Kids and Money: Helping Your Teen Prepare for the Real World

Before they leave the house, how can you prepare your teen to be money savvy? Today we go over the five essential skills they need to know!

Teaching Your Teen About Money and the Real World

Last week, Kristia shared how she’s helping her girls become more savvy and thoughtful with money.

We also go into how to start the conversations so your kid can begin to pick up crucial money habits and learn how to spend, save, and give wisely. 

Because even though money is not the most important thing, understanding how it works can empower your kid to use it as a tool to build a life that they love. 

But to help them prepare takes time. Which can be a challenge in itself. 

Many of us are living full lives. I mean in our case, this week the new school year has started – virtually for us- and now both of our girls are enrolled. 

They have their school schedules, we have our work schedules, and so these next few weeks we’re going to have to test things out and find that rhythm.

And if you have teens in the house, you may feel like time is even further compressed. How do you pass on these lessons while handling your own regular routine and whatever add layers of complexity 2020 has thrown at you?

So today we want to reduce some stress for you. 

We’re going to be looking at how you can help your teen prepare for the real-world, specifically finances. 

In this episode, we’ll go over:

• Five key money skills they need to know
• Creating their post-graduation budget
• Whether or not they should pay bills while living at home

It’s a lot to cover, but I’m excited. Are you ready? Let’s get started! 

Resources to Help Your Kid Become Savvy with Their Money

Here are some of my favorite tools, apps, and resources to get your family working as a team with money! 

• Best Budget and Money Apps: Personal Capital, Tiller, Mint
• Jumpstart Your Marriage and Your Money
• Famzoo: Fantastic tool that allows you to create a family ‘bank’ system that can make managing allowances easier while guiding your kid from preschooler to teen to become financially savvy. 
• The Opposite of Spoiled
• Cash Crunch Games
• Goalsetter
• How to Talk to Kids About College Costs
• What Should Teenagers Do?

Thank You to Our Partner Coastal

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!

Support the Podcast!

Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.

• Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
• Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
• Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? It was provided by Lee Rosevere and artists from Audiio.