Those who are financially illiterate are often unable to reach their financial objectives and suffer the harsh consequences of poor money management. They may incur excessive consumer debt with high-interest rates, carry high credit card balances, falling behind on bill payments, overspend their money, and delay saving for retirement and investments.
Giving our kids a solid financial foundation at an early age is essential so that you may ingrain them with good money habits and become financially savvy.
High school can be a challenging time for adolescents, facing more homework, playing sports, volunteering, doing other extracurricular activities, and having a social life.
Understanding how to budget your money can help you organize your available income sources compared to your spending for your living needs and discretionary spending.
Help them through the decision process by hearing them out to justify the purchase and how they will pay for it. Help kids learn how to save money for these big goals several years away.
Young people should understand why they need access to credit, how to manage credit, and having a desirable credit score. As young adults, people like their landlords, employers, and lenders, will want to know if they are responsible for credit.