Five Tips to help teach kids the value of Money

1. Check Please

  • Opening a checking account. Look for a bank with no ATM or check fees and a low minimum balance requirement.

  • If the teen’s employer offers automatic deposit, sign up. By sending the money straight to the bank, teens are less tempted to spend it.

2. Budgets for Beginners

  • Have a conversation about what they need to spend money on each day and what they want to buy. Then work together to set realistic spending expectations for each week.

  • Click Here for the Budget Worksheet

3. Set Savings Goals

  • Short-term goal

  • Mid-term goal

  • Long-term goal

4. Meet the Tax Man

  • When tax season comes around, help your teen complete and file their taxes.
  • Or bring your teen along to your appointment

5. Invest Early

  • Roth IRAs