Life moves fast, especially when you have kids. In the blink of an eye, you can go from diapers to driving. Then off to college and moving on with their own adult lives. Unfortunately, at the same time that the kids most need your advice about their finances, outside influences are starting to emerge.
Sometimes they even rebel and refuse any information that you want to share. However, there are still ways you can help guide and teach them.
Freedom Debt Relief reviews some of the best ways to prepare your teen financially for adulthood.
Saving and Investing Money
It’s never too early to teach your child how to save. In fact, the sooner the better. But as your kids get older, you can also introduce more sophisticated methods of saving, and teach them other ways of being financially savvy. Show them how to not only save money but find ways to save that will maximize their rate of return.
Shop different types of savings accounts and interest rates. Freedom Debt Relief’s review indicates that this is also a good time to teach them how to invest, purchase insurance plans, and prepare to pay taxes.
And even after they’ve gone off on their own, let them know you’re here to help guide them if they have questions about these things.
Pay for college
Depending on your financial situation, your child may need to pay for some or all of their college education. Or, you may even believe that they should have some of this responsibility. Plan ahead for this and discuss it with your child. Let them know in advance what your expectations are for not only value but also the financial part.
If your child is helping fund their school, work together to come up with the best plan that will get your child funding without either of you going into excessive debt. Therefore, our Freedom Debt Relief to pay for college review shows that there are many scholarships and low interest loans available for college.
Your child can also work part time during school to help pay for it.
Granted, your kids are probably way better than you at all social media apps, games, etc. Existing at the moment. But, do they know how to check their bank account online? Can they use the ATM machine or POS machine at the local grocery store? Are they able to make purchases online when needed? If not, it’s time to teach them these things so they will be prepared for when they go out on their own.
Freedom Debt Relief review technology and kids show that many of them have very little (if any) concern about identity theft. So make sure they also know how it works. They need to be familiar with various security measures such as two-factor authentication or CVV.
Finally, as your children grow up and out on their own, outside influences from peers, marketing, and advertising, etc. to be a much bigger factor than when they’re under your roof. Talk to them early on about peer pressure, fashion, and the “herd” mentality.
Encourage them to think about purchases and not buy things just because that’s what someone else is doing. Also, teach them to avoid lending money to friends. Freedom Debt Relief reviews from young adults reveal that this is one of the top ways you can lose money and your friendship.
With some advice and examples from you, your children will be ready to step into a world of their own. So even if it doesn’t seem like they are listening, keep talking to them and teach them.