1) Open a new youth account
2) Make a deposit of $5 or more into their youth account during April
Tips to Teaching Kids Financial Responsibility
When your kids were little, you frequently heard requests such as “Will you read me a story?” or “Can we go for a bike ride?” When they morph into teens, their pleadings often involve asking for money – your money.
How can you tame their cash demands and avoid the money wrangles, while also instilling a sense of financial responsibility? Here are a few ideas:
• Make the most of “teachable moments” – Look for opportunities in your day-to-day interactions when you can slip in a money “lesson.”
• Provide hands-on experience – They will have more impact than just listening to you talk. An example: Have your child make the grocery list for the week.
• Model money monitoring – Go over your kids list of expenditures for the week. Discuss the following: Were these wants (things that just made you feel good) or needs (things like a new jacket to replace the one that no longer fits)? How could you have spent your money differently?
• Introduce plastic, perhaps – You’ll need to decide if your teen is mature enough to manage a debit card. You could give your teen an Altana prepaid debit card with a spending limit. Again, go over transactions together.
• Talk about the future – What comes next based on your child’s age? For example: discuss what comes after high school. If it’s college, what portion of expenses will the teen have to cover?
Print out the activity sheets below for some fun!