How to Teach Foster Teen About Financial Responsibility? |
Posted: July 30, 2016 |
It is very likely that the foster children don’t know the art of managing money. Being parents, it is your responsibility to teach them the financial responsibility in order to live a better life. Teaching your foster child about the financial responsibility is one of the valuable principles you can teach to them. You should talk to your children about budgeting, saving and taking good financial decisions. Budgeting and Saving It is important to teach your foster teen about the idea of budgeting and savings. He may have been spending frequently in order to survive. Therefore, it is important to teach him about the benefits of budgeting and saving and how it will help in the long run. He needs to leave his previous habits understanding the ethic of life once he is under your foster care. His present habit will have a direct impact on the future affecting his growth as an individual. The habit of savings is important so that he can obtain whatever he needs in the future. Being parents, you need to teach your foster children about the principles of budgeting and financial responsibility. The fostering children in Bromley don’t know about the advantages of benefits owing to their irregular routine. Good Financial Decision For the proper budgeting and savings, it is important for the foster children to understand the perks of making a good financial decision. The foster children know about the struggle and hard work in life and what it takes to earn money. Parents need to ensure that their children are helping them in household work taking the complete responsibility. If you are giving foster child allowance, give him for a specific duration so that he does not spend it in a hurry. Teach them how he can manage money to make a wiser financial decision. If the foster child is old enough, try to get him a job which is the best learning experience for him. The fostering services in Bromley teach the children about prioritizing his financial needs so that he can spend on basic necessities of life. These practices will make the child disciplined so that he grows up a true gentleman. Beware Identity Threats It is not a good idea to give a credit card to your children. Sit with them explaining the pros and cons of it. Being young, they are unaware of the traps which may crop up. For a foster child, credit card means free money which is not the reality. As parents, you need to teach them that credit cards are a form of borrowing and debt. If he is not using the card properly, it may end in financial instability owing to fluctuating interest rates. Teach him not to use the credit card for buying anything and everything. It is important for him to learn the financial responsibility. Foster children may also have to face the risk of identity thefts due to the involvement of abundant paperwork which consists of sensitive information. Certain laws are made by the government to resolve the identity threats. In order to ensure that your child does not become a victim of identity theft, the foster carers in UK can consult their caseworker about all the information. The children must be taught about the financial responsibility so that they grow up to be better individuals. Once the foster child has grown up, it is important for him to learn these principles in life for a better future.
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