Smart Financial Skills Every Teenager Must Know
By SiliconIndia
Teach to save: To counter spending is easy when compared to get involved in savings. It the most difficult part of finances, as most adults till now struggle to save aptly. So regardless of the age the habit to save has to be inculcated early. Teenagers are always happy with the thinking that what’s the need for them to save now; as they are allowed little pocket money. But the fact is, this is the right time for them to learn from their money mistakes, as later they won’t have much choices. Reward them for their little savings they do, and teach them the profits of being secured on account of having something saved aside.
Involve in budget-making sessions: Young adults are supposed to be included in all decision-making activities inside the home and taken for the home. Give them a chance to give their ideas on how to save money, include their solutions for financial crisis and discuss as to why a certain problem is being faced and the remedy to stop it from happening at a later stage. Sit with them and plan the monthly-yearly budget. Include their needs and ask them to cater towards the other needs of the house-hold too. Include them and let them know the hard facts of over-spending and wealth of wise-spending and ways in which money can be saved.
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