Money Management for Teens
Money management for teens seems to get more complicated every day. Teens are starting to earn their own money at the same time their personal expenses are going up. They need solid teen money skills to manage their lives and their money.
But what are those skills and what are some tips on making sure they learn all the right ones?
Those skills are the same ones that adults use every day to manage their own finances. Since most of us have been managing our own money for awhile, it can be hard to remember how many money skills we actually had to learn. Today's teens are no different. They may have many more options but basic practical money skills still apply. The topics below are a great way to get started on learning and perfecting those skills.
The teen money basics start by building on where kids money principles left off. If teens have gotten a solid foundation, then moving into the next stage will be smoother. If they haven't had that basic learning, it's not too late! And they will catch up very quickly.
Some of the topics below address these fundamentals while others are the next step in money management for teens. Start on any topic that makes sense and then cruise around to the others.
Once the teen money basics are covered, teens can start on more advanced money areas. These aren't sophisticated to the point that parents won't get it. Advanced in this case just means that its time for more learning. Some of the topics can be a little complicated - but so is money during the teenage years and beyond.
At this stage, though, most teens still have at least a small safety net of their parents. That can allow them to make some basic teen money mistakes with teen spending without it damaging their financial life. The next step in teen money education will vary by time and interest, but here are some good choices to move forward.
- Learning about taxes
- Investing for teens
- Prepaid credit cards and teen credit card options
- Debt basics - and how not to let it get out of control
- Advanced money terms and definitions
These money lessons can cover the teen years all the way to high school graduation and even beyond. It will be important by the time that graduation rolls around that there is a firm financial footing for that first step into young adulthood. Teen money basics can make that first step much shorter and less scary.
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