Building a Budget With Your Working Teen
Three Ways to Help Build A Budget With Your Working Teen
April 26, 2023
Getting their very first job (and very first paycheck) is a big responsibility for your children. It’s important to prepare them for financial success down the line by working with them to create a strong financial foundation now with practical lessons that remain true no matter what your bank account balance looks like. Here are three tips to get started:
1. Save First
When your child starts working, it’s natural for them to want to spend their newly-found wealth as fast as they get it. But just like adults, it’s important that saving be the first transaction they make. In addition to a standard savings-fund, short-term goals like a new laptop, or longer-term purchases like a car are important savings habits to instill.
2. Think Before You Spend
Teach your child to categorize their expenses. A milkshake isn’t as important as gas money, and it’s important for your child to learn how to separate and weigh the importance of expenses.
3. Track All Of Your Expenses
As we all know, the small stuff adds up quickly! Teach your child to start tracking all of their expenses and assess them on a weekly basis to find better ways to save where possible and spend on the things that matter most to them.
These are just three ways to help instill the ideas of smart spending for your child. As Summer gets closer and your teen starts looking for a way to earn a little extra spending money, be sure to bring them by your local branch to open up their first account!!
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