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6 Tips to Help Your Teen Manage Money
6 Tips to Help Your Teen Manage MoneyIn the not-too-far-off future, your teen may be living on their own, managing their own finances, and coping withpossible money struggles. So how can you help them build good habits to do that well? Here are 6 tips thatmight help.One: Be a role model. Teach your teen about paying bills, saving, and spending responsibly. Share with themhow you make choices and manage your own expenses—and how that’s not always easy.Talk about the costs of everyday living, like house payments or rent and things like gas and food.Two: Make sure they have their own money to manage. Encourage your teen to earn money by doing choresat home or for neighbors or by getting a part-time job if they’re old enough. Let them make their own choicesabout how they spend that money.Give them the freedom to learn important lessons, like buying something that they soon find has no value tothem.Three: Teach them to compare when shopping. Show your teen how to find deals and shop around. Let themdecide if they’d rather buy one name-brand piece of clothing or a few less expensive pieces. Use online appsto set alerts that let you know when certain items go on sale.Four: Teach your teen to budget and track their spending on things like food, phone costs, clothes, andtransportation. Talk about the difference between money for things they need—necessities— and "fun" money.Find apps, computer programs, or spreadsheets to help set a budget and also track their actual spending andsaving.Five: Encourage saving. Teach your teen to put a certain amount of money into a savings account each weekor month. They might save for a larger purchase, for college, for donating to a good cause, or for other goals.Online apps can be a great way to help them stay motivated and track their progress when saving for a biggergoal.Six: Talk about responsible use of credit. Teach them the importance of good credit and good credit scores.Make sure they know how interest works and the advantages of paying off debt. Use real dollar amounts toshow them how much more they'll pay overtime if they buy something on credit.So, 6 tips. Be a role model. Make sure they have their own money. Teach them to compare when shopping.Teach them to budget. Encourage saving. And talk about responsible use of credit.Teaching teens about money can have long-term benefits. When you invest in their financial freedom, youinvest in yours too.This program is for informational purposes only. Publisher disclaims all guarantees regarding the accuracy, completeness,or suitability of this video for medical decision making. For all health related issues please contact your healthcare provider.© The Wellness Network
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