You’re in the home stretch of raising a happy, well-balanced, and financially responsible young adult! It’s time to knock financial learning out the park while your kids are still at home, helping to prepare them as much as possible for college and beyond. While money shouldn’t drive future career considerations, the amount your kids are accustomed to living on should be discussed and considered within the context of potential future earnings.
Key Money Basics for Ages 17-18
- Managing more personal expenses to prepare as an upcoming graduate.
- Working part-time to build self esteem, confidence, and experience.
- Balancing social and college pressures within financial realities.
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- Peer Pressure: Emphasizing self-esteem as late teen peer pressure wanes.
- Spending: Incorporating more real life expenses helping to educate.
- Allowance: Adjusting allowances relative to earnings and purchase responsibilities.
- Earning: Balancing the merits of work and school.
- Saving: Setting longer savings goals with an emphasis on college, if appropriate.
- Banking: Cultivating stronger banking skills.
- Giving: Encouraging giving both personally and financially.
- Borrowing: Teaching your child how to get out of debt, a valuable life lesson.
- Lifestyle: Considering what your kids are experiencing, and ultimately expecting.
- Role Modeling: Remembering you’re still your child’s most important role model.