Teaching kids money management is imperative today. This presentation is made for parents to teach their teens the important money lessons they need to know before leaving home. The presentation can also be used in the classroom. For further information and details, check out our website www.banksforkidsmoney.com for the FREE e-book "Secrets to Teaching Teens Financial Independence."

1. Top FIVE finance
secrets teens
should know
BEFORE leaving
home
We know that teens need to learn
money skills. If you are one of the
lucky few that have financial
literacy taught in your schools,
count your blessings. For the rest
of us, keep reading for the top five
lessons your teen should know
BEFORE leaving home.

2. 1 Help them
create a
Whether they use budget
the old fashioned
pencil and paper or one of the many
online tools, the important thing is that
your teen creates a budget. This should
not be an adult budget, but one
specifically designed for your teen.

3. 1 Key Budget
Components
A basic budget will consist of the
following components:
• List of monthly expenses
• List of monthly income
• Include financial goals (ie: college
fund)
For more information on FREE online
budgeting programs and budget sheets,
go to www.banksforkidsmoney.com

4. 2 Teach them
earnings
about
Does your teen have a part-time job?
This is a great place to start
understanding the concept of income.
The job can be mowing lawns or
babysitting or working at the local fast-
food restaurant. The important thing is
to help him/her start earning money

5. 2 Hourly vs.
Salary
Help your teen to understand the
difference between an hourly wage
and a salary. If he is mowing lawns,
help her to decide the best way to
charge. Maybe it is by the hour or
possibly by the job. Talk about the
benefits of both

6. 3 Start a
College
Savings
Account
Your teen is taking courses in school to
academically prepare for college. What
about financial preparation? At this age,
most teens understand the importance
of attending college. They are earning
money and can put some of that money
away towards that long-term goal.

7. 4 Take it to
the bank
You probably already started a savings
account for your son/daughter several
years ago. It is now time to open a
checking account. Most banks offer teen
checking accounts with limited
functionality ideal for today’s teen.
Open your teen account while he is still
at home to allow her to learn the basics
before heading off on his own.

8. 4 What are
the benefits of
teen checking
Most banks offer the following benefits
for a teen checking account:
• limits on withdrawing funds
• no monthly service fee
• teen debit card
• overdraft protection
• link to parents account for easy access
• no money = no withdrawal of funds
• online bank statements

9. 5 Teach the
principle of
investment
Earning interest and dividends can really
help to motivate your teen to invest. A
savings account should be the basic and
bare minimum investment. There are
many tools that can help you to teach
this principle.

10. For more
information
If you would like more detailed
information and a FREE e-book “Secrets
to Teaching Teens Financial
Independence”, check out
www.banksforkidsmoney.com and look
under the teen section.