Teenagers Should Learn How to Manage Money and Credit Cards
Tuesday, September 27, 2011
by Sharon Zaleski
Teenagers and money. They need to learn how to earn it, manage it, save it and spend it wisely. And that sometimes isn’t easy. What do most teenagers know about money? Well, it’s green. They never seem to have or get enough of it. And for many teenagers, money magically appears from mom and dad. That would be you and me.
According to Teenage Research Unlimited in Northbrook, Illinois, the average teen spends about $85 per week, which means the current “teen economy” tops $141 billion a year. The federal government's Jump$tart survey of over 4,000 high school seniors revealed that 32% used credit cards and 43% had access to ATM machines.
You should start teaching your kids about money literally as soon as they notice it. Otherwise, they can think that an ATM or checkbook gives them endless buying power. But where do you start? It just so happens I came across recently published article titled “Parenting: Teens and credit cards” that gives great advice and information many of us can relate to.
Also, check out Bankrate.com for more suggestions and additional information on these “10 Tips to Raising Money-Savvy Teens:”
- Balance a checkbook
- Budget money
- Finance college
- Establish credit
- Identify wants vs. needs
- Deal with debt
- Pay taxes
- Consider all costs
- Save for the future
- Stretch a dollar
Money. Teenagers have their lifetime to learn to save, spend and invest it. But you don’t want to wait a lifetime to teach your teens how to manage their money wisely.
Tags: teenagers,
money,
mom and dad,
teenage research,
teen economy,
credit cards,
atm,
pay taxes