Equip your teen daughter with money sense

October 15, 2008 12:00:00 AM PDT
Everyone is worried about money, even our teenager daughters. In fact, you may be surprised to know what is on their minds and how much they are concerned about their financial future. Variny Paladino, author of "The Teen Girl's Gotta-Have-It Guide to Money," has some advice for parents and teens.

T.E.E.N.S. Tips for Moms

Talk: Take advantage of everyday opportunities to talk about money with your teens.

Example: Be a positive role-model to your children by being on top of your own finances.

Educate: Parents and adults also struggle with their finances, so don't be afraid or ashamed to keep learning about money!

News: Encourage your children to read and/or watch the news and keep up with current events.

Support: Support your children to pursue their passions and do what they love.

About "The Teen Girl's Gotta-Have-It Guide to Money:"
The book is a fun, eye-catching, and easy-to-understand money primer written specifically for teenage girls. Authored by Jessica Blatt with assistance from Variny Paladino, THE TEEN GIRL'S GOTTA-HAVE-IT GUIDE TO MONEY introduces young readers to some fundamentals of personal finance, while also inspiring them to discover skills, talents, and hobbies that they can easily turn into work and money-making opportunities.

THE TEEN GIRL'S GOTTA-HAVE-IT GUIDE TO MONEY explains that though money may not be the answer to all of life's problems, making and saving money can open doors to opportunities, freedom, and choices such as a college education, travel, and even the ability to change the world and improve the lives of others. The Jump$tart Coalition for Personal Financial Literacy writes on its website, "..the average student who graduates from high school lacks basic skills in the management of personal financial affairs. Many are unable to balance a checkbook and most simply have no insight into the basic survival principles involved with earning, spending, saving, and investing. Many young people fail in the management of their first consumer credit experience, establish bad financial management habits, and stumble through their lives learning by trial and error."

Buy the book on Amazon: The Teen Girl's Gotta-Have-It Guide to Money

Some highlights for parents include:

· "Family Affair" Icons: Dispersed throughout the book, these tips encourage young savers to involve their parents, grandparents, siblings, or other family member/friend in conversations about money. A family that saves together, profits together. These icons encourage readers to pick a "Money Buddy" in their family-their mom or dad or legal guardian-whom they can turn to with money questions, for job help, and for permission to do things like open a bank account or invest in the stock market.

· Money Mishaps: Tips on how to deal with "sticky" money moments such as when you lend money to a friend and they do not pay you back, or someone asks how much your parents make, or dividing up a check at a restaurant when you have ordered less than your friends, or you get teased for wearing a generic pair of sneakers or jeans to school.

· Easy-to-Fill-Out Monthly Money Plan: Use this easy worksheet to calculate how much money you need each month for saving (for short and long-term goals), spending, and charity.

The Teen Girl's Gotta-Have-It Rules for Minding Your Money, AKA: W.A.L.L.E.T.
Six golden "rules" for teenage girls:

WORK. Working will not only give you spending and saving money, but it will make you an impressive candidate when you apply to college, and it will teach you skills beyond what you could ever learn at school.

plan AHEAD: Think beyond the moment to your goals for next month, next year, and four years from now, then use the tips in this book to create a money plan and stick to it. Planning ahead means you'll be less likely to waste your money.

LOVE something. When you're passionate about something-school, art, music, fashion, anything--you can make it a priority and spend money on the things that matter most to you.

LET your money work for you. Don't just leave your savings in a piggy bank or shoebox at home. When you put your money in a savings account or other type of investment, it will start earning money for you!

EXPLORE your spending options. The best way to make smart shopping decisions? Look into all of your options, do research, and ask around. Especially with bigger purchases, it pays not to rush in.

TOUCH lives: Make giving money to charity a regular part of your budget. You don't have to give a lot of money to make a difference.

About Variny Paladino:
Variny Paladino is a consultant for the national public television investing series MoneyTrack, as well as the Jump$tart Coalition for Personal Financial Literacy. She has also served as Director of the American Savings Education Council (ASEC) and the Choose to Save® public service campaign.

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