One great way to teach your teens about financial responsibility is to lead by example. Here are 5 simple ways to set a good example when it comes to money management. Not only will your teen be learning from you, but you may also find you have more money in your pocket at the end!
1. Consider The Costs:
As we rush around town between work, picking the kids up from school, and running errands, we are often grabbing things on the go. It may not seem like a big deal to spend $2-$3 here and $10-$15 there, but these items can add up fast! If your teen sees you buying coffee and food everyday, chances are they will develop these same expensive habits. Try packing snacks and brewing your own coffee at home. Don’t forget to strike up a conversation on how much you can save by making these simple changes.Read more
Thanks to the good folks at FinAid.org, it’s easy to estimate how much it will cost for your child to attend college.
Using their “College Cost Projector” tool, select either 4 year or 2 year, enter this year’s costs (4-yr costs listed below) and then enter how many years your child has until enrollment.Read more
Welcome to Financial Literacy Month!
Surprising Fact: Did you know that parents say it’s easier to talk to their kids about drugs and alcohol than about family finances?**
This handy chart from Jackie Weitzberg at Money MindEd Learning includes 5 steps parents should consider when gearing up for those tricky money conversations.Read more
And the verdict is. . . that it is a great idea, saves money, saves time and simplifies life!
The fine folks at Digitwirl tried out our BillMyParents SpendSmart MasterCard and put together a great video review with all the reasons why it’s a “perfect solution” for families with teens. (Digitwirl is the weekly web show that tests – then shares – tech products, gadgets, apps and sites that bring value to and help simplify busy lives.)
Check it out – we couldn’t have said it better!
Fewer than 1 in 5 surveyed teens think they are very well prepared for their financial futures. Ouch!
However, 82% of BillMyParents SpendSmart MasterCard card holders reported learning MORE about money and financial topics in the last year.
How much money do parents say their teens spend per week? How many teens know how to budget?
Learn answers to these questions and other interesting tidbits about Teens & Money in our illuminating infographic below.
1. Get an early start.
It is important for parents to get their children comfortable with managing their own money while they are young. This includes identifying needs versus wants, and learning how to set and manage budgets – as well as how to track their own spending. The sooner parents give their children a chance to manage money, the sooner they can begin to instill important skills and responsible behaviors that last a lifetime.
2. Discuss spending decisions immediately.
While teaching teens how to set goals and manage budgets is important, it’s just as important for parents to teach day-to-day spending management. Teens are bombarded with marketing messages and peer pressure – these potential pitfalls only increase as they get older. Addressing spending decisions in real-time allows parents to reinforce smart spending habits while memories are fresh.Read more
Did you know that 75% of teens* say a top priority is to learn more about money management specifics, including budgeting, saving and investing?
How can you get a handle on preparing your teens to be financially successful adults, and what should you discuss in these important conversations?
While there are a number of methods and suggested best practices on how to help your son/daughter manage their money during their teenaged years, we believe that there are FIVE “Must-know, can’t overlook principles” teens need to learn in order to improve their money management skills.
Our new, FREE eBook outlines these five main principles, and is also loaded with other tips to help with teen money management. It’s a great tool to jumpstart or revitalize those key money conversations that should be taking place now, before your teens enter adulthood.
Download it here for FREE.
The Five Principles we’ve identified that teens need to learn include:
1. Proper Planning
2. Careful Budgeting
3. Prudent Saving
4. Smarter Spending
Learn all the details on each of these principles and more, in the full FREE eBook!
*2011 Charles Schwab Teens & Money Survey
BillMyParents CEO Michael R. McCoy explains how prepaid debit cards help parents teach kids how to use plastic responsibly.