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How Can My Teenager Start Saving for the Future?

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How Can My Teenager Start Saving for the Future?

Posted On: September 23, 2020 by Exchange Bank of Northeast Missouri in: Budgeting, Personal Finances, Save Money, Savings

High school years are often tricky when it comes to money. Your teenager might have a part-time job, but how can they start using that money wisely and investing in their future? Keep reading to find out how you can guide your child towards smart financial decisions.   Open a savings account and don’t touch it!  The first step is for your child to open a savings account. Here they can stash a percentage of the money they’re making for future use. Time works wonders on money, so investing what they have will allow it to grow and become much more than it once was. That’s not all, though – make sure their savings account is strictly for saving and that it’s not being tapped into for other reasons. This will help them work on patience and self-control, too!  Record and keep track of purchases.  A great way for your teenager to find out