Money Management

The disorganization that results from ADHD and the compulsive behaviour that is characteristic of OCD can make money management a challenge for teenagers with TS/TS+.

Some of the skills of money management may need to be taught specifically. It is far easier - and possibly cheaper in the long run - to teach these skills while your teenager is still at home. If he/she leaves home without the know-how to manage money, the costs of failing at this skill can be expensive. If you have co-signed or guaranteed any of your child's expenses, it could be expensive for you as well.

Here are some signs that may indicate your teenager needs to learn money management:

  • Impulsive spending. The teenager goes to the mall to buy a T-shirt and comes home with a new cell phone, three sweatshirts, a pair of the latest running shoes.. and no T-shirt.
  • Obsessive spending. The teenager decides that he/she has to buy something, and no argument against buying the item will persuade him/her does not need it. This type of spending can also show up when the teenager has to buy multiple variations of an item. For example, your teenager likes pocketknives and has to buy every different type of knife he/she sees.
  • Hoarding. The teenager needs to have the latest fashions or the latest gadgets. Often girls will purchase the latest fashion item in multiple colours whether they plan to wear the items or not. A teenager may purchase multiple magazine subscriptions even though he/she never plans on reading them.
  • Overspending. The teenager buys more than he/she can afford. He/she may borrow money from friends and family members, or may bounce cheques.
  • Failing to plan for expenses. The teenager constantly needs money to pay for fees or commitments he/she was unaware of in advance.
  • Procrastinating. The teenager doesn't follow through with paying fees or other expenses even if he/she has the money available. He may not file his tax return if he/she has a job, even if it means he/she will get money back.

The very least that a teenager should have is an understanding of money. He/she should understand the concept of balancing income and expenses. The old logic applies; if you don't have money, you cannot spend it! If your teenager has trouble with these concepts additional support and education may be necessary in order for the teen to move to independence.
© Copyright 2012 Tourette Syndrome Foundation of Canada. All rights reserved.
tf: 1 (800) 361-3120   ::   ph: (905) 673-2255   ::   fx: (905) 673-2638