Saving in a Swipe Society Raising Money-Savvy Teens in the Digital Age
jobs. Studies have found that teens who work to earn a paycheck are more likely to budget, save, and think before purchasing. With less hands-on experience with money management and the convenience of buying items with the simple click of a button, it’s become easier than ever to spend money impulsively and recklessly. TEACHING TIPS In a sea of apps and short-form videos, parents can be a trusted source of information about financial literacy; it just takes creativity to make the lessons stick. Start by having regular discussions about finances as a family. Real-life examples can help them practice saving and budgeting, like plotting out the expenses for school supplies or identifying big purchases they want to make, like a car.
Encourage teens in a fun way, like doing a savings challenge where they have to put away $1 every week. This can help them get into the habit of saving and waiting to buy the things they want until they have the budget to support it. Gamify money management lessons as much as you can to keep them engaged. You can even find apps that help young people budget and learn important financial concepts. One app called BusyKid helps them manage their allowance and introduces them to safe investment opportunities. In a world where money moves with a tap, it’s more important than ever for teens to focus on financial literacy. With the right tools and conversations, you can help them set up smart money habits that last a lifetime.
In today’s tap-to-pay world, the days of piggy banks and cash allowances for chores are gone. Teens are growing up with financial apps, Venmo, debit cards, and virtual transfers they can’t physically see. In this cashless culture, parents have to rethink how they teach young adults basic financial literacy. Empowering your children to budget wisely is all about helping them understand the value behind a swipe, tap, or click. TEEN SPENDING Today’s teens spend more money online, frequenting food delivery apps and websites like Amazon or Sephora. Though their digital shopping habits have increased, fewer young people seek part-time or summer
Think Your Estate Plan Is Set? Double-Check These Common Pitfalls
With estate planning, some mistakes can turn your well-intentioned plans into legal headaches for your loved ones. From naming only one beneficiary to outdated information, these common pitfalls can cause stress and costly delays. Knowing what not to do can help you secure your legacy and ensure your wishes are carried out accurately. HAVING NO PLAN Without a legally prepared estate plan like a will or trust, Tennessee state law determines who receives your assets, which might not be the outcome you would have wanted. The biggest mistake in estate planning is not having a valid, legally prepared estate plan at all. Often, this mistake occurs due to procrastination and falsely thinking that you have plenty of time to establish an estate plan. When someone dies without an estate plan, the probate process can be lengthy and costly, and may trigger disagreements with your loved ones. If you haven’t made a plan or it’s been over five years since you’ve updated your estate plan, it’s wise to schedule an appointment with an established estate planning attorney as soon as possible. NAMING JUST ONE BENEFICIARY While there may be one person who naturally makes sense to you to name as your sole beneficiary in your estate planning documents,
choosing just one individual could have unexpected consequences. If this individual dies before you and your estate plan doesn’t designate any contingent beneficiaries, your assets may pass to an unintended party. For that reason, be sure to identify contingent beneficiaries for all your assets and accounts. This clarifies who would be next in the chain of inheritance and helps avoid situations where unintended individuals inherit any of your assets. REGULARLY UPDATING YOUR PLAN Estate planning doesn’t stop at simply setting it up. Significant events like marriages, births, divorce, or the death of a family member mean you need to update your plan. Failing to do so could cause assets to go to someone no longer in your life. Relationship dynamics can change, new children can cause you to shift your priorities, or an executor can become too ill or incapacitated to administer your estate successfully. You should review your plan at least every 3–5 years. Most of these errors are easily preventable, and we can help you steer clear of them. Give us a call at 901.388.5805 to schedule an appointment to discuss estate planning with one of our experienced lawyers.
2 • DouglassRunger.com
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