Budgeting sounds as boring as it is, but that doesn’t mean it’s not essential. This is especially true for teens. While they might fight tooth and nail, it’s a skill that they will need for the rest of their lives. But just because budgeting is notoriously tedious doesn’t mean you can’t make it fun. That said, how can you make budgeting not such for teens?
If you’re trying to prepare your teen for the real world with budgeting, then you need to be prepared. No teenager is going to be interested in the ‘typical’ ways of budgeting. Instead, it’s time to get creative with these must-know tips and tricks to make budgeting not suck for teens.
Go With a Budgeting App
It’s the 21st century, and almost everything is done online, whether it’s on a computer, smartphone, or tablet. And while understanding how to budget with an actual budget book and pen is an important skill, it’s not something most teens will want to learn about.
Instead of expecting teens to go the paper and pen route, try setting them up with a Qube Money budgeting app for teens instead. They’re looking at their phones all day and night anyway – why not make it easy for them to budget in between their social media checks. Heck, if you use Qube you could be like this guy and save $4,000 in a month!
Oher apps like Greenlight, FamZoo, and Mint are all wonderful tools to help teens budget efficiently (HuffPost).
Spruce It Up With Colors
Just one look at the plain, boring budgeting book is enough to send anyone into a deep sleep. So how can you make budgeting a bit more fun right off the bat? Consider swapping out the typical black and white budgeting in exchange for colorful, bright options.
Start by finding an exciting budget book that matches your teen’s personality and style. Then, find spreadsheets that are equally as enticing. When you’re ready to start budgeting, put out some fun colors, highlighters, or gel pens. The key here is to make the book a work of art rather than a book of plain-old finances (Funding Cloud Nine).
Set Up a Rewards System
Whether you’re a child, teen, or adult, everyone enjoys rewards. That is why a reward system is highly suggested when teaching teens about budgeting.
Have your teen pick a reward or treat that they can look forward to. This could be something small, like a new video game, or something larger like a trip to the beach for the day. Whatever they decide, make sure they are picking something that is truly going to encourage them to get the budgeting done.
Don’t forget to tell teens to add the reward to their budget, though. It needs to be something they can actually afford. Plus, adding something ‘fun’ to the budget will be more interesting than the same old.
Once they have selected a unique-to-them reward, have them choose clear conditions for receiving the prize. For example, they should come in right on budget for a month straight or under budget once a month.
Play Budgeting Games
In this day and age, everything is done online. And plenty of educational things are turned into fun learning games to encourage kids. The same is true for budgeting. Yes, you read that correctly. There are plenty of fun budgeting games that get the point across without ‘sucking.’
The top three budgeting games for teens include:
Payback
The unique thing about Payback is that it’s more than just a budgeting game. This cool game also helps teens think about how they can succeed in college without spending an arm and a leg on student debt. It encourages a balance between academics, work, and social activities while in college, which is highly beneficial to teens of all ages.
Spent
For teens, it’s hard to understand how money plays a role in life. Most teens aren’t worried about paying the rent or utility bills, and their biggest concern is date night and their clothes (and not buying an expensive vacuum). That’s why Spent is such a wonderful option for teaching kids budgeting. It teaches kids how living paycheck to paycheck can be incredibly tough, encouraging kids to do ‘better.’
Money Magic
If you’re just looking for the basics, then Money Magic is an excellent option. Money magic is known for teaching basic budgeting that all teens should know and understand thoroughly. The point of the game is to encourage teens to balance their wants and long-term goals, creating a successful budget in a fun and interactive manner (Edutopia).
Understand Different Circumstances
When it comes to budgeting, not everyone’s circumstances are the same. Teaching teens how other lifestyles do their budgeting can be a major eye-opener. Plus, learning about the different budgets can be a whole lot of fun, too.
To help teens understand different circumstances, have them ‘walk in someone else’s shoes for a week’. To do this, have the teens research other groups and their budget needs. For example, one teen might be a single parent while another could be married. Have their situations different, including things like student loans, house payments, and more.
Have teens come up with a budget for their specific circumstances. If you can, have multiple teens join in on the fun. They can compare and contrast their budgets. This not only helps to teach empathy but encourages teens to make the right choices for financial success (We Are Teachers). You might also help them set a goal to purchase a large item such as a new hunting rifle or maybe it is their first car. Having the understanding that savings can have a purpose may go a long way in helping them understand the need to know how to budget.
Give Your Money Some Fun Names
Sometimes, when it comes to budgeting, the simplest things can make it more fun. If you’re looking to add some pizazz to the boring budget book, then why not consider having your teen give their money some fun names?
Think of it this way: a savings account sounds a bit ‘professional,’ which can be off-putting for a teenager. Instead, have teens change the name to Car Fund’ or ‘Spring Break Fund. This way, they will have a reason for adding money to these specific accounts, and it will become cooler and personalized (Refinery 29).
Stay Current With the News
When it comes to making budgeting not suck for teens, it’s electronics to the rescue once more. Staying current with the latest news is valuable for many reasons, but did you know that it can help teach teens to budget, too?
New policies and taxes have a direct impact on a teen’s budget. So, staying up-to-date with the latest news is important for their budgeting.
Now, this doesn’t exactly read as ‘fun’ right away. Think beyond taxes and policies. While these have an impact, have them check out some of the changes to things they love. For example, electronic devices and cars may go up in price due to the new changes (Metro Parent).
Be Positive
Budgeting might have boring connotations, but the mindset is everything. Get your teen excited about budgeting by sharing with them why it is so important. Be a good example about your budgeting, too.
Final Thoughts
It’s no secret that plenty of teens think that budgeting sucks. It’s boring and something that only ‘adults’ should be doing. But, even though they might fight it at first, budgeting is a must-know tool that will help them to be successful in life. That’s why it is very important to teach budgeting, but the best way to do it is to make it not ‘suck.”
There are plenty of ways to make budgeting not suck for teens, and no one knows your teen better than you. So, whether you opt to go the colorful budget book route or the app route, you can rest assured you will find great ways to teach and encourage budgeting without the groans and mumbles.
