• Properly regarded, a budget can help your children learn how to save and spend precisely, so that they can have the things and the life they want.
• To help in this endeavor, consider using one of the many available money management apps with your teenager. Many of these apps offer budgeting and spending tools along with financial education, saving opportunities and access to a debit or credit card.
• Introducing and building credit: As adults, we often forget how important a credit history can be for young adults as they start navigating the world on their own. To help make the transition into adulthood easier, get a jump-start on building a good credit history for your teenagers by adding them as authorized users to your credit card.
• When done properly, this can teach them how to effectively manage short-term debt (assuming you ask them to pay for their charges). They’ll also start building a strong credit history, which makes renting an apartment or acquiring long-term debt easier. Plus, they may eventually be eligible for more favorable financing options.
• Having a trusted payment method, like a secure credit card, can also help protect online purchases your child might make and prevent identify theft.
• Because the main account holder is ultimately responsible for any purchases of an authorized user, consider your children’s level of responsibility and maturity before adding them to your account.
You know your children best. Tailor these activities to your family’s needs.
Here are some games, books and apps you might find fun and helpful.
Games
· Payday, by Winning Moves
· Toss Up, by Patch Products