E got his first job a few weeks ago and finally collected his first paycheck. Trying to explain financial security and independence to a know it all teenager is very difficult. I want him to be able to understand the value of money, by saving and investing. How can I help him when I couldn't help myself at his age?
With the collection of his first check, I took him to the bank to open a
checking account. There are so many options for a first time account he was overwhelmed with choosing the right one for him. Thankfully, the bank manager was more than helpful in gearing him in the right direction. He opened a checking account and a savings account. Upon my recommendation he took 10% of his check and put it in savings and will continue to do this each paycheck. It may not sound like much, but saving 10% of one's check each pay period can add up.
What advise do you have for saving money from your paycheck?
I found that while I wanted to give him the best advice, I wasn't the one he was going to listen to. Sometimes a stranger knows best.
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