Good budgeting book for 14 y.o.?

[mrsklamc]

My nephew turned 14 today and finally is allowed to look at the long-awaited cell phone. He wanted an iphone with unlimited texting & data- which comes in at $75 a month, plus tax. The plan his mom & dad have from wal-mart is $45 a month. He told me the iphone 'wasn't that much more.' It's actually going to be quite a bit of the pay from his part time job, and he just has no clue.

Anyway, DH and I were reminded of an idea we heard once- buy a graduate a money book, with a note that they can have $100 when they read it and write a report. We are open to a similar idea in hopes of helping his money knowledge, but not sure what's right for his age.

 

[ConnieB]

My nephew turned 14 today and finally is allowed to look at the long-awaited cell phone. He wanted an iphone with unlimited texting & data- which comes in at $75 a month, plus tax. The plan his mom & dad have from wal-mart is $45 a month. He told me the iphone 'wasn't that much more.' It's actually going to be quite a bit of the pay from his part time job, and he just has no clue.

Anyway, DH and I were reminded of an idea we heard once- buy a graduate a money book, with a note that they can have $100 when they read it and write a report. We are open to a similar idea in hopes of helping his money knowledge, but not sure what's right for his age.

Remind him too that the plan he's looking at is probably for a two year committment. If he loses his job, or goes back to school and therefore isn't working, then how will he pay the bill? His parents will likely have to sign for him since he's under 18, so they'll be footing his bill. I believe that the Walmart cell phone has an unlimited talk/text option that is much less than $75...in fact it may be the $45 one his parents already have, lol.


As for a book...there are actually two that I can recommend...and oddly they both have the same name practically, but by different authors. "Money Doesn't Grow on Trees" by Neale Godfrey (same author has another book meant more for teens and young adults).....and the other is called "Money Doesn't Grow on Trees teaching your kids the value of a buck" or something similiar...author is Ellie Kay.

I hope these are helpful for him. My personal advice is to give these books to kids MUCH younger than teenage years.....I've given the original Neale Godfrey book to several parents as a part of a basket of goodies upon the birth of their child. By the time kids go off to school and have peer pressure to have to have the latest and greatest (like an iphone brand name rather than a web enabled no name phone that does the EXACT same things, lol). The lessons are good for some parents too, but as with any advice, if the kid/parent doesn't want to hear it then you're too late.

 

[ceecee]

Buying a book is one thing, getting him to read it is another. DD has a Tracfone and just bought Android phone LG, we have agreed to pay $10 a month (we paid $100 a year for Tracfone 1000 minutes and a one year card). This is Virgin and it's $25 a month for unlimited texting and 300 minutes. She's having a hard time with $15 a month!!! She doesn't have a job though, just earns $ from doing extra chores, etc.