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Money Management International Improving Lives Through Financial Education
SUCESS NewsletterFinancial Education Newsletter
 
4 lessons to raise money smart teens

By Alexis Holloway, Copywriter

Parents were almost evenly split when asked whether they let their children have control over the money they receive (from allowance, gifts, etc.). According to MMI's recent Kids and Money Survey, 49 percent of parents say that they either give their children the total decision or most of the decision when it comes to what they do with their money. On the other hand, 51 percent of parents say they give their kids some say (as long as they don't spend the money on something foolish) or put the money into savings.

While it's important for parents to set boundaries and expectation for how teens are to spend their money, it is also important to empower teens to make wise financial choices on their own. Following are four ideas for raising teens that are financially independent and successful.

1. Wants and needs – there is a difference. Your teen may make a very convincing argument for why they think they need a brand new convertible when they first get their license, but you know better. A new car is a want, not a need. Our financial auto calculators may illuminate the financial ramifications of a need purchase versus a want purchase

2. Life comes with a BIG price tag. Help teens learn how to make smart purchase decisions and work with a budget. For example, give them the freedom to pick their own clothes when back-to-school shopping, but set a limit on how much they can spend. This allows teens to express themselves through their fashion choices, while also encouraging them to live within their means.

3. Problem solving. Ever heard someone diminish a teen’s problem with the phrase, “Well, in the real world…”? Don’t let that person be you! Sure, teenage problems may seem juvenile and petty at times, but they are still real problems to the teen involved. Give teens the opportunity to resolve problems on their own before you jump in with a solution, this will increase their confidence that they can weather any storm (including financial) and come out okay.

4. Teach them to be responsible for their actions. The teen years are not about making all the right choices, rather, the teen years are about realizing that all actions, whether good or bad, have consequences. If your teen makes an error in judgment that results in a speeding ticket, for example, let them pay the consequences, whether by paying the fine or taking a defensive driving course.

Do you have any tried and true lessons that helped your teen become a financially responsible adult? Leave a comment and let us know!

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Parents' new toolbox for raising financially successful kids

Now is the time to prepare your kids for financially successful futures. Visit MMI's new Youth and Money section and find the resources you need to teach your young ones to be good money managers.


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The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. You will gain the peace of mind that comes from improved spending habits, increased savings, and the wise use of credit. Take the first step toward financial wellness by enrolling in a Web seminar today!

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New kids and money online resource

 

It’s never too early to start teaching kids about money. To promote financial literacy among youth, MMI has launched a new Youth and Money section on MoneyManagement.org.

The Youth and Money section offers tools and articles on pressing financial issues facing parents with children of all ages, such as buying a car, saving for college, and the cost of raising a child for new parents. Parents will also find tips and tools for giving kids an allowance.

Raising financially smart kids also requires wise budgeting and planning from parents. The Youth and Money section offers tips and ideas to help parents budget for back to school shopping and cheap vacation ideas for the family.

Think adults have all the answers? Think again! Check out the money advice from kids to grown-ups video. These kids are wise beyond their years and adults will enjoy hearing some the advice from these young money managers.

The new Youth and Money section also offers:

Take advantage of the Youth and Money resources today!


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Update your account balances online. When you receive your monthly statement from your creditors, login to your MMI account and update your balances. It is important that we have the most accurate balance information possible on file. 

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About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call
866.530.9869 or visit MoneyManagement.org.


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