Remember those early days of kindergarten? It feels like just yesterday you were capturing their first day of school—a moment frozen in time and filled with their wide-eyed wonder and tiny backpacks. Now, they’re navigating the complexities of adolescence. And before you know it, they’ll be stepping into adulthood, ready or not.
The world is changing rapidly. As parents, the best gift you can give your children is not just love and support but also the knowledge they need to navigate life’s financial landscape.
Khan Academy’s Adulting 101 guide is here to help. It offers practical insights and actionable tips on how to build a strong financial foundation. The best part is you don’t have to wait to get started! Here are five essential tips you can introduce at home to begin nurturing your teen’s financial confidence today.
1. Start the conversation early
The sooner you talk about money with your teen, the better. Open and honest chats about budgeting, saving, and spending can help them have a healthy relationship with money. Encourage questions and thoughts without judgment.
2. Set a positive example
Actions speak louder than words. Show your teen good financial habits by creating and sticking to a budget, saving for goals, and making smart financial decisions. Share stories about how you saved for a family vacation, for example, and the steps you took to reach that goal.
3. Encourage practical experience
Give your teen chances to manage their own money. This could be through an allowance, a part-time job, or a new savings account. Let them learn from mistakes and celebrate successes.
4. Teach the basics of budgeting and saving
Help your teen understand budgeting and saving. Explain the difference between needs and wants, and encourage them to set financial goals. Teach them about compound interest and the power of saving early. Use a simple budgeting template to help them visualize their budget.
5. Encourage smart decision-making with the free Adulting 101 Guide
To help your teen navigate financial independence, download Khan Academy’s free Adulting 101 Guide. It covers everything from budgeting and banking to taxes and car buying, offering practical tips and real-world examples. This guide pairs perfectly with Khan Academy’s free Financial Literacy course, providing step-by-step advice and resources to make adulthood less overwhelming.
Download our Adulting 101 Guide to help your teen navigate the Financial Literacy course and gain the knowledge they need to master their money.
By following these tips and using the resources from Khan Academy, you can help your teen develop the financial skills they need to succeed in adulthood. Remember, it’s never too early to start building a strong financial foundation.
PS: Our work in financial literacy is made possible through the generous support of our founding sponsor, Walmart, with additional support from Intuit and Capital One.
