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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