9: Creating a Financially Savvy Teenager

Welcome. At the time of this recording it is summer and many teenagers have part-time jobs. If you haven’t been talking about why it is important to save or have a budget now is the time. Ideally teaching your daughter from an early age is helpful, but if you haven’t it is ok. Today’s episode is not about financial advice, but gaining an understanding of your family beliefs around money and how to help set your daughter up to succeed in managing her money. I recommend speaking to an accountant or financial adviser for specific advice on financial planning.

Here’s what you learn in today’s episode:

• Create a budget with specific percentages of how much is saved, spent and given to charitable contributions
• Establish a savings and/or checking account for her at the bank
• Set-up a family meeting to discuss money management, creating a budget and meeting weekly to review how the process is going
• Teaching her budgeting skills now will assist her as an adult to be more financially savvy and feel empowered.
• Explore your own beliefs and values around money. What messages did you receive about money growing up and what messages are you giving your daughter?
• Read books on budgeting or money management from authors such as Dave Ramsey or Suze Orman or others.

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