The Guide To Getting Your Teen Interested In Personal Finance
This article has been written to teach people how to get teens interested in personal finance. Nevertheless, before beginning this article, it's important that you know that a lot of patience will be needed as well as 30 minutes of your time on a weekly basis.
The best way to start to get your teens talking about personal finance is to gain their attention and lead by example by applying everything that you are trying to teach them in your own life. You may want to consider getting your teenager a pre-paid debit card or either an active checking account. If you decide to use the credit card, you should set the limit extremely low, around a hundred to two hundred dollars.
After doing this, you should make it clear to your teen that money doesn't simply grow on trees and that by giving them such a responsibility is a huge risk for you. You should make sure that they fully understand that there could be consequences for not being financially responsible with their money.
The third step in discussing personal finance for teens is to explain all of the basic mathematics that are required in order to properly maintain the account. Then see how they are able to make this financial responsibility work. If your teenager is successful in avoiding financial problems, then you be congratulated for watching over him. However, if they unexpectedly run out of money, you should take time to explain to them the reasons why this occurred.
If this was all the result of an unfortunate mistake, a one-off thing or a situation where you have forgotten to transfer the allowance, then you should verify the problem and make sure it doesn't occur again. You should continue explaining the situation again and again if accounting problems persist.
The fourth step in discussing personal finance for teens is to follow up with their account each week and keep constant track of their expenses online. With today's banking system, you will be able to monitor each and every transaction within minutes of their purchase; you may even receive email alerts through some banks.
If deserved, the fifth step in discussing personal finance for teens is going to be to reward their progress. As you surely already know, money management is a terrific tool for young adults to have, so you should continually push your teenager to learn a variety of different finance related topics each month.
In the event that you are ready to set-up an account like this for your teenager to see how he or she manages their personal finances, your local bank may be able to set you up with a debit card for free, and they will automatically transfer the pre-determined amount of funds into the account on the dates that you require. Be sure to take advantage of their electronic banking system and free services, especially those that you are familiar with.
Also be sure to keep the credit or debit account at a really low balance, because teenagers have a tendency to misplace things, so you really don't want someone spending all of your hard-earned cash attempting an experiment on your teenager's personal finance.
The best way to start to get your teens talking about personal finance is to gain their attention and lead by example by applying everything that you are trying to teach them in your own life. You may want to consider getting your teenager a pre-paid debit card or either an active checking account. If you decide to use the credit card, you should set the limit extremely low, around a hundred to two hundred dollars.
After doing this, you should make it clear to your teen that money doesn't simply grow on trees and that by giving them such a responsibility is a huge risk for you. You should make sure that they fully understand that there could be consequences for not being financially responsible with their money.
The third step in discussing personal finance for teens is to explain all of the basic mathematics that are required in order to properly maintain the account. Then see how they are able to make this financial responsibility work. If your teenager is successful in avoiding financial problems, then you be congratulated for watching over him. However, if they unexpectedly run out of money, you should take time to explain to them the reasons why this occurred.
If this was all the result of an unfortunate mistake, a one-off thing or a situation where you have forgotten to transfer the allowance, then you should verify the problem and make sure it doesn't occur again. You should continue explaining the situation again and again if accounting problems persist.
The fourth step in discussing personal finance for teens is to follow up with their account each week and keep constant track of their expenses online. With today's banking system, you will be able to monitor each and every transaction within minutes of their purchase; you may even receive email alerts through some banks.
If deserved, the fifth step in discussing personal finance for teens is going to be to reward their progress. As you surely already know, money management is a terrific tool for young adults to have, so you should continually push your teenager to learn a variety of different finance related topics each month.
In the event that you are ready to set-up an account like this for your teenager to see how he or she manages their personal finances, your local bank may be able to set you up with a debit card for free, and they will automatically transfer the pre-determined amount of funds into the account on the dates that you require. Be sure to take advantage of their electronic banking system and free services, especially those that you are familiar with.
Also be sure to keep the credit or debit account at a really low balance, because teenagers have a tendency to misplace things, so you really don't want someone spending all of your hard-earned cash attempting an experiment on your teenager's personal finance.
About the Author:
Jenni Snook is the main author of http://www.HealthyWealthySoul.com, a website dedicated to providing individuals advice and resources on personal finance for teens to have both financial and spiritual happiness in their lives.
posted by Debt Consolidation Loan at
12:45 PM
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