Raising teens
Most young people and their families experience some ups and downs during the early teen years. The child in your care needs you now more than ever, even if it isn’t obvious in the way they behave. The compassion you show and the way you advocate for your teen in these first few years at high school and in their community are hugely important. It helps restore their optimism and pride, and gives them the strength and self-belief they need to think differently about their future.
Earning, spending and saving money
In the teen years, kids typically have money in their pocket – and want to spend it. Having your own money, and saving for something you really want, are things that help teenagers prepare for life as an adult.
Organise pocket money
Many families match pocket money to the age of the child, so a 13-year-old gets $13 a week and so on. Pocket money should be covered by your care allowance. To kick-start the saving habit, encourage kids to pick something to save for (like a concert or a video game). Help them work out a savings plan that will get them to their goal. Carers with other kids at home should make sure that everyone gets pocket money according to the same scale, and everyone has the same guidelines for how they spend and save.
Set some limits
For some kids, having access to large amounts of money might increase their risk of getting into trouble, including buying drugs, alcohol or cigarettes. You might want to set a limit on how much money they can access.
Let kids make mistakes
Letting your child manage their own money, within the guidelines you have set, is a confidence booster and shows you trust them. If you think your teen is doing something silly, like buying a product that is overpriced or poor quality, tell them what you think but don’t stop them and don’t offer to replace the money wasted. The best way to learn about money is to make mistakes.
Be clear about lending and borrowing
Most adults borrow money at some stage, either from friends, family or from a financial institution. Teach teens a few rules around lending and borrowing money. It’s always better not to borrow if you can avoid it, but if you do, you must be responsible about paying it back on time. The rules are the same whether your child borrows from you or from friends.
Explain the cost of technology
Many teens own and use devices such as smartphones and laptops. Have a conversation about the value of these items, and who will cover the costs of phone calls, data, shopping and in-app purchases.
Set up a bank account
Teens can save money in a personal bank account. Setting up an account may require identification documents such as a birth certificate. Caseworkers can help you and your teen access those documents.
Develop a Leaving Care Plan
Caseworkers will develop a Leaving Care Plan for your child after they turn 15, even if they are staying on in your home. It provides a focus for caseworkers and carers to consider whether the teen has the living skills they need for life as an independent adult, including managing money, looking after their health and wellbeing, and achieving education and employment goals.