![]() ![]() This will give them a clear idea as to how they should allocate their income. While needs are must-haves for survival (e.g., medications, insurance, commuting costs, etc.), wants are non-essential things that are desired (e.g., eating at restaurants, entertainment, traveling, etc.).Ĭonsider teaching your teen to follow the 50-20-30 rule of budgeting: 50% for needs, 20% for wants, and 30% for savings goals. Teaching your child how to categorize their needs and wants can help them understand the urgency and importance of a goal. Once teens can do that, they can develop a budget and timeframe needed to complete those goals.įor teens, short-term goals can be anything from back-to-school shopping to attending concerts to going to camp, while long-term goals can be pursuing higher education, making solo travel plans, buying a car, and more. To help teens navigate budgeting, parents must first teach a simple step: identifying short- and long-term goals. In other words, you don’t have to rely solely on a financial literacy curriculum at a K-12 school to learn more about being financially literate. While school curriculums- including online school curriculums-often include financial literacy for high school students, teens can also learn to be responsible with money by adopting simple savings habits. When taught correctly, the financial decisions you make as a parent, how you make them, and the impact of those decisions can go a long way in how your teen views money and the importance of saving. ![]() This makes the home the best place for children to start learning about financial literacy and savings habits. When it comes to those responsibilities, they are constantly observing and relying on their parents and other role models to guide them.Īccording to the PISA 2018 Financial Literacy test results, 96% of students say they learn about money from their parents and the other adults in their family. High school students juggle academics, sports, volunteering, activities, and their social lives, all while learning to take on adult responsibilities. ![]()
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