teenagers - 5 money saving questions
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Top questions kids ask about money (and how to answer) - by Better Money Habits
How to turn uncomfortable questions into an opportunity to teach kids about money. Content brought to you by our partner, Better Money Habits.
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Despite their children’s curiosity, parents tend to be tight-lipped about family finances. But children’s questions—and your answers—can provide a valuable education and keep kids from thinking that money topics are scary or taboo. By engaging with your children about how money works and your family’s relationship to it, you can shape their perspective on spending and saving.
Here are several questions children often ask about money, as well as suggestions as to how you might answer.
Why can’t we just go to the ATM when we want money?
Money is an abstract concept for children, and they may assume you have an unlimited supply. Rather than simply telling them that money doesn’t grow on trees, try explaining in a way they understand that money is limited.
If a child keeps change in a piggy bank, for example, explain you do the same with the money you earn at work. Just like that piggy bank, you can’t take money out of the bank that you haven’t put in. Explain you use the money you keep at the bank to buy things the family needs, such as clothes and food.
How much money do you make?
Many parents are reluctant to share their salaries with their children—in part because they understand how eager their kids might be to compare notes with their friends. But children have concerns about money, and refusing to talk with them about it could cause anxiety and a fear of the topic that may well last into adulthood. Too much information can overwhelm kids, though. So try to be honest without telling them more than they need to know.
Answer:
start opening a savings account
set a goal
make a budget, and stick to the budget
spend smart
start a summer job
separate spending money from savings
Explanation:
hope it helps you