Money Management Tips For Teens

    Published: 06-16-2009
    Views: 217,775
    Monique O’Grady with Capital One Bank provides tips for how to discuss spending and saving with your teen.

    Female Speaker: Throughout the school year a common question that occurs nightly at the dinner table is, what did you learn today? The answers are typically the same math, science, history, but what about money, the way we finance things as adult is often based on the relationships we had with money during our childhood. Many teens look to their parents for financial guidance, yet according to a recent Capital One survey of parents and teens less then half of teens have actually work with their parents to develop a budget for spending and saving money. Whether theyre starting a new school year or a new job or the holiday season is just around the corner there is no time like the present to talk to your kids about wants versus needs, saving, budgeting, using credit wisely and other money management habits that will last a lifetime.

    Here are few ways to get started, make school or holiday shopping a family affair, sit down together and make a list of what your teen already has what they need and how much you can afford. Agree on a budget, consider having your team contribute money to purchasing clothes supplies and other necessities, ones you establish a budget stick to it.

    Comparison shop, research prices together, encourage your teen to look at prices online to see how they fit with their budget before you head to the store. Set goals; talk with your teen about setting a savings goal, then the next time your teen gets a windfall from a gift allowance or job help them to save toward that goal. Share the day to day experiences of managing money. Teach your kids how to write checks balance of budget and pay monthly bills. By taking time to discuss spending saving and budgets you can help your team save money now and point them in the right direction for a successful financial future.