How Do You Help Teens Set Financial Goals?
Teenagers are social butterflies with mounds of schoolwork, sports commitments and extracurricular activities. It’s hard to find time for financial education, but our society’s mounting debt is a clear sign that we need to spend a few hours teaching teens how to set financial goals. Be open about the family financial situation. Studies have shown that teenagers who are aware of how their family’s finances are handled have a better grasp on money. Even if your situation is not ideal, be honest with a teenager. This allows her to begin the process of making personal financial decisions by seeing what should and shouldn’t be done. Make your teenager aware of finances in terms of saving, spending, investing and donating. Many mentors purposefully exclude investing and donating, but these are two financial goals of which a teen should be made aware. Give a regular allowance if you are able. Receiving an allowance will help a young person begin to execute financial plans, which is much more
