(Family Features) Helping teens learn to handle money can be a tricky proposition. Mistakes can quite literally be costly, but there’s really no substitute for hands-on practice when it comes to managing finances.
Children are the ultimate investment, so teach your teen to be a smart spender with these savvy tips:
Start with saving. As a first step, open a savings account for your teen and involve them in the process. Use this opportunity to teach good habits, such as putting away a percentage of every paycheck, creating an emergency fund and setting savings goals for big purchases. Visit the bank together and explore the account options. Many banks offer incentives for high-balance accounts, and while your teen likely won’t qualify, it’s a valuable lesson to see the incentives available to big savers.
