The high cost of high tech teens

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Are your tech-hungry kids cutting into your paycheck? Here’s how to curb their appetite. I’m Lucas Wysocki with your personal finance minute.

As a parent, your dollars are stretched thin enough without kids running up phone bills, buying video games or carrying the latest gadgets. This tech trend can cost parents hundreds of dollars a month. The first thing a parent can do is nip the tech addiction in the bud by setting age or grade restrictions on what the children can have.

Let the child know the reasonable age for them to carry a cell phone, and stick to your plan. When you do get a cell phone for your child, clearly outline your usage expectations before the first bill comes in and diligently monitor how the phone is being used to avoid a $600 phone bill.

Finally, break the ‘everything is free’ mentality by making them pay for their extras. A $50 video game seems much more expensive when it’s coming out of an allowance. The secret is to stay in control; you’re the parent after all. For more money saving tips, visit I’m Lucas Wysocki.