Most teenagers probably won’t leap at the prospect of learning about personal finance on their own. That’s why it’s important to take the time to teach them smart money management from the jump. To get the conversation started, here are some topics worth discussing to help your teen foster a successful future.
Set financial goals together
Putting away money every month requires discipline and is a great skill to practice at an early age by regularly stashing away some cash for a future goal. Crunch the numbers with your child to determine how much needs to be saved each month to hit their savings goal by a certain date.
Sign them up for a Teen Checking account
There is no better way to learn than by doing, so bring your teen down to the credit union to open their very own checking account. Teen Checking is the perfect way for kids, 13-17 to learn how to save and spend, and it has all the tools needed to securely manage money, plus the parental guidance and controls to help you monitor their transactions.
Protect and manage their account together
Go over the features of Mobile Banking together so they know how to securely manage their accounts from their phone. Be aware of and use the custom real-time account alerts and debit card controls available to the both of you. You can:
- Set debit card spending limits.
- Choose real-time account alerts for logins, transfer activity, and balance.
- Control their debit card with purchase alerts, merchant limits, and card lock/unlock feature.
- Easily set up one-time or automatic transfers for allowance, school functions, apps, gaming, etc.
Preach the importance of financial security
Kids need to understand early how to keep their accounts safe and secure. Make sure they understand that people can use what they post on social media against them. Share personal stories of people you know that have had their identity stolen. Tell them not to share information about where they bank, or post pictures that contain debit or credit card information online. And inform them that their financial institution will NEVER ask for account details over text or email.
Start your kids on the path to a successful financial future with Teen Checking and have these conversations about money with them today!