Money management for SN teens?

[Anonymous]

Our 16 year old DS, dx Asperger's (yes, back when that was a thing) and inattentive ADHD, has been routinely overdrawing his bank account by using his debit card for gaming and computer parts. I know we are several years late to teach him money management, but honestly, the other challenges he has seemed much higher priority over the years.

I would like to work with him on this over the summer, but I don't really have a financial plan other than putting money into savings and retirement accounts. Really, the whole family could probably use a course in personal finance, since DH's abysmal financial decisions have had major repercussions.

Any advice for how to go about this? I have heard good things about Dave Ramsey, so I guess I could start by researching his program. Just wanted to get more insights.

TIA

[Anonymous]

Money management is one of the known difficulties with adhd folks. I would just give him cash.

[Anonymous]

I would set up his account so that if there is not enough funds, the transaction is denied.

[Anonymous]

Read the Mommy Dollars stuff on the blog Miser Mom. She set up a practice system. The key is lots of practice and gradually increasing the complexity.

[Anonymous]

My son is 18 and works full time. We are working on money management now. I have his ATM card so he can't withdraw money without me giving him the card. If he's in a particularly impulsive time, I just give him cash and transfer the money to my account. Whenever he spends money, he has to text me.

Right now we are working on two things: knowing how he spends money and saving for car insurance and his share of his college expenses. We are also spending a lot of time discussing things like how you avoid getting in debt, the concept of interest on credit cards, etc.

Personally I can't see the point of saving for retirement at this point. He needs to learn to save for car repairs, car insurance and college expenses. I also don't see that I can teach savings just for savings with no goal at this point. He's just too new at money management.

[Anonymous]

I'd suggest a withdrawal limit as well as a money management app like:
https://www.dailyworth.com/best-budgeting-apps-and-spending-trackers

Consider sitting down with your kid on a monthly basis and review budgeting how tos--model the behavior. Get them practicing filling out a shopping list and buying groceries. A lot of skills related to budgeting are related to executive functioning and hard for kids to pick up without visuals and practice.

[Anonymous]

My kid is younger, but I have her put her money in an account I keep, and give her a statement every.month. She likes to save, so it is not much of a problem
Money app is good. You can use a website like mint.com to prepare a basic budget and.monitor whats in his account. Teach.to check often to keep tabs on his funds.

Mint.com is also useful formyou and DH.

[Anonymous]

Managing money is like keeping a clean house. You can encourage and teach them systems, but ultimately when they are adults whether they are neat or messy is not a result of your parenting.

[Anonymous]

Anonymous wrote:Managing money is like keeping a clean house. You can encourage and teach them systems, but ultimately when they are adults whether they are neat or messy is not a result of your parenting.

Well, yes and no. You need to actually model the behavior and teach them systems.

If your child isn't able to handle finances at all then get them on a waitlist for SSI and and a group home so they have something when you're no longer around.