Tuesday, January 24, 2012

Helping Your Adult Teen With Money

Ok, so they turn the big 18....what does this mean?  They are adults.  Well, yes, and no. What I mean is, that when a person becomes 18, they are legally an adult. Society says so. However, I know that just because you turn this magical number, doesn't always mean that you are ready to jump into the adult world. What about checking and banking?  What about credit cards? A place of your own? How about all those bills that go along with moving out and being on your own?  I think that a large number of 18-yr olds get out into the world and are not really ready to jump in head first, so it's really important that they learn as much as possible before they turn 18. Most high schools offer "life" classes, which is really good....but have you sat down with your teen and talked to them about these kind of things? With my daughter, I made sure that I taught her how to go out and apply for a job, opened up a checking account and explained to her how to use it, and not only that, I taught her how to save some of her money as well. For teens, and actually for a good many of us, saving is hard, and sometimes next to impossible. Start with a small amount to see if it works. My daughter hasn't tried to get a credit card yet, so it's all good for now, however, I know that the day will come, and she has already started out good by getting her cell phone in her own name and keeping up with the bills. Maybe that's a decent start. If you haven't sat down with your teen to talk about money and the future, maybe now is the time !

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