By now, your teen probably understands the value of a dollar. Here are 4 lessons to teach them the financial responsibility they’ll need to give them an edge as they enter into adulthood.
1. The Value of Hard Labor
Making your teen earn their keep is a great way to help them understand that good things come from hard work. Whether they’re working at the local ice cream stand or completing chores around the house, teaching your teen the value of their own labor is step one in growing up.
2. Managing Debt
Learning how to manage debt is also an essential financial skill that teens need to lean early. You can help get them started down the lending road in small amounts. Perhaps you give them the advance to buy a new phone or their first car, then have them pay you back in payments each month that align with their earnings or allowance.
3. Transferring Costs
Eventually, you’ll have to ween your teen off expenses that you initially cover. Rather than dumping all of these expenses on them after they’ve completed their schooling, consider transferring some costs to them. Again, depending on their earnings or allowance, have your teen begin to pay for their own car insurance or their portion of the family’s phone plan.
Getting your teen set up with their own bank account is key. With Croghan Colonial Bank’s Gen$pend account they’ll have access to their account through their own Debit Card, Online Banking and Mobile Banking. Mobile Banking offers features like Mobile Deposit, Zelle (person-to-person transfers), and Debit Card Fraud Prevention – in which they can freeze and un-freeze their Debit Card. Also, Croghan customers have access to the MoneyPass ATM network, so your teen will have access to more than 32,000 ATMs nationwide…so no worrying about them accessing their cash once they get to college.
Also, when your teen opens their Gen$pend account, enrolls and remains enrolled in eStatements and makes a Debit Card purchase within 60 days of account opening – they’ll earn a $50.00 cash bonus! Contact your local branch to get your account opened today!*
*Account subject to deposit account approval. To qualify for the cash bonus, you are required to do ALL of the following within 60 calendar days of the account opening date: open and maintain an open account status in a new Gen$pend checking account for 60 calendar days, enroll and maintain enrollment in eStatements, complete one or more Point-of-Sale (POS) transactions. The $50 bonus will be deposited into your new account, which must have an open status, within 30 days of meeting the requirements. For tax purposes, you will be receiving a Form 1099-MISC for the cash bonus.