Tips on helping teens set financial goals

Published: Aug. 16, 2021 at 3:18 PM EDT
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RICHMOND, Va. (WWBT) - With the start of a new school year, it just might be the perfect time to teach teens about setting financial goals.

Teenagers may be excited about going back to school and seeing all their friends. This is why Cherry Dale, a financial coach with the Virginia Credit Union, says this is also the perfect time to have a financial conversation with teenagers.

“Talk to them about what they want to achieve this year. Not only with their goals but also money-wise. Maybe it’s time to get their first job, or talk through if they want to receive money for specific chores,” said Dale.

Some parents might like to incentivize with grades - this is the perfect time to spell that out and create the rules before the school year starts.

If they are several trips to pay for over the year, this might be a good time to figure out how much the teenager is going to help contribute to the cost.

It is also important to talk about where the money earned will be kept, such as putting it in a piggy bank or opening up a bank account.

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