Tips for Teens: How to Contribute to Family Needs During Tough Times

If your family is going through tough times
financially, consider ways you can contribute.

Asking your parent(s) to talk with you the family budget and being
willing to take some action to help is the first
step to gaining respect and to demonstrate
responsibility as a family member.

teen with cash

Cost?savings things that you can do to help with family expenditures are:

• Turn off lights, televisions, or other
electronics when not in use.

• Take shorter showers to cut down on …

Doing Things Together as a Family for Less

Doing Things Together as a Family
…for LE$$

Man and boy

Take advantage of local public resources:

• Spend time together at the park or local community festival.

• Go for hikes or bike rides.

• Go for a family picnic.

• Go swimming at the local pool, lake, ocean, or

• Take advantage of free programs offered by
the library, museums, and community bands
or orchestras, or other free community events.

• Check out books, music, and videos for free
from …

Adult Children Moving Home

Adult children move in with their parents for a number of reasons, including economic hardship. As this move will change the parents’ household expenses, adult children have a responsibility to contribute to the upkeep of the household. It is important to talk openly and honestly about money arrangements before the adult child moves home. Be as specific as possible and put the arrangement in writing for all parties involved.





Costs of Maintaining Household

What is the current monthly cost for …

Working Teens as Contributors to the Family

Many teens work for extra money but rarely are
their earnings used as a contribution to the
family’s economic wellbeing. Research of teen
employment reveals that costs for
transportation, clothing, and food away from
home actually increase with teen employment.
Involving teens in family problem?solving helps
teach them the reality of managing money and
distinguishing between needs and wants. Asking
teens to help with household expenses will need
to begin with an open sharing of a family budget,
income, and …

Having a Spending Plan is Critical

A spending plan or budget is a plan for spending and saving family resources to meet identified goals.

money and records

What is the type of expense?

• Fixed expenses occur on a predetermined
schedule and are for a set amount (such as a car
payment or rent).

• Variable or flexible expenses usually occur on a
predetermined schedule, but may change in
amount (such as a cell phone or utility bill).

• Discretionary expenses are ones that are
totally up to you …

When Prices Rise: Living on Your Income

image description

An increase in the price of goods and services can be traumatic. When you have to pay more for things like gasoline, food and health care, other difficulties may arise, especially if you are retired and/or are living on a fixed income. Realizing that your income does not go as far as it used to, even in covering the basics, can be alarming.

An increase in the price of one essential product may trigger an increase in the price of …

Financial Security: Managing Money in Tough Times

Man looking at camera, appears to be troubled

More Americans feel added stress and anxiety about their financial future as talk of rising consumer debt, falling housing prices, rising costs of living, and declining retail sales bring up worries about the nation’s economic health.

Money is often on the minds of most Americans. In fact, according to the American Psychological Association’s 2007 Stress in America survey, money and work are two of the top sources of stress for almost 75 percent of Americans. Add to the mix headlines …