Is money burning a hole in your teen’s pocket?

Toronto ON -- Remember your mom or dad saying don't spend all your money in one place; make sure you save for a rainy day? Those phrases were said in the days when most everyone saved first and spent second. Teenagers will be receiving their final paycheques from their summer jobs and will be eager to spend it. Teens need to learn how to be responsible money managers today so they will have a secure financial future tomorrow. It is time for parents to have the money talk with their teen to help them develop good saving and spending habits now.

"As parents we need to help our teens establish guidelines for saving and spending, teach them how to budget their money and introduce them to the concept of credit," says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada, Inc. "Our children will have a better chance of building a financially secure future by developing good money management skills now."

Consolidated Credit offers these tips on having the money talk with your teen:

• Set goals for their summer earnings – establish how much will be saved, donated to charity and available for spending.

• Part-time jobs are great ways for teens to earn money during the school year – mowing the neighbours' lawn, shoveling driveways, babysitting, or working for a local retailer. Earning their own money is the first step to developing responsible money management skills.

• Establish what expenses your teen is responsible for paying, ie. cell phone costs, entertainment, school lunches, etc. Help them to understand the differences between ''needs'' and ''wants.''

• Set up a budget using some of the cool resources available. This will help them track spending and stick to their budget (ie. Smartphone applications)

• Arrange to meet regularly with your teen to talk about how their budget is working, does it need to be adjusted and reward them for doing a super job managing their money.

Download Consolidated Credit's free booklets Managing Your Money: Why it is important to start young and Talking Money With Your Kids to use as references when you speak with your teen.

About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada, Inc. is a national non-profit credit counselling organization that teaches consumers about personal finance.

Consolidated Credit's unbiased debt-counselling service offers alternatives to help people get their debts under control. Alongside assisting with consolidating payments, Consolidated Credit experts focus on education and understanding. Strategies include teaching basic but vital concepts such as how to budget, understanding credit and how to manage money.

Consolidated Credit also offers a free web-based budget and debt analysis tool and a plethora of website resources for people interested in learning more about debt and credit on their own, including tips on smart spending, buying a car, taking out a student loan and a survival guide for holiday spending. Its online learning centre offers free personal finance education booklets, financial calculators, resources, tips and suggestions. Also offered is a free iPhone and iPod application, "Budget Tool", which can be used to manage expenses on-the-go.

Stay Connected With Consolidated Credit Counseling Services, Inc. of Canada
Visit us on www.consolidatedcredit.ca
Call us toll-free on the phone at 1.800.656.4079 for a FREE debt consultation!
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