Hear the word “debt” and it is tempting to tune out. It hits too close to home. It feels so emotional, even depressing. Debt’s wrong, right? The mention of that four-letter-word always seems to kick off the “shame game”--a huge dose of bad feelings to swallow with the already bitter pill of your shortfall. But we all know someone whose life is currently affected by debt. That someone might even be you.
Your teen might think a budget for all their monthly expenses is limiting, but it will actually help them feel more freedom in the long run. And budgeting will help them save up for college while they’re still in high school and don’t have to pay a bunch of bills to pay.