your teen goes out on their own, they should have the ability to plan a grocery shopping list, create a meal plan, good shopping strategies, and prepare some basic meals.
Teaching these skills will help ensure they eat well and do not overspend on take-out meals and snacks.
Kitchen skills should include making tea and coffee, following a recipe, handling meats and produce properly, and basic baking. Meal planning, grocery shopping, and cooking with your kids a few times a month can help build skills over time.
They should know the correct way to handle a knife and how to snack on healthy and budget-friendly things. In addition, they should know how to measure ingredients correctly.
Basic House Cleaning and Laundry Skills
Caring for their clothing is essential to know. Be sure your teenager understands the uses for laundry products and the difference between washing jeans, wool, and whites. Explain the use of stain removers and fabric softeners.
Let them do their laundry at home to be sure they understand how. Start with a load or two of dirty laundry and teach them how to put it through the washer and dryer. Folding and putting away is also an excellent way to reinforce the process.
Teach your child how to do basic sewing, like replacing a button, mending a small tear, or repairing a seam.
Vehicle Maintenance
If your child drives — especially if they have a car of their own — they need to understand basic upkeep and maintenance for the vehicle. For example, getting an oil change is extremely important to keep a car in good condition.
Other everyday things related to a car that your teenager should know are jump-starting a dead battery, replacing the windshield wipers, checking the tire pressure, and adding air.
Your child should know how to change a tire, handle a blowout, and what to do when the check engine or other warning light comes on. They should also be aware of how long an accident stays on their record.
Managing Time and Stress
Your teenager will be very busy and have a lot of new experiences. No doubt, they will experience stress too. However, they should understand that eating well, getting physical exercise, and getting enough sleep affect all aspects of their lives.
Ideally, they understand signs of stress and have developed good coping skills. However, they may not be paying much attention as they try to juggle new responsibilities, jobs, studying, and social life. Cutting out meals, not sleeping well, or not sleeping enough can lead to more stress.
They may become short-tempered, irritable, or argue more. Stress can cause people to isolate themselves or sleep more than usual. They may begin neglecting their job or studies, procrastinating, or just seeming overwhelmed.
Other signs of problems may be changes in eating habits or just physically being ill. They may not be getting enough physical exercise or taking any breaks from their responsibilities.
It’s essential to make your child aware of these signs of stress and know how to ask for help.
Mental Health
Teach your children that it’s ok to ask for help when feeling overwhelmed. They should understand the importance of setting priorities and taking time for themselves. Having some quiet time or walking or going to the gym is ok.
Writing about their feelings, goals, and frustrations can be an essential tool for keeping things in perspective. Be a good role model for managing your stress and prioritizing your responsibilities and interests.
Keep the lines of communication open with your kids. Encourage them to care for themselves and reach out when they feel the need. Be a role model for healthy coping skills by managing your time and taking care of yourself.
Talk with your teenager about media literacy and how to limit screen time and verify information seen online.
Life Preparations for Your Teen
The world can be a scary place when you’re on your own. It’s even more frightening when you are unprepared for what it may throw at you.
Though you can’t prepare your teen for every challenge they may face while away from home, you can help them learn basic life skills that will benefit them for the rest of their lives. Financial knowledge, cooking and cleaning, and the importance of mental health will all help your teen better succeed in life on their own.
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Alexandra Arcand writes and researches for the auto insurance comparison site, AutoInsurance.org. She is a lifestyle and finance expert who enjoys educating her readers on the best ways to successfully plan for the future.
