Top FIVE finance   secrets teens    should knowBEFORE leaving           homeWe know that teens need to learnmoney skills. ...
1      Help them             create aWhether they use budget                 the old fashionedpencil and paper or one of t...
1  Key Budget  ComponentsA basic budget will consist of thefollowing components:• List of monthly expenses• List of monthl...
2     Teach them              earnings                      aboutDoes your teen have a part-time job?This is a great place...
2          Hourly vs.              SalaryHelp your teen to understand thedifference between an hourly wageand a salary. If...
3                   Start a                  College                 Savings                 AccountYour teen is taking co...
4          Take it to           the bankYou probably already started a savingsaccount for your son/daughter severalyears a...
4     What are the benefits of teen checkingMost banks offer the following benefitsfor a teen checking account:• limits on...
5          Teach the         principle of         investmentEarning interest and dividends can reallyhelp to motivate your...
For more     informationIf you would like more detailedinformation and a FREE e-book “Secretsto Teaching Teens FinancialIn...
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Top FIVE finance secrets teens should know BEFORE leaving home

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Teaching kids money management is imperative today. This presentation is made for parents to teach their teens the important money lessons they need to know before leaving home.

The presentation can also be used in the classroom. For further information and details, check out our website www.banksforkidsmoney.com for the FREE e-book "Secrets to Teaching Teens Financial Independence."

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Top FIVE finance secrets teens should know BEFORE leaving home

  1. 1. Top FIVE finance secrets teens should knowBEFORE leaving homeWe know that teens need to learnmoney skills. If you are one of thelucky few that have financialliteracy taught in your schools,count your blessings. For the restof us, keep reading for the top fivelessons your teen should knowBEFORE leaving home.
  2. 2. 1 Help them create aWhether they use budget the old fashionedpencil and paper or one of the manyonline tools, the important thing is thatyour teen creates a budget. This shouldnot be an adult budget, but onespecifically designed for your teen.
  3. 3. 1 Key Budget ComponentsA basic budget will consist of thefollowing components:• List of monthly expenses• List of monthly income• Include financial goals (ie: collegefund)For more information on FREE onlinebudgeting programs and budget sheets,go to www.banksforkidsmoney.com
  4. 4. 2 Teach them earnings aboutDoes your teen have a part-time job?This is a great place to startunderstanding the concept of income.The job can be mowing lawns orbabysitting or working at the local fast-food restaurant. The important thing isto help him/her start earning money
  5. 5. 2 Hourly vs. SalaryHelp your teen to understand thedifference between an hourly wageand a salary. If he is mowing lawns,help her to decide the best way tocharge. Maybe it is by the hour orpossibly by the job. Talk about thebenefits of both
  6. 6. 3 Start a College Savings AccountYour teen is taking courses in school toacademically prepare for college. Whatabout financial preparation? At this age,most teens understand the importanceof attending college. They are earningmoney and can put some of that moneyaway towards that long-term goal.
  7. 7. 4 Take it to the bankYou probably already started a savingsaccount for your son/daughter severalyears ago. It is now time to open achecking account. Most banks offer teenchecking accounts with limitedfunctionality ideal for today’s teen.Open your teen account while he is stillat home to allow her to learn the basicsbefore heading off on his own.
  8. 8. 4 What are the benefits of teen checkingMost banks offer the following benefitsfor a teen checking account:• limits on withdrawing funds• no monthly service fee• teen debit card• overdraft protection• link to parents account for easy access• no money = no withdrawal of funds• online bank statements
  9. 9. 5 Teach the principle of investmentEarning interest and dividends can reallyhelp to motivate your teen to invest. Asavings account should be the basic andbare minimum investment. There aremany tools that can help you to teachthis principle.
  10. 10. For more informationIf you would like more detailedinformation and a FREE e-book “Secretsto Teaching Teens FinancialIndependence”, check outwww.banksforkidsmoney.com and lookunder the teen section.

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