Teen Responsibility With Monies

By Nancy Frede

Work with your teen on learning how to budget.

A fun exercise is to give your Teen a budget worksheet with the entry level salary for the careers they are considering.

http://www.balancepro.net/education/calculators.html?CALCULATORID=PC04&TEMPLATE_ID=www.balancepro.net_1

Now, introduce all of the expenses they will need to pay weekly/monthly:  car, gas, rent, insurance, college or car loans, food, clothing and entertainment.

Where can they reduce expenses?

http://www.themint.org/teens/determine-your-budget.html

http://www.themint.org/teens/decoding-your-paycheck.html

http://www.themint.org/teens/be-you-own-boss-challenge.html

Help your teen look at their needs vs. wants

Does your teen need the money for food, shelter, gas?

What do they want?

http://www.teensguidetomoney.com/spending/know-your-needs-vs.-your-wants-/

Visit your bank, open a bank account, talk with the banker about a debit card/credit card.

-What does it mean to the teen; what is the liability long term for the teen? 

Open a checking account, talk about direct deposit, savings accounts and loans.

-What ismoney management and the beginnings of investing?

http://www.bankrate.com/finance/savings/5-tips-for-opening-a-teen-checking-account-1.aspx

What is a FAFSA, what does that mean for college financing?

https://fafsa.ed.gov/

 

 

Nancy Frede is an ESE Educational professional who works with students from Prek - Grade 12. Nancy is active in local libraries, youth programs and schools in southwest Florida and CT working with both teachers and students to be more successful in their daily life. Her fees are geared to those who are financially challenged. Please email Nancy at nfrede@aol.com or call 508/380-3737.

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