7 Things Your Teen Should Pay For

In this episode of It’s Not About Money, Matt and Charla dive into a key topic for parents of teens—helping kids develop financial responsibility by contributing to their own expenses. While some parents might hesitate at the idea, Charla explains how strategic financial contributions help teens learn valuable money lessons before adulthood.

Matt and Charla break down the big three expenses where teens should have skin in the game: school wardrobes, car expenses, and cell phones. These high-cost items are often a source of tension in families, but by involving teens in financial decisions, parents can teach budgeting, trade-offs, and personal responsibility.

Key Topics Covered:

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2. School Wardrobe: Giving Teens Control Over Clothing Budgets
   
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   • Teens care deeply about their personal style, making clothing a great way to introduce budgeting.
     
   • Instead of parents acting as unlimited ATMs, give your teen a set amount of money for clothes each season.
     
   • Let them decide how to allocate their budget—if they want expensive shoes, they’ll have to compromise elsewhere.
     
   • Using a gift card for shopping trips reinforces the reality of limited funds. When the money runs out, they must adjust their choices.
     
   
   
   
3. Car Expenses: Teaching the Cost of Driving
   
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   • While families approach car ownership differently, having teens contribute to gas and insurance builds responsibility.
     
   • The more they drive, the more they pay—helping them connect behavior with financial consequences.
     
   • Teens who can’t work full-time can contribute in other ways, like running family errands in exchange for gas money.
     
   • Accidents and reckless driving impact insurance rates. Matt and Charla share how their kids learned this lesson the hard way.
     
   
   
   
4. Cell Phones: Why Teens Should Help Pay
   
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   • A phone is a necessity for safety and communication, but extras like unlimited data or the latest device should be their responsibility.
     
   • If a teen wants a better plan, more data, or a new phone, they should cover the cost difference.
     
   • Broken screens, lost phones, and upgrades should come out of their own money— teaching them to take better care of their belongings.
     
   • Charla shares a hilarious real-life story about how her son learned (the hard way) that removing his phone case was a bad idea!
     
   
   
   

Call to Action:

Get the Full List! Matt and Charla only covered three of the seven key expenses teens should contribute to. Grab the full list in this episode’s show notes or visit the blog for details.

Join the Conversation! What expenses do your teens contribute to? Have you seen any lessons stick? Share your experience in the comments or on social media!

Connect With Us:

Read more on Charla’s blog: Beyond Personal Finance

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