If you're a parent of teenagers, you're likely caught up in the whirlwind of managing schedules, spending and more, leaving little room to consider the valuable financial education opportunities available at your child’s school. However, it's important to recognize that most of the responsibility of teaching your high schooler about money falls squarely on your shoulders.
You may feel uncertain about your own abilities to shape the financial futures of generations to come, but we’re here to empower you with educational tools that are easy to comprehend and even easier to teach.
Making Financial Decisions
Start by allowing your child to make a few financial decisions on their own. You can set your teen up with a Student Banking account while you hold the reins, using Card Controls like spending limits and merchant selections.
Making Money
Give your kids an opportunity to earn their own money. Not only will they learn the value of a dollar, but they will also learn about tracking spending and budgeting, especially if they take advantage of digital banking tools and services offered by your bank. Be sure to monitor account activity closely and when teachable moments arise, teach!
Aside from part-time jobs with regular wages, other opportunities exist for teens to make money that will not interfere with their education, such as:
- Dog walking
- Babysitting
- Household chores
- Tutoring
Creating a Budget
Work with your teen to create a monthly budget. Use the following categories to get started:
- Savings
- Clothing and shoes
- Cosmetics or personal care
- “Fun” money
A budget will help your student see the value in saving money, shopping sales, comparing prices, using coupons and ditching name brands in favor of more cost-effective products.
The thought of sending your high school student out into the world is thrilling and terrifying at the same time. By following these steps, you can be confident that you are preparing your teen for a financially independent future.
Revised June 2023