FOUR TIPS TO TEACH YOUR TEENS ABOUT MONEY
Your teens may not have bills or a mortgage to pay (yet). But if they have a job, now’s the perfect time to save some cash and learn about money. Teach your teens with these four financial tips.
First, how much are they earning?
Start here: how much is your teen earning? Not just paychecks from jobs or allowances, but also money from birthdays or holidays. Teach your teen to add it up
Second, how much are they spending?
What are the must-haves your teen has to pay? Maybe a monthly cell phone bill or gas? Total these costs to build a baseline.
Third, how much do they actually make?
Your teen now knows what they earn and what they have to pay for...what does he have left? Subtract Step 2 from Step 1 - this tells them how much they have left to save or spend on...whatever.
Finally, how can they be smarter with their money?
So even if your teen does Steps 1 - 3 perfectly, they may discover they’re still overspending. No worries, happens to us all. So now teach your teen how they can either cut expenses (carpool) or boost income (side jobs) - or both - to have more money each month.
Does your teen have a place to keep their money? That’s where we come in. Check out our variety of personal banking options for checking and saving!