Personal Finance Topics All High School Students Should Know
Help teenagers prepare for the real world by teaching them these critical finance topics.
For good reason, high school students are set on an academically rigorous track towards college. Unfortunately, though, personal finance – a topic needed to understand how to survive in life – is rarely taught in school.
If you’re a parent, guardian, or caregiver, the duty often falls on you. Not sure where to begin? Here are some topics that will help start your discussions about financial fitness.
Finance Topics For High Schoolers
Buying A First Car
If your high school student is ready for their first car, then you should point them to makes and models that are known to be reliable, safe, and cost-effective. If you’re unable to avoid taking out an auto loan, then turn it into a discussion on borrowing and debt. Even if you’re covering the costs, explain the concept of monthly payments, default, insurance, maintenance costs, etc.
Responsible Credit Management
As students turn 18, they’ll likely start getting credit card offers. Few young people, however, have the discipline to pay off credit card bills on time, every time. Before they’re on their own, make sure you introduce them to credit card best practices, and consider emphasizing that credit should only be used in case of emergencies.
Raising Money-Smart Kids
Talking to kids about money is not only acceptable but also encouraged. Use our tips to help your child understand and practice age-appropriate money management skills.
Saving For College Expenses
Many of today’s high school students have part-time jobs. If money is tight for college in your household, explain that they may have to put some of their income aside for higher education. Even if tuition is covered, there are still additional costs, such as textbooks, meal plans, parking, and more.
Introduction To Investing
It’s never too early to learn about the stock market. Explain the nuts and bolts of investing and have them start tracking companies of personal interest to them. Raise the stakes by making hypothetical or even real (if you’re comfortable with it) investments. They might not become financial advisors when they get older, but understanding money on a more advanced level can strengthen their fundamental skills now.
Summary
By sharing financial basics with your kids and framing them in terms that are relevant to them, you can set them up for a positive financial future.
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