Tips For Teaching Your Teen To Save

saving moneyOne of the most important skills a parent can teach their teenager is how to properly save their money. Talking about saving early on will help your teen develop a more mature attitude about money. Before your teen burns a hole in their wallet, check out Money MindEd’s tips for teaching teens about the importance of saving.

Matching: Offer your teen an incentive to save by matching their savings. For example, you could offer a savings match of 10% for every dollar they save. This technique is not only encouraging but will also allow your teen to learn about 401K matching, a great lesson for the future. Read more…

5 Steps For Talking To Your Kids About Money

5 steps for talking to your kids about money1. Educate Yourself 

The very first step when educating your kids about money is to educate yourself.  While the topics are endless, a few areas you can begin to explore are ways to save, types of interest, budgeting tricks, investment terms and strategies, and types of debt.

2. Lead By Example

In order for your kids to develop positive financial values, it is important to lead by example. A great place to start is to sit down with your family and determine your financial goals. Next, create and stick to a budget.  You can start with one area of your life like grocery shopping. Every time you go to the grocery store, share with your kids what the budget is, and work together to stay within in.  Read more…