Practice money concepts with your teen. Do they know the basics about the value of money and how you use money to pay for things? Different ways you can pay such as cash (much less popular now), Venmo, debit card, credit card, Apple Pay, etc.? This could be an Individualized Education Program (IEP) goal.

Think about strategies to teach your teen about money. Keep in mind your teen’s level of literal thinking, and whether they can transfer concepts from one thing to another.

Visual supports like pictures with words that explain a process or what to do step by step can be very helpful. The Milestones Visual Supports Tool Kit provides information, strategies and tips.

Start talking about the finances of daily life, a little at a time. Move to the next topic as they seem to grasp the previous one. For example:

• How much things cost.
• How you pay for things.
• How you save money for different purposes, for short and long term goals. For example, saving for a game versus a bike or a vacation trip versus a house or car.
• Earning income (money for working) is how people pay for things they need to live including where they live.
• People pay to either rent or own a home, and that different neighborhoods and parts of the country cost more.
• What typical household expenses are such as utilities (electric, gas, water, internet access).
• Groceries cost money and things like gourmet treats are very expensive while things like a box of pasta are inexpensive and this is how your family handles costs.
• Using credit cards and debit cards - understanding that you will owe the money, that it will be due in the next month, and security (keeping it safe). Keeping track of bank account so not overdrawn.
• Keeping sensible budget in mind when shopping online, avoiding temptation of buying unnecessary items.
• Consequences.

If any of these are a struggle, you can ask to include it in your teen’s Individualized Education Program (IEP). More information about IEPs are in this Education article in the Milestones Autism Planning (MAP) Tool.

Autistic people may have challenges with impulse control which affects their ability to keep to a budget and ensure bills are paid when they are adults. Examples of approaches to managing money given these issues are setting a spending budget, and setting up payments for routine bills like an auto loan or utilities so you don’t see the money as available in your account.

Ways to Practice the Skills

Go to the store to purchase something they want with money they’ve been saving. When somewhere like a zoo, museum or performance gift shop, talk about how buying a souvenir there is more expensive and may break. Explain how waiting and buying something less expensive that lasts longer can be more meaningful in the long run.

Teach the value of money and the difference between tangible and intangible, between a want and a need. For example, buying a new virtual outfit for their video game character or virtual coins versus a video game or anime they really want, or the ability to do an after school program they like. Use these types of discussions to learn what things really cost compared to the value they bring to you.

Your teen could make or buy a small gift for someone they love, or make a small donation to a cause that is important to them. Be sure that your child understands what is appropriate for them to buy and not buy as gifts for other people so they are not taken advantage of. There is a risk of exploitation for autistic teens and adults and it is important to start building that understanding early.

Playing with games from simple to more complex (ie Monopoly), depending on your teen’s interests and developmental stage, can reinforce concepts and provide practice.

Financial Planning Essential

If your child receives or might receive government benefits based on income limits, open an ABLE account, ABLE is a special savings account for people with disabilities that does not affect needs-based benefits such as Medicaid or Supplemental Security Income (SSI). It may have different names in different states, for example in Ohio it's called a STABLE account. There is more information about financial and government support in this article in the MAP.

Additional Resources

How Learning and Thinking Differences Can Make It Hard to Manage Money from Understood.org

Federal Deposit Insurance Corporation (FDIC) Money Smart for Young People