As parents, most of our financial goals revolve around providing
support and stability for our families. Of course, we all want our
children to live comfortable lives, but it's just as important to raise
them to become financially stable adults when they leave the nest. Here
are four tips to encourage your teenager to be money-wise before they head
off to college.
- Start saving early - Developing smart saving habits is the first step to becoming money-wise. Encouraging your teenager to contribute a realistic amount to savings, even if it's just $20 a month, is an easy way to put them on the right track for future financial success.
- Establish a monthly budget - It's important for teenagers to understand the bigger picture when it comes to their finances. Establishing a monthly budget is a great way to prevent bad spending habits (such as excessive online shopping), prioritize expenses, and plan for future expenditures.
- Set up a checking account - The best way to help
your teen establish financial freedom is by encouraging them to open a
checking account. This will help them learn basic skills like depositing
money, monitoring their balance, and developing healthy budgeting
habits. Plus, it is a rite of passage that sets teens on the path to
becoming financially independent.
- Practice mobile banking - There are plenty of tools that tech-savvy teenagers can use to control their finances with just the touch of a button. North Dallas Bank & Trust Co.'s 24-hour mobile app provides features such as SMS text banking, ATM locator, quick bill pay and more - making it easy for teens to be financially responsible while living life on-the-go.
At North Dallas Bank & Trust Co., we're dedicated to providing smart, real-life financial insights to empower our customers (and their families) to be their own best assets - that's what being money-wise is all about. Want to learn more? Contact us at
www.ndbt.com or visit one of our
five locations today! Member FDIC.