Money management is not normally on the list of available courses when your teen is in high school. It falls on your shoulders, as the parent, to ensure that your child understands financial matters and is ready to face the world when the time comes. CheckWorks is here to help you teach your teen about managing their money. A checking account is one of the easiest tools to use to teach money management. Our wide assortment of checks, registers, and other budget-tracking tools are quite useful in learning about finances. Here are some more tips to help you teach your teen how to be a money-savvy adult!
- Show your teen how to use the register to record every purchase with a check, instead of swiping their debit card. Remind them of how easy it is to overdraw a checking account by always using a debit card. Writing checks provides clear records of where their money is going and how much is left.
- If your teen struggles to remember to use the register, or complains that it is too time-consuming, have him/her use duplicate checks. This will provide a copy of each check written. Your teen can then copy the information to the register after making a purchase.
- Teach your teen to live within his/her means. If they don’t have the cash to cover a purchase, then they shouldn’t buy it. Make sure you do the same and teach by example.
- Once your teen reaches legal age, they can expect lots of credit card offers. Encourage them to ignore the offers — too many credit cards can lead to trouble! Instead, help them find a single card with the best benefits. This will help them build their credit without going into too much debt.
- Help your teen balance his/her checking account at the end of each month. Remind them to ensure that the bank’s statement and their register matches. Tracking down any discrepancies is a must.
As the parent, you need to show your teen the best ways to manage their money in a responsible manner. Remember — you are not just raising a child; you are raising an adult. Contact us today at www.CheckWorks.com and help your teen order personal checks, registers, and other money-management tools to ensure that he/she enters adulthood confident in their money matters.