When it comes to raising children, there are various times where we encourage them to set and achieve certain tasks or milestones. Maintaining good grades, keeping their living space tidy, and helping others in the community are just a few common goals that we set for our teens. But before they reach adulthood, ask yourself – what financial goals have I encouraged my teen to work towards?
Introducing your teenager to setting financial goals early can allow them to develop positive money habits like budgeting, saving, and thinking through how they’ll spend their money.
A Skill for Life
Learning to set financial goals is a skill that conveys many benefits throughout our lives, so why not start as early as possible? So many of us look back at the decisions we’ve made, knowing that different choices would have produced better financial outcomes. And some goals, like saving for a large purchase or retirement, require a long-term commitment in the face of life’s many challenges. Learning to set and work towards financial goals as a teenager will give them a head-start on managing these challenges and handling financial matters before the additional stresses of adulthood come along.
Start Simple
Getting your teenager used to setting financial goals can be as simple as getting in the habit of checking their account balances online or using Card Controls on their debit card to practice account safety habits. Their goals can build up to be more challenging ones like saving towards a future purchase or their post-high-school plans, college or otherwise.
Regardless of how simple or complex their goals may be, developing the habit of looking towards the future and setting a plan can give them the power to shape their financial future. Looking to get the conversation going home? Ask your teen questions about what is financially important to them, or about the things they would like to save up for. You may be surprised by their answers.
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