It’s often easier for your parents to give you cash than a lesson in how to manage it. If fact, a recent study of American families shows that many kids are in debt before the age of 21. Don’t let this happen to you!
Here's a few tips to get you started:
Allowance. Ask for a allowance for doing small chores at home. It helps you understand the value of money and also shows your parents that you get it too.
Pay Yourself First. The next time that your parents visit their bank or credit union, go with them and ask to open up an account of your own. Be smart with the money that you earned doing chores by depositing it in your account. It's called paying yourself first.
Make Smart Choices. Before your next purchase, stop and think about how much that items costs. It took you a while to earn and save enough money for that purchase. Is it worth it? Spending money relates directly to your personal choices.
Learn More. Invest in yourself --- keep reading this blog to learn more! We'll post information about managing and investing your money.
It's your money --- we’ll help you be smart about it.
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