You might consider encouraging them to save 10-15% of any income or allowance they receive. With an Early Saver account, designed especially for our members 17 and under, teens can get in the habit saving money and learn the value of “paying yourself first”. If you like the philosophy of “save, share, spend”, consider supplementing your teen's checking account with two savings accounts. It's helpful to set up systems for your kids that support positive financial habits, and it's easier than ever at BECU.
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They'll be learning how to spend responsibly while still under your roof And remember: as their parent of guardian, you can monitor their bank account and set ATM limits, while allowing them some freedom to make decisions on their own. This is in addition to the debit card all members can have, starting at age 8.Īs a parent, it may seem like a lot of freedom and responsibility for someone so young, but think of this as their financial training ground.
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They can begin using BECU Online Banking, download the BECU Mobile App, and start receiving monthly e-statements. When they turn 13, your teen can have access to this exciting new world through their BECU checking account. Especially since it's the way they'll have to handle their finances once they're on their own. While some people may feel mobile banking and debit cards are just for adults, they're actually great tools to help teens learn to manage their money. If you make the minimum payment, how long will it take to pay off the computer? What will the total cost be, given the interest accrued over time? Happy 13 th birthday – from BECU You can also play out purchase scenarios together, like buying a laptop on credit. Is there an annual fee? What about other enticing perks? Discuss the grace period, too, It's a great way to talk with your teen about using credit cards responsibly – and about having a plan to pay off anything you buy on credit.
If so, check the details to see what rate it will convert to. Look for the interest rate see if it's promotional. Sure, they may be annoying but that trove of credit card offers you get in the mail is also an excellent teaching tool. Use junk mail to learn about credit cards Your teen will begin to see how shopping around can really pay off. Also visit comparison shopping sites like Pricegrabber. Compare prices of similar items, and talk about why the same product may be priced differently in different stores. Get a local Sunday paper and clip out ads – or check it out online. This is a great time to introduce the concept of comparison shopping, since you've already talked about choices being an important part of budgeting. An important step, regardless of the goal, is staying on top of their finances. A short-term goal (less than 2 years) might be savings-focused, like “having a down payment for a car.” A medium-term goal (2-5 years) might be educational, like “save for college” A long-term goal (5 years+) might be work-related, like “have a job as a CPA.” Once they've identified goals, you can start talking about the steps necessary to reach them. Start by talking about the difference between short-term and longer-term goals. Support your teen in thinking about what he or she wants to accomplish in the short and long-term-both personally and financially. Set goals togetherĪnother great topic to explore together is goal-setting. Even if you're just listing where money goes each month, your teen will see the realities of a budget first-hand, and learn how tradeoffs and choices are an important part of staying in control of your finances.
You can compare costs to actual income, if you'd like. You can talk about the difference of fixed expenses, like rent or mortgage, and variable expenses, like groceries and clothing.
The downloadable BECU Budget Planner helps bring budgeting to life.
A great way to start helping your teen build her or his money-management muscle is with a real-life budgeting exercise based on your household costs.
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