If there is something your teen really wants, teach him that finding deals can be fun, Rabbi Shmuley says. Be sure he uses his allowance to save up for it, and teach him to look for sales, even online. "Show your kids that when they do want to make a purchase, that they should take time to research the best product and compare prices," he says. "This will help them become smarter, more prudent spenders later on."
Clothes are a huge part of any teenager's spending—especially when they grow 4 inches in a year, Rabbi Shmuley says. Receiving hand-me-downs from older siblings is an easy way to save money. "Encourage your older kids to buy more classic, high-quality clothes that their brothers or sisters can wear in a year or two," he says.
Vintage shopping and secondhand stores also are fun places for teenagers to shop. Take your girls to a great secondhand store to find unique pieces, he says. "These are often better quality and cost less than the brand new equivalent," he says. If your teen wants to purchase sporting equipment, a used sporting goods stores will help them save extra cash.
Help your teens become more spiritual. "Teach your kids to be less material and focus on the bigger picture of life," Rabbi Shmuley says. "Whether it's visiting a place of worship, regularly doing yoga or meditating or volunteering for a worthy cause, teens should make time to reflect on what is really important," he says. "If they do this regularly, it may help them become more focused on the important things in life and less on 'things' they think they need to acquire."Ask yourself these questions to make sure you're sending children the right messages about money.
Printed from Oprah.com on
© 2014 OWN, LLC. All Rights Reserved.