First Job- Learning Financial Independence


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.


No comments

We love hearing from you! Thanks for leaving us some comment love! If you're a new follower, please leave your link, so we can follow you back!