In the fast-paced life of teenagers, it’s challenging to find time to talk about money. They are often distracted by their phones, friends, homework and extra-curricular activities and can just not engage in conversations that don’t interest them. Financial Literacy doesn’t offer the instant gratification that so many other things do. Finding interactive ways to engage with teens can make learning fun while providing the tools and knowledge to build financial freedom.
- Monthly Budget: Learning how to create and follow a monthly budget is a critical first step. This interactive game lets players test their ability to create a monthly budget. Players choose from a variety of jobs that sets their monthly income. Next, the players select a plan to budget for real life expenses like food, rent, car clothing while building a savings fund. The final budget shows whether the budget is realistic or not. Make it a family game night and see who in your family is the financial wizard! http://www.cufinancialfitnessmaine.com/
- Building A Good Credit Score: Building credit is a reality of becoming an adult. Managing credit effectively and understanding the differences of good debt and bad debt is a key factor in building good credit. There is an interactive game on iTunes (only available on iPad) called Night of the Living Debt. This game provides teens with real-life scenarios of how to build credit. There are choices the players make in the game that demonstrate how to use credit enough to build a good credit score while not overextending themselves and ending up with a mountain of debt.
- Credit Cards – A Balanced Approach: As teens take on financial responsibility, credit cards provide a way to build a credit score. When used responsibly, credit cards can have a positive impact on financial health. Adversely, unpaid balances can quickly turn into a large debt due to monthly interest rates and fees. To encourage learning through a fun and interactive board game, Thrive Time for Teens teaches strategies for using credit cards.
- Saving for Big Purchases: As kids get older the price tag of their toys and devices increases. With access to almost anything on the internet, instant gratification is a fact of life for teenagers. Teaching the value of saving and having the patience to wait to buy something is not easy. If your teen wants an expensive item, this is the perfect opportunity to discuss saving toward a specific purchase. Our Club Account is a perfect fit! Ask us how your child can create a custom name for their account. There is a sense of accomplishment and ownership that comes with paying for something without help from parents.
Finding different ways to keep the learning process fun and interactive can start your teen on the path of financial literacy. Good financial habits and understanding the basics of money management can provide the foundation to reach financial freedom later in life. Engage in Youth Month at Trademark with your teen. It will be fun and interactive, with prizes to win! All while investing in their financial future.