It is no surprise that most teenagers have issues with money in today's world of instant gratification. Usually, as soon as they get money, they spend it. Most don't have the foresight to plan for anything. They seem that video game or that pair of shoes and have to have it that moment. A lot of adults have problems with impulsive buying as well. But maybe educating the younger generations about money management and financial issues will not only benefit them but us as well. If you haven't taught your teenager yet about the below list, you might want to get started as soon as possible.
- Credit: It is one of those things that is a love-hate relationship. Although it is good to have credit in order to buy a house and so on, many people get a little out of control and start drowning in debt-debt that they can't pay. Some parents even set their teenagers up with a credit card-with a small credit limit. Not only will this build their credit, but it should teach the teenager responsibility.
- Banking: Making sure your teenager has banking and a savings account is crucial. This will help them manage their money and build credibility with the bank. It is also a good idea to set them up with direct deposit if they work.
- Mortgage: Paying a mortgage is a huge responsibility. Granted, as teenagers they won't have mortgages at their age, but it is never too early to learn about it. Let your teenagers go with you step by step through the payment process and especially if you have a . It is important for them to know that there are ways to pay off your mortgage faster than just thirty years.
