Managing finances is a skill that most people lack. Money management is all about saving, spending, borrowing, and repaying the money responsibly. If not done wisely, it can affect your bank account and your future. It is vital to inculcate these habits during teenage. Planswell has suggested some significant and life-long money management skills for teenagers:

1. Encourage your child to make a budget of monthly expenses. It must include everything such as bus fare, outings, and food. A budgeting app would be of great help to him.

2. Give some money on his birthday and see how he spends it and saves it?

3. Help your child buy birthday and Christmas gifts for others. This way, he would learn to manage his budget and learn to appreciate the gifts he receives from others.

4. Instead of providing the pocket money directly, help your child earn it. If he wants to earn money by working outside the home, motivate him. He can perform tasks including taking care of the pet, babysitting, or cleaning the car.

5. If your child is earning, encourage him to open a savings account. Keep track of his utilization online and guide him constructively wherever he is going wrong.

In conclusion, money saved today can be utilized on rainy days. Encourage your child to save and spend wisely. If your child is experiencing any trouble managing the money, bring it to Planswell, providing financial management free of cost.