We’re hopeful that your teen is one of the 15,000 who have been served by our Money Sense, Money Path, or Money Coach programs so far in the 2023-2024 academic year. As summer approaches, now is a good time to ensure your teen’s wallet doesn’t take a vacation from responsibility. The temptation to spend money impulsively can be greater during summertime, potentially derailing the money management habits they’ve worked to build during the school year. Here are five strategies to help your teen stay on track with budget and savings goals over the summer months.
1. Review and adjust goals and set a budget
Encourage your teen to revisit financial goals set during the school year. Are there any adjustments to be made for the summer months? Work with your teen to craft a budget that allows for summer fun without breaking the bank.
2. Encourage smart spending habits
Money can vanish faster than sunscreen on a sunny day. Remind your teen about the importance of making wise spending decisions. Encourage them to differentiate between needs and wants and to prioritize spending accordingly. Suggest strategies such as researching deals and discounts or waiting for sales.
3. Set limits on impulse spending
Even with smart spending habits in place, impulse spending can sneak up. Discuss the dangers of impulse spending and help your teen set limits. Consider implementing a “cooling-off period” for non-essential purchases, where they wait a certain amount of time before making a decision. Encourage them to think about whether a purchase aligns with their goals and values before pulling out their wallet.
4. Explore free or low-cost activities
Who says summer fun has to come with a hefty price tag? Help your teen find alternative ways to have fun without emptying their wallet. From picnics in the park to movie nights under the stars, there’s a world of budget-friendly activities waiting to be explored. Research free or low-cost activities in your area, such as outdoor concerts, community events, or DIY projects. Encourage them to get creative and think outside the box. Here’s Trip Advisor’s list of the best free things to do in Milwaukee.
5. Lead by example
Show your teen that being financially savvy doesn’t mean taking the fun out of life. Be a positive role model by demonstrating responsible money management habits. Involve them in family financial discussions and decision-making processes to help them understand the importance of budgeting, saving, and planning for the future.
Summer break is a time for relaxation and fun, but it’s also an opportunity to continue practicing the money management skills learned during the school year. By making clear goals, setting a budget, encouraging smart spending habits, and leading by example, you can help your teen stay on track and set them up for long-term success.
