A: High school students are only several short years from adulthood – and with it, the financial freedom to take out loans, sign leases and charge to credit cards. Many teenagers don’t have the patience for long financial conversations, so prioritize the following tasks and discussion topics.
1. Help open a checking account. Children over the age of 13 can open a checking account in most states with a parent or guardian’s signature. If opening an account is a possibility, go to the bank with your children and sit down with a banker who can help explain how to deposit and withdraw money, use a debit card and the consequences of an overdraft. Having a checking account will help your teens get used to banking and will make it easier to manage their own money if they have a job, car or other financial obligations.
2. Encourage a part-time job if appropriate. All children are different, and while some teens are eager to go to work as soon as they’re able, others may need some help identifying appropriate opportunities. If your children are consistently requesting money for gas, clothing or other discretionary expenses, part-time jobs may be a good idea. However, be sure that your children continue to focus time on school work and other important extracurricular activities. A part-time job can help teens establish a work ethic, meet friends and professional contacts and earn some extra cash along the way.
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