5 Ways To Teach Your Teen About Personal Finance
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Money matters. Teach your kids about money at a young age. Start with these
5 Ways To Teach Your Teen About Personal Finance.
Anthony and I have always been advocates of teaching our kids the value of money at a young age. It’s the one topic that we have always been on the same page about in our parenting journey. Teaching children young about the basics of finance will provide them with a good foundation when they get older. For our family, getting the kids involved in our family business was a great way to start. As the saying goes, “we start them young” here on our farm. When both Gabrielle and A.J. were small, we would give them simple chores and tasks here on our farm. In return, they would each get paid for their hard work. Now that they are each teenagers, they continue to work on our family farm and earn a real paycheck.
Over time, it seems that Anthony and I have raised a saver (Gabrielle) and a spender (AJ). A.J. is a horrible saver. This high schooler loves to keep up with the latest fashion and technology, often wanting to spend every cent of his paycheck. Here is a great solution to help our son’s spending dilemma. Greenlight, the smart debit card for kids , allows kids independence to spend their own money while the you retain control over where their money is spent and how much they have to spend in certain stores or types of retailers.
The Greenlight app is available for download on iOS and Android devices. Greenlight was made for children and built by parents. Unlike most debit cards, Greenlight supports kids of all ages. Helping your child create their own spending budget is one of the first steps in teaching them about financial independence. It offers a convenient automated allowance feature to ‘set it and forget it’ so your kids always receive their allowance on time, with no fees for you.
Greenlight costs just $4.99/mo per family, which includes cards for up to 5 children. It also offers zero-fee loading for parents transferring money into their Greenlight account. Take advantage of the completely risk-free 30-day trial to see if it is a good fit for your family and get a $20 deposit bonus when you sign up after the trial.
“Sign up for Greenlight before 9/30 and they’ll deposit a $20 bonus into your account after the 30-day free trial ends. *deposit bonus made approximately two weeks after free trial ends”
5 Ways To Teach Your Teen About Personal Finance
Show them how to use a checkbook. Even though we live in a digital world, a checkbook is still necessary financial too. Teach them how to write checks, use the check register and balance their checkbook.
Work Hard Play Hard (A.K.A. The first job) – Getting a job is a great way for your kids to learn responsibility and earn money while doing so. This is when they can learn how to allocate money from their paycheck for saving and spending.
Take a personal finance class in high school. My kids are lucky that taking a personal finance class at their high school is a requirement.
Teach them to set long-term financial goals. Setting financial goals helps them work towards saving to achieve something bigger like a car or even college.
Teach them the basics of investing and how to create a simple budget. Establishing basic budget is a good place to start with finance. Keep it simple. It doesn’t have to be anything elaborate. Use their allowance or paycheck to create a budget spreadsheet so they know how much money they have, how much they can invest or save and how much they can spend.
Have you taught your teen about personal finance? What helpful tips do you have that you can share?
