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Supporting my teen and the economic downturn

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What the economic downturn means for parents and teens

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It is not a secret that credit cards are maxing out, banks are lowering credit card limits, and layoffs are happening. The projected economic downturn and family budget challenges are top of mind for many households.

According to American Psychological Association, economic stressors play a role in what parents can realistically pay for to support their teens with:

  • Mental Health
  • Academic Strategies
  • College and Career Prep
  • Self-Esteem and Confidence
  • Life-Skills
  • Stress Management
  • Desistance Strategies like tech addiction

“As a parent, I planned to schedule my adolescent for career/college coaching this summer, but our company has announced potential layoffs, and I am nervous about our family budget.”

This is entirely fair.

The World Economic Forum recently gave some tips and advice for families on bulletproofing family finances for a potential recession in 2023. The top 2 were:

  • Reign in expenses to squeeze out more for home
  • Look for side hustles or passive income opportunities

What are my options to still help my kiddo?

There are resources out there that are free and inexpensive, like podcasts and reading material. At MyTeenLifeCoach, we have created some options that are both free and very affordable, acting as a family coach for you to get the best bang for your buck:

  1. We know you would rather spend money on the kids than on yourself. So we have a free 1-hour webinar every month, allowing you to learn and then ask questions and discuss. This family coach experience is a safe space with no judgment and allows parents to be in the community with one another. You are not alone with teen challenges!
  2. We provide two 30-minute slots for first come, first serve open office hours every Friday. You can schedule these through our Calendly system. This is an offering free of charge for parents who cannot afford parent coaching for themselves, and take the form of a laser session.
  3. This summer, we are launching a summer intensive for teenagers at only $450! This coaching program is designed for rising high school sophomores, juniors, and seniors committed to building resilience to thrive in life, school, and work.
  4. The total program consists of 17.5 hours of resilience education and coaching over a period of 10 weeks in the following format:
    • Weekly 1:1 coaching sessions with the assigned coach – 30-45 minutes each
    • Weekly group coaching sessions – 60 minutes each – (maximum group participants 16)
    • The weekly group sessions will be Monday mornings from 11 am to 12 pm (1 hour) EST.

MyTeenLifeCoach is committed to meeting you where you are as a parent and teen. We also offer family coaching solutions, sensitive to the socio-economic dynamics that affect us all. If you have read this and have more questions, contact us at liezel.lane@myteenlifecoach.com.

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