The Guide To Getting Your Teen Interested In Personal Finance
Personal finance is an important topic and it's vital to get teens talking about it, which is why this article has been written. However, before we get started with this discussion, please take into consideration that you are going to need lots and lots of patience, and at least thirty minutes you can spare each week.
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.
The second step in discussing personal finance for teens is to explain the fact that money doesn't grow on trees and that you are truly taking a substantial risk by even trusting them with this type of responsibility. You should make it clear that there could be serious consequences if they're not responsible financially.
The third step should involve you explaining all the mathematics involved in maintaining an account to your teen and seeing how this can work. If your teen is able to avoid financial problems, they you should congratulate yourself for a good job. On the other hand, if they encounter financial problems, you should take the time to talk to your teen and explain why experienced problems.
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 next step involves explaining to your teen that they must keep up with their account and keep track of their expenses via the Internet. With the Internet today, you can look at each transactions literally minutes after they've been realised.
Step 5 involves you giving your teen a reward if they have done a good job with their personal finance. You should continue to teach your teenager important money management tools every month.
It's possible that your local bank will allow you to obtain a debit card for free and allow you to transfer fixed amounts of funds in the account on chosen days. You should certainly take advantage of the existence of an electronic banking system and any free services that you are aware of.
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.
The second step in discussing personal finance for teens is to explain the fact that money doesn't grow on trees and that you are truly taking a substantial risk by even trusting them with this type of responsibility. You should make it clear that there could be serious consequences if they're not responsible financially.
The third step should involve you explaining all the mathematics involved in maintaining an account to your teen and seeing how this can work. If your teen is able to avoid financial problems, they you should congratulate yourself for a good job. On the other hand, if they encounter financial problems, you should take the time to talk to your teen and explain why experienced problems.
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 next step involves explaining to your teen that they must keep up with their account and keep track of their expenses via the Internet. With the Internet today, you can look at each transactions literally minutes after they've been realised.
Step 5 involves you giving your teen a reward if they have done a good job with their personal finance. You should continue to teach your teenager important money management tools every month.
It's possible that your local bank will allow you to obtain a debit card for free and allow you to transfer fixed amounts of funds in the account on chosen days. You should certainly take advantage of the existence of an electronic banking system and any free services that you are aware of.
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 chief reporter of http://www.HealthyWealthySoul.com, a website focused on giving individuals recommendations and tools on personal finance for teens to have both financial and spiritual happiness in their lives.
posted by Debt Consolidation Loan at
12:44 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home