Top financial topics to talk about with your teens
RICHMOND, Va. (WWBT) - Experts say there are some financial tips you should never avoid with your teen and even children of all ages can benefit from learning early in life.
The first is needs vs wants. Helping your child understand the difference between something you really want to buy and something you need to spend money on like food, clothes, and housing.
”I really believe the sooner we can invest in teaching our children basic things on when it comes to our finances the better off they will be as adults,” said Cherry Dale, a financial coach with the Virginia Credit Union. She’s hosted many workshops for parents and teens about money talks.
She says to sit down with your child and talk about financial goals - maybe it’s saving for a Disney vacation. Involve your child in the plan to save. Show them when you as a family are cutting back on other expenses to save for it.
Dale says to make sure they understand you need a consistent income in order to have money to spend. “So, the sooner they can understand they’ve got to have money either in their piggy bank or their checking account. it will translate on later in life,” said Dale.
Talk about how they will earn money - be it through chores, allowance, or a job. The biggest lesson you can impress upon them? Pay yourself first.
Make sure they set aside money to save in a piggy bank, or if they are old enough - in a savings account.
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