Help Teens Learn Budgeting and How to Manage Money
Teenagers also benefit from learning budgeting in a safe environment. However, don’t be afraid to let them make more important financial decisions by themselves. Resist stopping them if you can foresee a potential mistake. There’s no better teacher than personal experience. Making mistakes when the stakes are smaller and you can still support them is far better than making big financial mistakes that could get them into big debt as adults. Here are some teen money management tips that they should learn now. Knowing these basics about budgeting, banking, and credit will help prepare them for the transition to post-secondary budgeting or working in their adult lives.
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A breakdown of categories for your budget and how much to spend on each type of expense.
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