Teens and Finance

If you have a teenager at home, hopefully, you've already instilled good money habits in them. As they grow older, it's time to help them achieve long-term financial success by introducing more advanced financial goals. Here are some strategies to explore with your teenager.

Start Earning

One of the first financial goals for your teen should be understanding the value of earning their own money. Encourage them to apply for jobs to give them a sense of responsibility and ownership. When it’s their hard-earned money, they’re more likely to spend and save it thoughtfully.

Find a Financial Institution

Help your teen set up a bank account. StagePoint knows the importance of fostering responsible money management, good saving habits, and savvy shopping skills in kids and young adults.

Teach Budgeting

Before your teen receives their first paycheck, take the time to sit down together and create a budget. Divide it into sections for fixed expenses, discretionary spending, and savings. Make sure to include both short-term and long-term savings goals to help them build a strong financial foundation.

Set Up Financial Goals

With the budget in place, help your teen tailor it to their specific goals. Whether they’re saving for a car or planning a weekend trip to the beach with friends, discuss their short- and long-term objectives in detail. Then, adjust the budget to align with those goals. Guide your teen in creating a budget that suits their needs. This straightforward yet essential financial tool will benefit them for a lifetime.

We’re here to support you! Our Certified Credit Union Financial Counselors are available and happy to assist you and your teen with a budget meeting. Click to schedule an appointment.