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CUT THE FINANCIAL UMBILICAL CORD How to Raise Fiscally Responsible Adults
Adulting is all about doing your own laundry, cooking, and grocery shopping. It means making informed decisions about time management, organizational skills, and understanding how to be financially responsible. But how do you teach your teenager financial responsibility? Let’s explore five important lessons your child needs to gain financial independence! HELP THEM FIND OPPORTUNITIES TO EARN MONEY. Before your teen can learn to properly manage their finances, they must first make their own money! If they don’t have a job, encourage them to begin the hunt. If your teen is still too young to hold a job, consider paying them for chores around the house or yardwork. Once your teen has a cash flow, you can then teach them how to separate it into spending money and cash to save. OPEN A BANK ACCOUNT. If your child doesn’t have a bank account yet, it’s time to set up a checking and savings account for them. It’s a great way to provide them with financial independence while they still have access to your guidance. While credit cards can be scary to trust your learning
teenager with, you should consider a prepaid credit card they can use to learn the ins and outs of how credit cards work while still having a safety net to protect their credit. INTRODUCE THEM TO THE CONCEPT OF INTEREST. Interest can be beneficial or a disastrous hindrance, so your teen needs to understand how it works. While it can be beneficial for certain savings accounts, it can wreak havoc on credit card debt. Demonstrate interest with different real-life scenarios to show your teen how they can grow their money or rack up tons of debt.
Whether your teen has just started earning their own money or is preparing to handle finances on their own,
these simple tips can help you start training a fiscally responsible adult.
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