Teens And Money: Do They Go Together? - OhBoyMom

Teens And Money: Do They Go Together?

March 18, 2013 in Teenagers

Kiboo Logo, courtesy of Kiboo

“Mom, can I have $20?” my 13-year old dude asked me the other day.

“What for?” I asked.

“I want to go for pizza on my way home from school today with my friends.”

“And you need $20 for that?”

By the end of the negotiation, I gave my son $5.

My two teenagers have no concept of money, how to save it, how to manage it, how to spend it. My husband and I officially sound like our parents when we ask our boys if they think money grows on trees. They know they’ve never had to work for it (yet) and although we don’t give them the impression that we have an endless supply of it, we’ve apparently made them think that they can simply ask for it and it will appear.

We want to change that attitude. We want them to be smarter about money, even if they aren’t earning it quite yet. We want them to know that when they put a crumpled up $20 bill in their pocket and it goes through the laundry and ends up as lint, that they need to earn that back somehow.

We’ve tried assigning them chores around the house and if they are completed, they will earn a weekly allowance. That worked for one kid for a little while, but not the other, who does not spend as much time at the pizza place as his brother.

So, we need a new plan.

Kiboo to the rescue!

Kiboo is a wonderful resource that improves how you save, spend and even provides a Parent Dashboard to see how each family member has been using their money. It’s all pretty simple. By using the Kiboo Card you — or your teen — can track spending and save for the things they really want. Everything you spend automatically goes into a budget, so you can see where your money is going. Also, ¬†if your teen MUST have that iPhone 5, he or she uses the Kiboo Goals tool. Kiboo will guide your teen by telling them how much to save over a given timeframe and then “lock-away” the savings so he doesn’t actually spend it on that pizza place he frequents so much. He can even ask ¬†family and friends to “chip in” towards his savings goal, utilizing a feature that is going to be introduced soon.

Kiboo is truly a teaching tool for the whole family. Although we are a few years away from sending our oldest son to college, we are becoming increasingly concerned about the rising school tuitions and costs associated with a child going away to college. Kiboo offers a money library of articles that anyone can access. These articles are written to help guide families with financial decisions they may face throughout their life, such as shopping decisions and the big one for us — college.

One of the best parts of Kiboo is that it’s impossible to spend more than you have on your Kiboo Card. So, your teen can’t go “oops!” I accidentally spent all my money and then some on candy!

Finally, there’s a way we can reinforce good spending and saving habits in real-life situations for our boys so that they will realize that is actually an oak tree rather than a money tree growing in our backyard.

* This post was sponsored by Kiboo. All opinions are my own.

 

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{ 23 comments… read them below or add one }

Janine Huldie March 18, 2013 at 11:28 am

Sounds like an awesome App and so something that I could use with the girls when they get older. Will have to remember this when the time comes. Thanks for sharing Emily!!

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Jessica Smock March 18, 2013 at 11:35 am

That’s an amazing idea! Schools should definitely be teaching kids more about basic financial skills. But this is a way that kids could really get into it.

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ohboymom March 18, 2013 at 5:31 pm

I agree – schools should definitely be on board with teaching kids about financial skills. My parents had to teach me how to balance a checkbook.

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Kristi Campbell March 18, 2013 at 3:07 pm

Wow, I’ve never heard of Kibbo but how cool. And love the line about it being an oak tree in your back yard rather than a money tree. I think I started babysitting when I was 11 and then was a golf caddy at 15. That’s a really fun job, actually (especially for a 15 year old girl because all of the other caddies were boys). Thanks for sharing!
Oh and can I have $20?

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ohboymom March 18, 2013 at 5:32 pm

How cool that you were a caddy! One of my sons is a big golfer and I’m trying to convince him to be a caddy one summer. That way I won’t have to give him money off the imaginary tree. :)

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Cyndi March 18, 2013 at 5:03 pm

Cool! I’ll have to look at that…when this here Little Miss Freelancer had a more steady income. It’s incredibly hard to plan, but I definitely try to spread out earnings over the months…you know, instead of spending all your earnings in one month, lol. Cool about the sponsorship, too.
Thank you also – so much – for your words of support these last couple of days. I meant it when I said those quotes were wonderful – I look to quotes a lot for inspiration. Guess I’m wired that way. I’m so glad to have “met” you. :)

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ohboymom March 18, 2013 at 5:35 pm

The feeling is likewise (about meeting you) and not weird at all about the quotes…they’ve been folded up in my filofax for over 10 years, maybe longer I forget — that’s how much they mean to me! Also, and yes Kiboo is great for adults too, especially for those of us (ahem, me) who have trouble budgeting their money.

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Ruchira March 18, 2013 at 7:47 pm

bless APPs cause what would man do without them, Emily.

This Kiboo sounds good. Will keep it in mind to present it to my son when he is a teen, cause money does not grow on trees is my fav dialogue in my house :)

Great post!

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ohboymom March 18, 2013 at 9:39 pm

Glad to hear we’re not the only ones who preach the “money does not grow on trees” mantra! :)

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Hope March 18, 2013 at 9:36 pm

Now Kiboo sounds like the app to have. My kids are 3 and 6 and they are already hitting me up for money. Gotta change behaviors now. Great post. Thanks for stopping by my blog. I’m looking forward to following you also.

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ohboymom March 18, 2013 at 9:41 pm

I agree, if you can change your kids’ behavior now about money – the sooner the better! Thanks for stopping by as well and for reading/commenting!

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Mommyproof March 18, 2013 at 10:07 pm

wow, very cool app – so glad to learn about it. We’re at least a few years away from teaching our son about money but it’s definitely something I think about often, esp. since my husband and I grew up with families who viewed money quite differently (from each other :) Thanks for the tip and keep us posted on how it goes! xox

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ohboymom March 18, 2013 at 10:21 pm

I think it’s common to come from different backgrounds in regards to money and how to manage it so yes, I think this would be a good tool to get everyone on the same page for the family finances.

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Rich Rumple March 19, 2013 at 1:24 am

My father taught me a lesson I’ll never forget. If you don’t work, you don’t get any money. I started mowing lawns when I was in the 7th grade. Then, I was a lifeguard. Then, I worked in a grocery store until I got out of high school. So, I went to school, then to basketball or football practice, then to work for a couple of hours a night and weekends. That was the only way I could pay for my car insurance and car needs. The first time I learned how to save money was when I was saving up for an engagement ring for my high school sweetheart. By then, I was working at a Westinghouse factory while going to my first year of college. Life is never easy was the lesson I learned. I vowed it would be different for my kids. Yet, when the time came, I pushed them in getting a job. The oldest one learned well. The youngest still can’t keep a job to this day. Sometimes you win, and sometimes … Maybe Kiboo will work for you. Good luck!

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ohboymom March 19, 2013 at 4:08 pm

Your dad sounds like he was a smart guy. I think kids who work, whether they actually need the money or not, learn valuable lessons, even if they also make life a bit harder.

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Melanie Chisnall March 19, 2013 at 3:47 am

This looks like a great programme for kids (and adults!) to plan and budget for things. My brother actually asked me to help him budget yesterday as he’s looking at moving out and into his own place. Kiboo looks like an easy to use and very user friendly option. Great review, Emily!

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Amy March 19, 2013 at 4:16 pm

This sounds so cool! We really struggle with this with my teen daughter. The goal setting would help her too. She would have asked for a $20 to go for pizza too. :) I’ll have to check this out!

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ohboymom March 19, 2013 at 5:42 pm

Glad it’s not just my boys who have this issue. :)

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Julie DeNeen March 19, 2013 at 4:35 pm

That sounds like a cool app – though I would shudder to think how much it would cost to get all three of my kids the iphone 5. :)

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ohboymom March 19, 2013 at 5:41 pm

I don’t recommend getting them the iPhone 5 anytime soon! I was just in the Apple store today trying to repair my son’s laptop — a very expensive day! (which I’ll likely blog about at a later date).

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Elisabeth Donati at Camp Millionaire March 20, 2013 at 8:34 pm

This is exactly why I’ve been teaching financial education in camps since 2002! Kids aren’t learning about money and investing in school and most parents don’t have a clue how to teach them either.

Kids have to get lots of practice…the right kind of practice…with money but not just with spending it or saving it to spend. They must get lessons early on about saving it for investing purposes…i.e., for when we’re old and don’t want to work anymore.

Also, in all of our programs, we teach kids that they can EARN money and they can MAKE money. Earning is what most kids are taught…trading their time and energy for money, which making money is putting your money to work for you to make more money. And the earlier you do that, the better.

My mom always said it’s hard to teach your own kids about money. Send them to camp instead and make sure their teachers know you want them taught about money and investing in math class. If enough parents in every school united with this demand, it might actually get done!

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ohboymom March 20, 2013 at 8:51 pm

Thanks so much for commenting. I will definitely check out your site and your financial education camps!

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Elisabeth Donati at Camp Millionaire March 20, 2013 at 8:58 pm

Thanks! I’ve been at it for awhile now and love helping parents make sure their kids know at least the basics.

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