Youth Corner
Do you know that children and teenagers earn, save, spend and borrow billions of dollars each year. They have more money to spend than previous generations and they are influenced by their parents, peers, etc. Credit cards became part of our American Way of Life in the past 30 years, and as our children experienced their parent’s usage of credit cards they too are drawn into using plastic in lieu of good old fashioned money.
Just ask a child how mommy or daddy pays for groceries, etc. and they may tell you with a card… Little do they realize that card – debt – has to be paid!!
How can we help our children develop good savings and spending habits?
- Pre-school children
Use a piggy bank to teach children how to save
Identify and count coins and cash – a counter sorter is a good tool to use
Help them learn to save for a most wanted toy – they will get great satisfaction and will learn patience
- As you child grows
If you choose to give an allowance, open a savings account and encourage them to make weekly or monthly deposits – they will love to see it grow!
- Early Teen Years
Have a discussion with your teen about finances.
Developing good saving habits is important.
Is keeping up with the latest trends really important?
Explain the high cost of name brand items
- Later Teen Years
Teens generally have a job, help them to create a budget to buy a car, insurance and other car expenses.
College is very high on their list – search ways to obtain financing. Even if they obtain a scholarship they will need money for college expenses.
Will they be going away to college or attending college locally?
This is a very important issue in your spending plan.
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