• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
  • Pinterest
  • Twitter
  • Facebook
  • Instagram
Home Jobs by MOM

Home Jobs by MOM

Insights. Ideas. Improvements.

  • Lifestyle Insights
  • Business Ideas
    • Online Tools for Bloggers
  • Improving Family Life
  • Contact

Financial Lessons to Teach Teens Before College

You are here: Home / Family / Teenage Years / Financial Lessons to Teach Teens Before College

THIS WEBSITE USES AFFILIATE LINKS WHICH MEANS WE RECEIVE COMPENSATION IF YOU PURCHASE A PRODUCT THROUGH THEM. VISIT OUR DISCLOSURE PAGE FOR MORE INFORMATION.

March 12, 2018 by Home Jobs By Mom
Pin57
Tweet
Share35
92 Shares

teens, teen, teenagers, money skills, financial management

Money management skills aren't likely to be a priority for teens. Economics and personal finance classes are only required in 20 percent of all U.S. high schools. This means teaching these skills is a parental responsibility second only to food, clothing, and shelter. It's critical for you to play a role in raising financially literate adults.

Teach Teens to Be Credit Smart

Be cautious when giving teens credit cards. Consider sharing a credit card or auto loan with them. Use them to explain how credit works and how interest can grow and make purchases increasingly expensive over time.

Help them realize this can take a huge bite out of money they may be trying to save for the future. Encourage teens to do with less and be thrifty to achieve saving for goals. Help them understand how credit scores work and their impact on qualifying for loans in the future. 

Set Teens Up with Their Own Back Account

Start high schoolers out with a special teen checking account that gives them independence with supervision. As a joint account holder, parents maintain complete access.

At the same time, let your teens monitor the account with their phone or by going online. Add allowances or money they earn and let them use a debit card linked to the account. Viewing transactions will help them begin to develop a sense of budgeting. 

Teach Budgeting Skills



Rather than buying clothes, a tank of gas, and other basics for teens allot an amount of money each month or so and give them the responsibility of making it last until the next “payday.” Help them explore online budgeting tools and other ways to create spending plans and stay on track. Realizing some money is for a certain purpose goes a long way in teaching them to resist impulse buying. 

Teens that don't already have jobs are often encouraged to do so when managing their own bank accounts. Create a mindset for saving by having them add a savings account. Encourage them to pay themselves first by determining how much money they will need and when. If they have a big purchase in mind guide them in setting a goal for working toward it with savings. 

Teach Teens Economics of Higher Education

The latest student debt survey shows that the average college graduate owed around $37,172 in student loan debt. As teens plan for college, guide them into not incurring more debt than they will reasonably be able to pay off in the future. Help them crunch the numbers and explore options such as refinancing student loans with lower interest rates. Look for lenders that give options according to loan terms and eligible degrees.

Teens can and should be expected to participate in financing their education. Talk with them about their options for schooling. Make it clear that they will at least work and earn money to help with some expenses like clothing and entertainment. Guidance counselors can provide information about scholarships, grants, and student loans. 

Teaching teens to manage money wisely is invaluable to them as they phase into adulthood. Teaching money smarts today can prevent them from becoming breeding grounds for debt as young adults.

teens, teen, teenagers, money skills, financial management

3/12/18 Thank goodness…the rain has finally subsided! Looking forward to more beautiful sunny days like this 🙂

Related Posts:

  • Having-the-Right-Credit-Score-To-Make-the-Right-Moves 1
    Having the Right Credit Score To Make the Right Moves
  • How to Help Your Children With Their Future Aspirations
    How to Help Your Children With Their Future Aspirations
  • school, kids, children, learning
    5 Things You Learned in School That Your Kid Will Not
  • 3 Tips to Financially Aid Your Child
    3 Tips to Financially Aid Your Child
  • money goals, money saving tips, money management, money saving, budgeting money, money tips, money ideas
    Money Goals You Should Reach By 30
  • Financial Success Starts Here: Money Lessons for Teens and Young Adults
    Financial Success Starts Here: Money Lessons for Teens and…
  • personal finances
    Financial Steps to Take in the Wake of the Coronavirus…
  • credit report
    What to Look for on Your Credit Report
Pin57
Tweet
Share35
92 Shares
Category: Family, Teenage YearsTag: teen

About Home Jobs By Mom

Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.

Previous Post:windows, window replacements, replacing windows, home renovationsA Surprisingly Important Renovation You May Have Forgotten
Next Post:2 Creative Ways to Enter the Healthcare IndustryCreative Ways to Enter the Healthcare Industry

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sidebar

Welcome!

Get a look into a mom’s inkling into this crazy thing called life.

Read More

Recent Posts

  • Unveiling the Secrets: How Hot Sleepers Can Finally Keep Their Cool
  • 6 Tips To Improve Your Confidence In Virtual Meetings
  • How to Increase Productivity in Your Remote Workforce
  • Why Is Reading Important? 10 Reasons to Develop This Skill
  • How To Locate the Best AC Repair Service
  • The Role of Mathematics in IB Chemistry: Key Skills and Problem-Solving Strategies
  • Stay Fortified This Fall With @SuperiorSource Giveaway (Ends 10/25) @thestuffofsuccess
  • 6 Tips for Choosing the Best E-Liquid Flavor
  • How Delta 9 Can Elevate Your Lifestyle
  • 7 Tips for Picking the Best Delta 8 Carts for YOU

Stay Fortified This Fall With @SuperiorSource Giveaway (Ends 10/25) @thestuffofsuccess

@SuperiorSource ‘Stay Fortified This Fall Season’ Giveaway (Ends 10/23) @PinkNinjaBlogg @DeliciouslySavv

@PeachSkinSheets ‘Getting Cozy For Fall’ Giveaway (Ends 10/31)

ULTIMATE #BusyBaby Bundle Giveaway (Ends 10/31)

Keika Naturals Skincare Giveaway (Ends 10/15)

@MomentAtHome Candles Fall Giveaway (Ends 10/27) @DeliciouslySavv

$150 Amazon eGift Card or PayPal Cash Giveaway (Ends 10/15) #FallGiveaway @Versatileer

Monster High The Movie DVD Giveaway (Ends 9/22) @PinkNinjaBlogg @DeliciouslySavv @ParamountPictures

Enter More Giveaways!

Free Download

“Every day is another chance to get stronger, to eat better, to live healthier, and to be the best version of you.”

Productivity-Planner-Preview
Download the FREE Colorable Productivity Planner to get your life more organized. Sign up as a newsletter insider today!
Be a Better You!

  • Unveiling the Secrets: How Hot Sleepers Can Finally Keep Their Cool
  • 6 Tips To Improve Your Confidence In Virtual Meetings
  • How to Increase Productivity in Your Remote Workforce
  • Why Is Reading Important? 10 Reasons to Develop This Skill
  • How To Locate the Best AC Repair Service
  • About Home Jobs By Mom
  • Terms & Privacy
  • Contact
  • Pinterest
  • Twitter
  • Facebook
  • Instagram

Copyright © 2023 · Home Jobs by MOM · All Rights Reserved

This website uses affiliate links which means we receive compensation if you purchase a product through them. Visit our disclosure page for more information.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT