We see headlines on a regular basis informing us of the huge budget deficit our country faces. The amount of debt is staggering. How do we even explain this to our teens when it is hard for us to understand it? The first step is to go back to basics and try to understand how one gets in debt.
Help your teen understand the importance of living within your budget. A common mistake many people make - and our country has made - is to live on credit. Developing a budget involves understanding costs, anticipating future needs, and preparing for those needs. You might be surprised at how little your teen understands about the basic cost of his everyday needs.
Start a budget with your teen related to his immediate needs. This is a good way to help him never have his own personal budget deficit in the future.
Dr. Debra
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