Spending money

The Next Big Talk: Spending Money

Spending your own money for the first time can be exciting, but it's important to teach your teen to spend responsibly. Start with these tips below.

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Pay bills on time

Rules of Thumb

  • Spend less than you earn
  • Pay bills on time and in full
Have spending goals

How to Budget Your Monthly Income

  • 20% Emergencies, repaying debt, or future purchases
  • <30% Fun stuff like eating out and entertainment
  • <50% Basic needs such as food and housing

4 Tips for Spending Wisely

Check
Prioritize purchases by considering needs vs. wants.

Bookmark
Borrow books from the library instead of buying.
Price Tag / Sale
Buy used items instead of new.

Savings / Early Savers
Take advantage of student discounts.

Having the "next big talk" is as important as any other life challenge, and we're here to help you and your teen along the way. We've created The Money Talk guide, using real-life examples, to make it easier for parents to help their teens get familiar with finances and jump into adulthood with a sense of financial independence.

Have The Money Talk