As an adult, you get what you work for....not what you wish for

In our area, it is homecoming season.  My daughter has been looking forward to the next several days ever since she got in my car at the end of the last homecoming dance and realized she had to wait 365 for another chance to dress up and dance until she drops.

While your son or daughter may not be homecoming obsessed like my daughter, there is usually at least one major thing they look forward to each year.  These major events are the perfect opportunity to help your child understand the cost of fun.

Many years ago, I had the privilege of watching some first-class parenting from people I have never even met. In the spring of 2007, my husband needed help with some heavy-duty landscaping projects.  He put the word out in our community and a teenager responded promptly.  My husband spoke with this young man and explained how tough and dirty the job would be.  The teen responded in a way that got my attention "Yes, sir. I understand.  My parents are making me pay for prom and I have a date.  I need all the money I can get!"

For two long and dirty weekends, this young man toiled away with the vision of how he would use the money he was earning.  This vision virtually eliminated the complaining and lack of effort as he made the connection between his efforts and his rewards.

This is our goal as parents. Not to spoil our teens by financing an amazing high school experience, but rather to teach them how to work to finance the future desire.

This fall, let me encourage you to look for the privileges your kids want and find ways to transfer the responsibility to them as well.  Even if they don't finance the entire cost, they need to have some skin in the game.

I have a list of projects your child can do around the house to finance his/her entertainment.  How much to pay?  That is tricky because it depends on the size and complexity of the job but I would suggest you estimate the time you expect the job to take and shoot to pay around $5 per hour for less strenuous jobs and around $10 per hour for the high effort jobs.

And it gets better, once your child shows some skill at the project(s) picked then he/she can easily offer their services around the neighborhood to earn more money.

IMPORTANT!!  You are paying for effort, not results. Remember, don't expect perfection.  You are teaching the process of working for a reward.  It is important to have standards, but make sure they are realistic.

Click the image to download the content.

What does your teen's financial future look like? 

Don't let them learn about money the hard way.  

I wrote Beyond Personal Finance to help my son avoid the hard lessons I learned in my 20s. 

My curriculum is a fun and interactive simulation of ages 22-42 using real adult choices and real adult budgets. 

In one semester, your teen will be transformed.  Come see.

Learn More

Not a subscriber?  I can fix that.

If you are not receiving my weekly content designed to help you raise responsible teens ready for the real world, I can help.  Click below to add your name to the list.