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Financial Advice for Teens |
Written by Melanie C
Monday, 23 June 2008
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Many teenagers these days have part-time jobs that they juggle to fit in with schoolwork and sporting activities. It is important that they develop good budgeting skills as soon as they get their first paycheck. This will stand them in good stead when they get older and must pay off their mortgage and other hefty expenses. The best way to help your teen develop good money skills is to let them watch you. Reviewing your own family budget will allow them to see the importance of a disciplined approach to saving. A teen's budget need not be complicated. Simply decide with them what they should pay for out of their own money. Then draw up a list of three categories; essential purchases, fun things and savings. The essential purchases are the most important and may include such things as helping with your fuel bills and car insurance, if they could not get to their jobs without you taking them. This is only fair. You'll be using extra fuel running them there and picking them up. If they choose to buy their lunch instead of taking it from home, then you may feel that they should pay for it. Savings should be a percentage that the teen decides on. They can always change it later. While it is important to establish a good savings habit, there should be enough left for fun things. This time of life is the only one when your teen has few responsibilities; so let them enjoy it as much as possible. Article Source: http://www.ArticleBlast.com |
About The Author:
With the money, one can open a saving account and start exploring term deposit interest. Find out more online from sites such as RaboPlus (http://www.raboplus.com.au).
With the money, one can open a saving account and start exploring term deposit interest. Find out more online from sites such as RaboPlus (http://www.raboplus.com.au).
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