Teens learn how to behave from their parents. For example, teens with parents who smoke are three times more likely to acquire this habit than those with parents who don’t smoke.
There are a million aspects when it comes to being a parent, and one of them is teaching your children, especially your teens, the value of money and how to manage their finances.
These are the 5 financial skills that you should teach your teen:
How to value money. You should take into account that your children will value money just like you do. Therefore, it’s necessary for you to reflect on this and draw a conclusion about the example you’re giving your children about the value of money
How to get a job. Just a few years ago, in 1990, approximately 70% of paper boys in the United States were teenagers. In 2004, this figure hardly exceeded 18% and, according to Robert Rubrecht, Sales and Marketing Director of the Newspaper Association of America, it’s expected that this percentage will drop even more in the future.
How many times have you said “money doesn’t grow on trees”? It’s time for you to take the lead and encourage your teen to start making money on their own. This will teach them the value of money.
How to open a debit account. There are banks that allow 13 year olds to open an account and begin to familiarize themselves with the commercial aspect of money. Here you’ll find a list of the best acccounts for teens
How to save. We’ve talked about the importance of saving many times. The first step is to give the best possible example in terms of savings. Remember that young people learn a lot through imitation.
You must also teach them self-control. In psychology, self-control is the ability to control one’s emotions and behavior in the face of temptations and impulses. It’s the foundation of savings.
How to invest. Teaching your teen what to do with the money they save comes next. If you don’t know a thing about investment, you can visit places like Investopedia.
Have you taught your teens these five essential points? If you haven’t done so, start today! If you want more tips, subscribe to the Family & Money Matters Institute site or follow me on Facebook and Twitter.