Talk about "money in North America and youth"

 Youth and money

Establishing juvenile financial management skills

In the eyes of the parents, the children put the lemonade stand from a baby to have a credit card of college students, but in a few years. But if we can use this transition years, teach children some of the best financial skills, is the opportunity.

As parents, for children to learn financial management values and attitudes, you play a very important role. In 1999, a nationwide survey showed two hundred thousand, six and twelve grade students do, more than 2/3 students get financial concepts by their parents.

Now the students' financial knowledge is shallow, so the parents to teach their children will be one's unshirkable responsibility of the financial. In 2002, 4024 of high school students received questionnaire is selected a company designed for personal finance knowledge, their average score is 50.2%, down from 51.9% in 2000, and less than 57.3% in 1997. The average score in 47.5% of the students said they only received financial education in schools, and parents have scored an average of 50.9%, higher than the former.

Some pressure

Very young people think in adulthood is dependent on their parents, fewer people want to own a debt. But in today's society is full of pressure, so that people with financial difficulties.

Teenagers always hope and others, some people also want to own, this is peer pressure; in addition, they also have to face the commercial market selling pressure. According to the track of a youth research company's survey, their spending, in 2002 ten to eighteen year olds spent 170000000000, forty percent of which are used to buy clothes.

As long as there is a very good example, teenagers can resist peer pressure. About the concept of money to adults and children stand. To promote their concept, the basic needs such as food, clothing, shelter, education, transportation, and will need to be their highest priority list. Life is a practical choice, explain a Peugeot brand car is good to them, but a reliable car still can take him to go to school or go to work, even if someone will laugh at him is inferior car again!

If the neighbor bought a new car, do you want one? This attitude was formerly called "line" to the next Zhang, now there is a new term, called the "money burning", usually refers to money problems, such as the abuse or misuse of credit cards and money led to a debt. Unfortunately the money burning is contagious, children by parents infectious, if you are a Shopaholic, sooner or later, your children will learn from.

Children sometimes because of peer pressure and go shopping, sometimes find fresh, sometimes just want to whether can new in order to be different. To help children understand the life in addition to the shopping center, consumer, there are other meaningful things. At the same time to reflect on whether they do a bad example.

Work

Work life

The children have a job to help him prepare to enter the adult life. Work can give children a sense of responsibility, work experience, their own money and reduce loitering in the street.

Wont work can let teenagers like parents to keep on working, some children naturally love to work, some will have to rely on parents encourage. Some parents may think they can afford to let the children do not want to go to work, but it is not good for the children. No parents want their children to heavy workload and shadow to the school, but if they are not earning their own money is very difficult to learn financial responsibility.

Generally speaking, a sixteen year old young people can make all employees, although some states may set limits so they don't do too much. Fourteen and fifteen years old can work eighteen hours a week, but during the school Monday to Friday every day should not exceed three hours, the summer can work forty hours a week, eight hours a day on average.

The lower age young can play some odd jobs, such as the generation of errands to run, a small nanny, or help people walking their dogs, grass etc..

Many young people work in order to buy clothes, video games, gasoline or mobile phone, but ignore the additional benefits such as work experience and insight into adult life is what. Even a snack shop work can teach you some flexibility in the use of skills, such as managing money, using the computer system, and customer contact. If you know how to sell yourself, every job you are a stepping stone.

Many children and job skills training. The first comprehensive discussion of how to write resume (this can reference books and online information), and then collect some local firm job application forms have a look they ask what qualifications, but also pay attention to the newspaper job search bar, and then find a possibility in practice skills such as dial to hire job phone or interview, it can strengthen the child the real face of the job confidence.

Talk to your child about to teenagers ignore, is for employers favor behavior, such as grooming, dressed, polite, on time, to follow instructions, they do not understand, ask the heart problems.

If the children want to have a summer job, remind him to action, if wait until five, in June began a lot less if the opportunity. Suggest they questioned when the manager free interview, rather than just delivering an application form. Many young people just want to find a cool job, while ignoring the other opportunities. Each young people's interests are different, and the children to think of all possible to find work, such as a camp counselor, tutor, tour guide, lifeguards, receptionist, gardener, childcare workers, repair work, construction, repair, sales staff, library assistant.

Time and money

Your children know a $20 CD to work long before they earn? According to the calculation of American labor department, an average annual income of Chief Secretary and administrative assistant, in 2000 the annual salary is 31090 yuan, they have to work 1.5 hours a day to earn money to buy a CD.

The serious shrink payroll

Young people receive their first paycheck when received, that money is often very surprised than you imagine to less. They are expected to total income, instead of after tax (also known as the "net") number.

Federal and state tax is the biggest deduction. You must let the child understand that they can in W-4 buckle tax on employers to declare a little more retention to avoid being too much to prepare for the coming year forecast tax, tax. However, they are less to declare as much last year and taxes, or are they expected their taxes this year if the 90%. forecast tax exceeds the actual tax payable in the coming year, between January 1 to April 15th tax will receive a refund.

Social security benefit (FICA) and the federal Medicare card (MedFICA) tax for the government to have the English qualified pension and health insurance, these two taxes by employers and employees half of the burden. The two tax is not refund the payment.

Make a budget

Pay attention to your consumption

The budget, is a spending plan, which can help to forecast and control costs. If the child can see how you spend and how a careful allocation of your money, and they can learn to save money to buy some want to buy but also can not afford to pay. If there is no plan and budget, most people don't want what immediately buy what.

Budget not to be too fastidious, get the receipts and bills to pay cash in an envelope, and then the bank statement to check the payment to. Budget plan can help children know their monthly can spend how many money.

Recommend a child to remember every penny we spend the next week, and then use the form on the next page, do a week to assess the cost. After a week together have a look the bottom line of the summary is positive or negative? Your child's income, whether it is home to the allowance or his wages, whether can pay all his expenses? Whether can cut costs? What kind of expenditure is necessary, which just want it?

You can use the next page budget data on the form and reason to help children build their budget ability. Then advise them in the next few weeks to do their own spending evaluation, in order to know whether they can according to the budget to spend.

A weekly spending evaluation
Spending a week
Food (lunch, snacks) Public transportation (bus, subway) Car (gasoline, maintenance, loans, insurance) Entertainment (movies, games, magazines, CD) Computer (software, games, DVD) Communication (telephone, mobile phone, web service) The gift Clothes Deposit	________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________
Total spending a week	$________________
A weekly income
Allowance, allowance Wage The gift Other
A week total income	$________________
How is your budget?
A weekly income Minus one week spending	________________ -________________
The bottom line summary	$________________
Experience in tracking records after spending?
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________

Need and want

Let your child to think what is most needed, and encourage them to make a simple discussion of practice: list the five samples must be goods, five want but not harmless things, each with a price tag.

Five necessities:
Focus on your daily in use or will use things, even your parents in the payment of these expenses. For example: lunch, fare, clothes, shoes, toiletries such as the shampoo, soap and antiperspirant.

Five necessities	What is the price?

Five things you want:
In the following list you want but not harmless items, such as: a new CD or computer games, personal love snacks or beverages, or new fashion design.

Five things you want	What is the price?

Now, use the following methods to have a look these two lists:

• You have $500, two copies of items on the list in priority order.
  Why did you choose those items? If you can think of other ways to make better use of the 500 yuan to buy more items you want?
• Your mother is unemployed, you have to pay those personal needs. Try to delete from the two lists some no harmless project.
  Considering how to further reduce the list items remaining spending?
• Imagine you grow up five years old, that you now want to articles in five years will be combined or hedging?
  If you are five years older, list those necessary or something would it be the same?
• Your fairy godmother to let you make a wish, would you choose to want to list any as wish?
  If you answered "no", may be that you write down the most wanted item is not correct, if buy, not a waste of money?

The following items are necessities or want goods?
This is a need or want?	Reason	Value	Compromise method
A midday snack	To want to	Yummy	$4.50	Bring their own lunch
Shoes
Computer game
Nail Polish
Through the umbilical ring
Automobile insurance
Myopia glasses
Nike Ju brand name shoes
Teenage magazines
A bag

Comparative shopping

The art of shopping

To have children with you going home shopping list, go to your favorite supermarket and he, it is to teach him to goods than three home the best time. For example, a necessity, if the advertising is often on TV brand, it will be more than the supermarket own brand is expensive, but usually they come from the same manufacturer.

Compare prices need to spend a little effort but it's worth it, especially the Internet price. In many online shopping services, such asWww.mysimon.comAndWww.dealtime.comThese sites are automatic price is very convenient. You can do a comparison on something, even if you don't buy on the net, these data will be the future of your purchase help.

A lot of people in the crowded flea markets, garage sale, second-hand shops, cheap shops and some of the so-called "is still as good as new" agent to do procurement. You can take the kids to the on-site learning transaction, if they find there some stylish old clothes or other antique furniture to decorate their room, they might happiness within!

Stylish antique clothes or have time of things is very fashionable, even to buy a used car, but the price will be performance and safety and car, if you buy a new car than the cheap, buy a used car is better in the factory. (see"Want to have a car")

Than three goods and money
Even if you do not buy things on the Internet, you can still use it to do comparison to help their own become have great experience to consumers, but also necessary to know when to be for a supply of sth.. Under the following three items, contrast, most can save 48%:
Products	Most price	The most expensive	The amount of money	Money rates
Sony Psys Cd Walkman	$49.00	$69.00	$20.00	29%
Christina Aguilera CD	$9.89	$18.98	$9.09	48%
Enter the Matrix video game	$31.95	$49.99	$18.04	36%

Banking transaction

Teenagers can bank transactions

To offer checking and savings accounts is a good way to help young people learn financial management:

• Teach children to handle their own checking accounts, but also for the future to pave the way, let them form a good habit of taking care of your own money, pay the bill on time, the correct use of credit cards etc..
• There are accounts in the bank, no matter is the savings or checking accounts, are convenient to cash a paycheck.
• Write a check than with cash safe and flexible.
• A lot of current account has a debit card or cash card, you can use it to train children to use credit cards.

Automatic teller machine (ATM) toll

ATM is very convenient, but use ATMs banks. If you have to pay the expensive fees for ATM at other banks. In accordance with theBankrate.comThe bank website published, if you use the ATM machine don't home have to pay them 1.49 yuan, and his bank will deduct your 1.45 yuan. So calculated, such as weekly use ATM drawing once a year, the cumulative will spend 150 yuan to pay the ATM fee.

Open an account in the bank for children

Many communities have banking and credit will provide special account to young people, but don't open the account fees, fees and minimum balance limit account, lest the deposit will be these costs.

Suggest you home youth a few phone calls to the bank, or the Internet toWww.bankrate.comComparison of the city or zip code query the various checking accounts and savings accounts. You will see only in the Internet use of bank accounts.

Check the local credit account, credit is a non-profit financial institutions, by all accounts owned and controlled. Credit is quite a common set of shared background, like things, people, residents, credit will usually provide lower fees than bank checking account.

Internet access toWww.cuna.orgThe credit will be co query local which credit can let you join.

Most teenagers bank account is monitoring the nature, an adult for young, open a bank account, and be responsible for the account. When parents for young female opening a bank account, two per capita need ID, such as a driver's license or certificate of residents of the state and the card number, if your teenagers do not have the card number, can apply for a social security bureau.

The minimum balance of preferential teenagers account is usually very low (one to five yuan). Some banks may limit the number of monthly checks. Find free youth account: no minimum balance limit, no monthly service fee, monthly can write an unlimited amount of checks and do not close to write a check fee. Some banks also provide a slightly higher interest rate for teenagers account.

The error is a price to pay

Bounced check is a price to pay for a ticket, a fine of up to 35 yuan. Tell the children to check and Cash records, in order to avoid a checking account overdraft.

Wise bank transactions

To explain how to use the right bank account in adolescents. Let them know that if they have bounced check and no pay, they will be recorded in a national database on ChexSystems. This record, five years are very difficult to open an account.

And your children share the following write check points:

• Ensure that there is enough money in the account to cover the check.
• Often check the bank statement.
• The cheques according to record all send check this, or use the duplicate check, each check will have a copy.
• Instant in wages and other checks, check if it exceeds the most outstanding three months, will fail.
• With a pen, don't write with a pencil check.
• Write a check for clear writing, too dazzling writing problems may occur in cashing a check at.
• Fill in the payee and the amount on the check, from the start to fill the blank, lest the people change of name and check the payee amount.
• If the check errors need correction, can be torn up in check, cheque deposit according to registration bar "void write (Void)", to write another check.
• Don't endorsed in blank cheque, a cheque may be lost or stolen by others.
• Always know their own cheque book and ATM card (ATM Card) where, if lost, immediately notify the bank.

Fill out a cheque

Fill in the correct method of check

This check is Cody Sampson, he's going to the store to buy CD, following instructions is to write this cheque for $14.98:

1 date (Date):In accordance with the month, day, year in order to write the date "Sept. 2, 2003"

2 beneficiary (Pay to the order of):Write "Music Megastore"

3 the amount of (Amount $):Write "$14.98"

4 block amount (Dollars):Fourteen and 98 cents " then even a line to fill the blank of all. (this line can prevent people change amount)

5 note (For):Write "CD"

The sign of the 6 (Signature):Signed Cody Sampson

The next page is completed correctly check sample for reference, please refer to.

Balancing the checkbook

Balance of payments

How to balance a checkbook is a very important financial issues. If you can't keep a cheque book records correct, it is possible to get the bounced check (for account money problems in the bank to stop payment of a cheque). Once the bouncing, banks may be fined up to 35 yuan, there are also many businesses will be unable to check plus a fine up to $30.

A checkbook demonstration registration column on this page, and some of the problems, it can help your child learn how to balance a checkbook, at the end of the sample, they should know how to answer those questions. (the answer back on cheque book record below)

Cheque book demonstration record ask:

1 seven thirteen, how much do you balance? __________________________________

2 June you bought a few pieces of CD by cheque? ___________________

3 July, you write a cheque? _______________________________

In August 6th 4 you write checks to Music Megastore, how many balances?
___________________________________

5 July you buy several things with cash card?
___________________________________

Savings

Savings can be rich

The use of online calculator is a good way to save displayed amazing results. As long as the net type "Savings Calculator" (Savings Calculator) will good have many tools for your work, you can enter a few numbers, such as possible deposit, real interest rate, maturity year, to your teen will show a fixed deposit into the account, how it will. Your children are not worth mentioning in the growth in interest, to the benefits of saving is not easy to show their. The most important thing is to learn regular savings, so some deposits make provision against a rainy day. Even if the interest has been low to 1 per cent or 2 per cent, like to deposit 20 yuan a month, after 30 years there will be ten thousand yuan savings.	$100 deposits, interest 2%
Year	$102.02
Five years	$110.51
Decade	$122.12
Twenty years	$149.13
Thirty years	$182.12
Add $20 per month
Year	$344.63
Five years	$1373.56
Decade	$2780.94
Twenty years	$6054.90
Thirty years	$10053.05

Continuous time deposits is the most important. Your 14 year old son to weekly in wages 20 yuan when the girl in the savings account, plus 1 per ~2 per cent interest, he entered the university had 5400 yuan deposit. But if he can save 20 yuan per month, after 30 years there would be only 1250 yuan in the account.

Beware of fraud

Various crimes and fraud can make you lose money. You should discuss with your child the importance to protect the privacy of personal and financial information:

• Remember your password and code, must not be written down.
• In the ATM withdrawals (ATM) must pay attention to the surroundings.
• Circumspect, do not easily surrender their agency Bianca number, because there may be used to apply for credit risk to others.
• Prior to the credit card marketing documents, bills, old cheques and bank statement lose, first with paper shredders cut broken.
• Don't put the bank information to telephone salesman, they may be superb liar trick.
• Don't be a cheque and personal information letter on the no lock to send email to avoid let strangers away.
• If the lost card, cash card or credit card, please contact your bank immediately.