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Teaching Your Teenagers About Financial Responsibility

Submitted by Shoemaker Financial on July 2nd, 2021
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Financial responsibility may not top the list of unmentionables for conversations with your teenagers, but it certainly may be one of the most important.

Today’s marketplace provides a wealth of alluring financial “opportunities,” many of which may lead the adolescent mind down unsavory paths with catastrophic consequences. Easy credit. The latest (and most expensive) in fashion. The finest and swiftest in high-tech gadgetry. And, of course, the inevitable lure of the automobile.

Good advice, taken to heart, may help steer your teenagers away from the youthful transgressions that have plagued countless generations past.

Before your teenager (or young adult) takes to the open road, here are four financial life lessons that may help keep them on the straight and narrow:

Credit and debit cards: Handled incorrectly or irresponsibly, these plastic cards can lead your children or grandchildren into some hot water. One in four students leaving college has more than $5,000 in debt. One in 10 have more than $10,000 in debt. College students are hot property for eager credit card companies. Teach your teenagers how to use both credit and debit cards and hold them responsible for how they’re used.
Following a budget: It’s never too late to teach children about developing and adhering to budgets. Budgets help foster financial discipline and provide an important lesson on the value of money. Start by having your teenagers write down their expected income, expenses, and savings. Make sure they follow their budgets. Focusing on creating a personal budget early in life will create a very beneficial lifelong habit.
Establishing a savings account: Saving money can provide a few surprising and delightful benefits. Stashing away just $5 a week may sound boring, but once your teenager gets in the habit of saving, the easier it gets. Saving money helps develop discipline and reinforces the value of money. Encourage your teenagers to save early and often.
Automatically save every month. Modern banking technology makes saving money even easier. Teenage life may be filled with distractions, sending earnest adolescents off into financial traps. But understanding and utilizing sound financial tools may help alleviate some of the heartache. Automated savings—through bill pay or regular money transfers to bank savings accounts—can make it feel like another weekly or monthly expense. Saving money can become an ingrained habit.
If you would like to discuss your current financial needs or learn more about speaking to your teenagers about money management, we’re happy to talk.

Securities and Investment Advisory Services offered through Securian Financial Services. Member FINRA/SIPC. Shoemaker Financial is independently owned and operated. Shoemaker Financial 2176 West Street, Suite 100, Germantown, TN 38138. Neither Securian Financial Services, Inc. nor Shoemaker Financial are affiliated with Platinum Advisor Marketing Strategies, LLC. No. 2301084 DOFU 11.1.18

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Tags:
  • college
  • Financial Planning
  • investing
  • Investing After College

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Shoemaker Financial is independently owned and operated, and offers its own suite of products and services entirely independent of Securian.

Certain individuals associated with Shoemaker Financial are registered with and offer securities and investment advisory services through Securian Financial Services, Inc. ("Securian"), a registered broker-dealer and investment adviser, member FINRA / SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. FINRA's BrokerCheck contains additional information about registered individuals and also indicates whether they are registered representatives and/or investment advisor representatives. You may also refer to their individual bio pages on this website to find their registration status. Not all registered persons are registered as investment advisor representatives.  Only registered persons who are registered as investment advisor representatives use titles "advisor" or "financial advisor" and provide advisory services. For further questions about which individuals associated with Shoemaker Financial are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized to offer on Securian's behalf, please contact Securian at 1-800-820-4205. 3121112 DOFU 06/2020

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