Saturday, December 6, 2014

How to Set Up Your Teen for Financial Success

Although we focus on tutoring and helping students achieve academic success. I am always reading articles from different sources about topics that involve children and teens. Since so many college graduates are taking longer to find their dream job, it is important to help them establish good financial habits early on. Yes, even as early as high school and college. Here are some ideas to jump-start your teen on the road to financial freedom.


1)   Help him/her list their expenses and create a budget- If they have part time job, discuss what their paycheck will cover and how you will supplement it. Be careful about just giving your teen money without knowing what it’s for.

2)   Encourage saving- Have him open a savings account where he can save money for an apt, car or other goals. Also talk to him/her about having an emergency fund and if you can match a portion of his savings that may also help provide an incentive for savings.

3)   Teach money management and investing skills- If they are earning some money, consider helping them open a brokerage account and/or Roth IRA to start investing.


4)   Promote joining professional organizations/clubs in college-This can provide networking opportunities to increase his/her chance of obtaining a job after college.

5)   Create goals-Help your teen develop career and financial goals and brainstorm the steps to achieve these goals.


Although there are many different paths to financial success, the above suggestions can help your teen develop habits that will teach responsibility and independence.

Please visit us at http://www.beachcitiestutoring.com for blogs on more topics related to education.

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