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Spend Smart Card

Nov - 9 - 2013
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spendsmart

Teenagers need to know a lot more about financial management than how to count money when they make a purchase. Teens who have jobs may understand that money doesn't grow on trees, but that still is not enough. Since they are demanding more freedom and may do more spending away from their parents than with their parents, financial skills are essential for modern day teenagers.
If you aren't sure what you should teach your teenager about money, the following skills will get you started.

Balancing the Books

Teenagers need to learn how to monitor their spending and keep it within the limits of what they earn. This will save them from overdrawn bank accounts and embarrassing debit card rejections when they get a little older.

Bargain Shopping

Teach your teen to wait for sales, shop clearance racks and find other ways to get the best possible deal on things they want. Their money will stretch further and they will have more of what they desire.

Safe Card Use

Teens should know how to use credit and debit cards safely even if they aren't old enough to apply for credit cards. The SpendSmart card is perfect for students in high school and college because it gives them experience using cards safely while allowing parental monitoring. If they start using this type of card early on, they will learn how to budget their money even when it is not physically in their pocket.

Once your teen has mastered these skills, you will see from their choices what other skills you may need to teach.

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