Life moves fast, especially when you have children. In the blink of an eye, you can go from diapers to driving. Then it’s off to college and on with their own adult lives. Unfortunately, about the same time that kids need your advice the most about their finances, the outside world’s influence kicks in.
Sometimes they can even become rebellious and refuse any information that you want to share. However, there are still ways that you can help guide and teach them.
Freedom Debt Relief reviews some of the best ways to prepare your teens financially for adulthood.
Saving and Investing Money
It is never too early to teach your children how to save money. In fact, the sooner the better. But as your kids grow older, you can also introduce more sophisticated methods of saving, and teach them other ways to become financially savvy. Show them how to not only save money but look for ways to save that will maximize their rate of return.
Shop different types of savings accounts and interest rates. Freedom Debt Relief reviews show that this is also a good time to teach them how to invest, purchase insurance plans, and prepare to pay taxes.
And even once they are off on their own, let them know that you are available to help guide them should they have questions about any of these things.
Paying for College
Depending on your financial situation, it may be necessary for your child to pay 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 upfront what your expectations are for not only grades but also the financial part.
If your child is helping to 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 over it Freedom Debt Relief reviews of paying for college show that there are many scholarships and low-interest loans available for college.
Your child could also work part-time during school to help pay for it.
Utilizing Technology
Granted, your kids are probably way better than you are at all the social media apps, games, etc. that are out there these days. But, do they know how to check their bank account online? Can they use an ATM machine or POS machine at the local grocery store? Are they able to make online purchases when needed? If not, it is time to teach them these things so that they are prepared once they go out on their own.
Freedom Debt Relief reviews of technology and kids show that many of them have very little (if any) concern about identity theft. So, make sure they are aware of how this works too. They need to understand the various security measures like two-factor authentication or CVV.
Peer Pressure
Finally, as your kids grow up and go out on their own, outside influences from peers, marketing, and advertising, etc. become much more of a factor than when they were under your roof. Talk to them early on about peer pressure, fads, and the “herd” mentality.
Encourage them to think through purchases and not buy things simply because it is what everyone else is doing. Also, teach them to avoid lending money to friends. Freedom Debt Relief reviews of young adults reveal that this is one of the top ways you can lose both your money and your friendship.
With some sound advice and modeling from you, your kids will be ready to step out into the world on their own. So, even if it seems like they aren’t listening, keep talking with them and teaching them.
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