Teenagers spend the majority of their time on social media, and what do they see on social media? They see other people posting about their brand new cars, fashion trends, electronic devices, and more! So, it is no surprise that teenagers will want what others have. This is where you the parent, guardian, or mentor come into place. Teach them the real value of money.
Contentment begins within the heart. Let your teenager recognize that their little Honda (even though not the latest car on the block) can take you from point A to point B.
And you could still throw a memorable birthday celebration without having to empty out your savings account.
Get them started early.
Open up a youth savings account when they’re little and by the time they are teenagers, they will have a basic knowledge of having a bank account.
Then move onto a checking account, depending on how responsible they prove to be.
Introduce them to the idea of saving for college. There’s no time just like the gift to have your teenager begin saving for college. Do they plan on working a summer season activity? Perfect!
Take a portion of that (or greater) and toss it in a college savings account. Teach them to stay away from student loans, and to look for other options to pay for college.
If scholarships are not available then working a part time job can help them pay for college.
Teach them about the danger of misusing credit cards. As soon as your child turns 18, they’ll get hounded via credit card gives—especially when they’re in college.
If you haven’t taught them why debt is a terrible idea, they’ll end up destroying their credit. Don’t forget, it’s up to you to determine the proper time you’ll teach them these standards.
Teach them all about compound interests and how they can end up paying triple the value of the item they bought.
Help them think of ways to make money. If they want money, then school breaks are the perfect time to teach them how to earn some.
Assist them discover a task. Even better, assist them become entrepreneurs! Once they start earning some money, teach them about budgeting.
Now is the time to get your them in the habit of budgeting—regardless of how little money they make.
Give them the tools they need to have a debt free future and the knowledge on how to save money for large purchases.