Most teenagers don’t enjoy thinking about finances. It’s a big scary word that they’ve heard their parents mention in passing. But now that your teen will soon be on their own and probably off to college, it’s a good time to discuss money and how to earn it, save it, and spend it wisely.
Many teens earn money by working part-time jobs such as babysitting or bagging groceries. Another option to consider is a paid internship. It’s a great way to earn while gaining real-world work experience. Click here for more about high school internships and to search for opportunities.
Once your teen is working, help them set up a bank account. They will watch their money grow with each deposit and feel accomplished while doing it. If your teen uses their account wisely, they’ll be surprised at how much they save in just a few months.
When it comes to spending money, teenagers can go a bit crazy. Before college is the perfect time to teach and reinforce how to spend money wisely. Encourage your teen to save by only shopping for necessities and cooking at home instead of eating out. Small spending changes can make a big difference, and having a few extra bucks in their pockets on a rainy day in college can be satisfying.
Learning the value of a dollar is essential for everyone. Senior year in high school is a great time to begin learning and applying solid financial skills. Without this knowledge, your teen could end up on a ramen noodle diet and will wish they had listened to those money tips from mom and dad.
If you’d like more guidance with helping your teen on their post-high school journey, schedule a complimentary strategy session with me. I’m happy to help!