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It isn’t easy teaching your teen about the important of finance, especially in this world of getting what you want now and paying for it later. For some teens, if he/she wants something, the belief is, he/she should get it.
Until your teen moves out on their own. Suddenly, he/she is hit smack in the face with the realities of daily living—and it’s not getting the next new iPod.
How can you prepare your teens before he/she steps out the door?
- Open a savings account. Teach her how to record and keep track of deposits and expenditures.
- Let your teen experience making money. Set aside some of what they make in a savings account. Decide the percentage to be saved together and stick to the plan. If they are old enough for part-time employment, insist that they get a job during the school year and work full-time during the summer.
- Don’t give your teen everything she wants. Let her work for some things she wants even if you have the money to buy it for her.
- Teach him the importance of planning ahead and saving for a rainy day. Perhaps you and your teen decide to save 10% every time he gets paid. The money is then used for college.
- Help her put together a dream board. On the dream board she places pictures and words of those things she’d like to work for. When the dream has been achieved, she can pull off the dream and add another.
Teaching your teen about the realities of money can be a fun, rewarding experience, if you keep your thoughts positive and your future desires for your teen sincere and open.






