People with great money habits are hard to come by. When it comes to money, parents might be wondering how they can help their teen establish good behaviors when it comes to saving, creating budgets, and spending within their means. That’s why we decided to chat to Glen James, the host of the My Millennial Money podcast. In the video, he tells us how you can explain budgeting, saving, and personal credit to your teen, even if you aren’t exactly Warren Buffet yourself.
A few things we learned:
- Your teen doesn’t need to run all their purchases through an excel spreadsheet. All they need to do is understand that when they get money, they need to think about giving some, saving some, and spending some.
- It’s never too early to teach your kids about personal credit and the myth of ‘easy money’.
- If you aren’t amazing with money yourself, that’s okay. Glen suggests that you could have saving goals, and keep each other accountable.