The first step in educating your teenagers about finances is to create an open and honest relationship when it comes to money. Sit down and explain the importance of money management and ask them what steps they think they should take to get their finances in order. Discuss any questions or problems they have. Once trust is established, it leaves the door open for effective learning. -- Source: WJLA-TV (Arlington, VA)Help your teens set a budget and open a checking account. Teach them the importance of accurately managing his checkbook, and show them how to do it. If there is an educational seminar or workshop aimed at younger people, encourage your children to go, or better yet, go with them.
Laying the foundation now will help teenagers avoid some of the most common, and most costly, financial mistakes later in life. Equipping teens with a financial education will increase the likelihood that they will be able to resist the potentially debilitating effects of economic stress on young people.
Labels: parenting tips, money
Posted By: Aspen/CRC