How to Teach Teens About FinancesShow your teen how a budget works,

Posted on:23/07/2014 By:admin

How to Teach Teens About Finances

Show your teen how a budget works, suggests money guru Dave Ramsey on his financial planning website. Stress the idea that budgets timberland roll top boots aren't a way to restrict spending, but rather a plan for your teen to follow. Show how budgeting for spending money and savings can help your teen know exactly where his timberland boots cheap money is going a valuable lesson for teens just starting to manage their own funds.

Make long and short term financial goals with your teen so he has a purpose for casque beats his money and understands savings. Both types of goals help motivate your teen to be smart with his money. Perhaps he saves up for a pair of shoes before the school year, but ecouteur beats he's also putting away 10 percent of his income for college.

Step 4

Open a bank account for your teen as soon as he starts earning his own money, either through casque beats studio an allowance or a part time job. Retain access to the bank account so you can see how your teen is spending, but allow him to choose his spending and saving techniques, within casque audio beats reason. The idea of managing a bank account can help teach him tools and habits that will benefit him as he transitions into adulthood.

Step 5

Be a good example casque sans fil for your teen. You can teach your teen solid financial principles, but if you don't follow them yourself, those principles will likely fall on deaf ears. Let your teen see ecouteurs beats you balance your checkbook, keep tabs on your accounts and budget your money, and he'll understand that money management is a daily habit that can lead to healthier finances.

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