If your teen does not have some type of teen account, they should have one. Pearl Hawaii’s Teen Debit & Checking account will help open conversations that will guide them through the rest of their life. What’s the key to teaching your teen smart money management skills? It’s talking to them about money and giving them increased responsibility for managing their own spending.
Young individuals face the task of learning how to manage spending and saving before becoming adults. Developing sound financial habits is critical.
Learn about budgeting. With Pearl Hawaii’s LIFE Manager, they can manage their assets and expenses all in one place. LIFE (Loans, Investments, Finances, Earnings) Manager helps them see the bigger picture. Additionally, you can create a budget, plan out your life, assign accounts, add expenses or income, create goals, or monitor your progress, and spending habits. Log into PHFCUOnline and get started.
Show them how to save. Ask them to save a portion of everything they earn and deposit it into their savings. What they plan to spend, have them deposit the amount in their checking account.
Teach them to comparison shop and find better deals. Whenever they want to buy something, have them do the research first. Perhaps they can get a discount online or at a specific store.
If possible, start building their credit score. With their savings, sign-up for a Secured Credit Card. Use it to make small purchases and pay off the balance on time and in full every month.
Help them understand the difference between Wants versus Needs.
Teach them to forget about peer pressure. Sometimes their friends have the newest cell phone or the next and up-and-coming name brand. Teach them that spending for appearances is a poor person’s money habit.
Why Open A Bank Account For Your Teen?
It’s never too early or too late to open a bank account for your teen so they can develop strong financial habits. As they grow, let them take control of their finances while you monitor their progress.
Help your teen think before buying.
Help them learn the difference between needs and wants.
They can access their money using a debit card.
Your teen can practice creating and sticking to a budget.
Having their own account can help them learn to save money.
Are You Ready?
Overall, you should teach your teen how to use a checking account, including how to use SnapDeposit for checks, effectively manage their money, and avoid paying fees. Also, talk with them about why saving a portion of the money they earn makes sense for their future. Additionally, teaching about money also includes the dangers of fraud. Talk to them about the importance of keeping their account secure, identity theft, and rest easy knowing that you are guiding them along the way where you will receive alerts and have controls via an app.
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