Teenagers and Money

• Encourage their interest in reading the newspaper (money/business section) or watching a program on one of the business channels.
  
• Introduce the concept of a job/working if they have time from their schooling (e.g., chores, mowing lawn for neighbors, to getting a part-time job after school).
  
• Introduce them to financial terms such as the stock market, IRAs, investing, etc.
  
• If you follow the stock market, teach them how to read a stock page. Help them follow news about companies that they like or recognize. Share with them how a business runs.
  
• Talk to them about what is entailed in paying for college.
  
• Teach them how to use a savings account; how to fill out a checkbook; how to responsibly use a credit card.
  
• Start preparing them to live on their own in college/leaving the nest (e.g., budgeting, getting a job, not going into debt, responsibly using a credit card, living with roommates, etc.).
  
• Parents can set an example by the way they handle money.
  
• For example, when kids are young, you do not have to buy them designer label outfits that are over-priced.
  
• Even if you have money at your disposable, do not send the message that the most expensive item is necessarily the best item or that it will buy them happiness. Your kids will not notice the label on the back of their shirt.
  
• Considering rewarding your children for their savings efforts by providing some kind of incentive program. You can match all or part of your kids’ savings.
  
• Talk openly about money with your children. Encourage them to ask questions.
  
• Children learn directly from watching their parents. Parents must walk-the-talk when it comes to managing their finances if they expect their kids to understand and appreciate the value of money, saving, and preparing for their financial future.
  
• Or, even consider taking a class on financial planning at your local community college or some other community venue that offers courses.
  
• Or, consider hiring a financial planner if you are in a position to do so and feel that they are in a position to really help you manage your money (do your research).