Forget The Baby Budget, Are You Saving For Their Teen Years?

2018-06-26T13:34:10+00:00

When it comes to having children, a budget is a priority for most of us. During discussions about parenting styles and practicalities, money is bound to come up. While it may not be enough to stop us starting a family as such, the majority of couples shuffle and save for the event. After all, having a baby in itself is expensive. Then there are nappies and baby grows. And, that’s before you consider money set aside for your child in later life.

But, when we’re planning for a baby, we actually tend to be quite short-sighted about money. And, that makes sense. After all, you can often only take these things one step at a time. But, as you budgeted for the baby years, you might want to set money aside for the tempestuous teens, too. Here are just three of the reasons why.

The nasty surprises

You’ve been a teenager yourself, and there’s every chance you surprised your parents with a few expensive shocks. We all do it. Whether it’s racking up an insane bill on our cell phones, or using the emergency credit card to buy pizzas; this is all part of growing up. But, these costs can sting you without warning. Sure, you can withhold your teen’s allowance, or get them to pay you back in chores. But, that doesn’t help with the initial payment of that nasty bill. Instead, you need money in the bank. And, the only way to ensure that is to have savings set aside for just such an eventuality.

The legal fees

Admittedly, this isn’t as much of a universal issue. Not every teenager gets into trouble with the law. But, there’s no denying that some do. Whether due to peer pressure or acting out, teens often do silly things, including graffiti and underage drinking. And, if they get caught by the wrong people, you’ll need to fork out for a juvenile defense lawyer like those from Khonsari Law Group. And, you can bet the best defense isn’t going to come cheap. Yet, having this money will be the difference between moving on from a blip, or having it impact your teen’s life. If there was ever an incentive to get saving, this should be it.

The cost of the social life

It’s also worth noting teens have the most active social lives of us all. They’re finally able to go out without mum and dad. They don’t have to hang out with family friends or cousins anymore. They can choose who they see and why. And, you can bet they’ll suddenly want to go out with this new ‘group’ all the time. Again, we all do this in the teen years. It’s natural, but it’s expensive. While this doesn’t have the urgency of other points, you may still need to fork out money last-minute. Do you want to be the reason your teen can’t go to a music concert with their friends? No. So, save like your teen depends on it.

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