Money tips for teenagers 
Tip Sheet Credibility: 20
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| Teach them to save. When you buy them expensive stuff (bike, computer or car), let them fund a portion of it from their savings. This would prompt them to save. They'll also know the value of money. Tip Credibility: 49 (Best Tip!) |
| Let them share for their expenses, pay their portion of the cell phone bill, car insurance, etc... Tip Credibility: 49 |
| Get your teen a prepaid credit/debit card. They cannot get into debt and it will help them with money management. Tip Credibility: 28 |
| Get them involved in a Dividend Reinvestment Program (DRIP) with a company they select. Work with them to determine the best company for investment and then set up monthly or quarterly investment goals. For more infor Just Google "DRIP Companies" Tip Credibility: 8 |
| Rather than just giving the teenagers pocket money, put together a job sheet with tasks and the amount that they will be paid for them. This will ensure that they see a link between work and earning money. Tip Credibility: 8 |
| Teach them on how to pay themselves first. For every pocket money given, learn to set aside 10%. Teach them also the Power Of Compound Interest on good savings habits and on poor debt management. Tip Credibility: 7 |
| Encourage your kids to hold garage sales for their old things/clothes and then to donate the unsold items to Goodwill or similar charity. It'll clean out their rooms, teach them some business concepts, and encourage charitable acts in one shot. Tip Credibility: 6 |
| Teach your kids from their first job to put 1/3 in a savings account, 1/3 to charity and 1/3 in their pockets. If they start learning about money this way, these habits may follow them into adulthood and keep them out of trouble later in life. Tip Credibility: 5 |
| Teach your teen how to work with a basic spreadsheet. Credit any money they bring in, debit any money they spend. Talley at the end of the month so they have a 'picture' of how money flows in and out of their hands. Prompts 'money matters' discussion. Tip Credibility: 5 |
| Teach your kids to shop for value. When my son wants a new bat or other phone or other pricey item, I have taught him to price check at different stores and online shops (include tax and shipping) to find the best price for the item. Tip Credibility: 4 |
| Hands down, the best way to teach anyone about money is to show them that it comes and goes. Getting teenagers on an "envelope system" is a great way to show them that once the money is gone, it's gone. Even prepaid credit cards are dangerous. Tip Credibility: 4 |
| Credit card laws are changing so that no one under 21 can get a credit card for over $500. If you have a responsible 18-21 year old you may want to let them get their own credit card before February when the law changes Tip Credibility: 3 |
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