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DoorCountyTravelersJournal.com |
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Most teens --55 percent according to a new study from Capital One Financial Corporation-- say they would like to learn more about money management skills. However, half (51 percent) of them report that their parents discuss money and banking concepts with them once a month or less. “Overall, teens report limited practical experience managing money,” says Shelley Solheim, Director of Financial Education at Capital One. “By having conversations about finance and finding ways for them to practice necessary skills when buying school supplies or clothing, parents can better prepare their kids for the real world.” Here are some tips to help you and your kids create and manage a kid-friendly budget: • Make it a family affair: Sit down and compile a list of supplies your kids need and activities they want to pursue. Then see if you have any leftover supplies from previous trips to the store, such as binders that can be re-used. You can also scour community papers or online coupon sites for discounted activities. • Create a budget: Ask your children how much they think is reasonable to spend on the things they want. Then draft a list and price each item using the Internet or a mobile app. If you exceed projected estimates, work together to prioritize the list. • Be flexible: If your teens really want big-ticket items, work with them to find the money. They can find ways to cut costs by clipping coupons, looking for sales or buying used items. Any extra earnings can then be put into a savings account, which lets families work towards savings goals together. Parents can also turn to Internet sites to help encourage their kids’ financial skills, using methods and tools that resonate well with them, such as online and video games. In fact, 76 percent of teens say educational video and online games are a good way to learn, according to the study from Capital One. One such tool is the kid-friendly website JA Finance Park Virtual, which tasks kids with meeting real-life needs such as developing a budget, maintaining a household, supporting a family and pursuing a career through virtual simulation. To learn more, visit www.financepark.ja.org. Most of all, don’t wait to begin talking to your kids about money. The earlier they start and the more they know, the better they’ll be prepared for the real world. © Copyright 2011 by DoorCountyTravelersJournal.com
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