MAKING MONEY MATTER: They’ve graduated and thoughts about the futures ahead of them, where they are going is beginning to take on a new and scary place in their minds. Research from Citizens and Junior Achievement shows that after two uncertain and stressful years, students are worried about their financial futures and rethinking their college plans. But it’s not all doom and gloom. There are ways to help youth see a brighter future. It is not too late to teach them some money management lessons. Prior to a few years ago, many may not have ever noticed the expense of everyday items; now it can’t be ignored. Teens and young adults need to learn the difference between needs and wants when it comes to spending money. For instance, they may need a new cell phone, but the latest version of the most expensive one is a want, not a need. The money saved by not buying the latest and greatest want all the time leads to the next lesson, spend less and save the difference. Saving is not something that kids do all by themselves. They need guidance, preferably at a young starting age, but as soon as possible. As teens learn to save, they will see the balance rise and their ability to afford some items on their want list. This is when the lesson of tracking expenses and keeping a budget comes into play. As teens move into adulthood and start paying for life, knowing how to keep a balanced budget will keep them out of trouble and out of the basement. More financial tips for teens and young adults as the summer heats up.
MAKING MONEY MATTER: They’ve graduated and thoughts about the futures ahead of them, where they are going is beginning to take on a new and scary place in their minds.
Research from Citizens and Junior Achievement shows that after two uncertain and stressful years, students are worried about their financial futures and rethinking their college plans.
But it’s not all doom and gloom. There are ways to help youth see a brighter future. It is not too late to teach them some money management lessons.
Prior to a few years ago, many may not have ever noticed the expense of everyday items; now it can’t be ignored.
Teens and young adults need to learn the difference between needs and wants when it comes to spending money. For instance, they may need a new cell phone, but the latest version of the most expensive one is a want, not a need. The money saved by not buying the latest and greatest want all the time leads to the next lesson, spend less and save the difference.
Saving is not something that kids do all by themselves. They need guidance, preferably at a young starting age, but as soon as possible. As teens learn to save, they will see the balance rise and their ability to afford some items on their want list. This is when the lesson of tracking expenses and keeping a budget comes into play.
As teens move into adulthood and start paying for life, knowing how to keep a balanced budget will keep them out of trouble and out of the basement.
More financial tips for teens and young adults as the summer heats up.
