Let’s Talk Money: A Fun Guide to Financial Literacy for Teens and Families

Hey there, future financial geniuses!

Money. It’s a big word, and honestly, a little intimidating at times. But don’t worry – learning about money doesn’t have to be a snooze fest. We’re diving into the basics of financial literacy, and trust me, by the end of this blog, you’ll be feeling like the CEO of your own life. 

1. Understanding Money – It’s Like a Superpower!

Money is kind of like a tool – it helps you buy the things you need (like food, a cool jacket, or, you know, a solid phone plan). But it’s also something you have to manage carefully. Here’s the deal:

• Budgeting is like creating a personal treasure map. You get to decide where your money goes (aka, what treasure you’re keeping and what you’re letting go).
• Saving is putting some of that treasure aside for future adventures (emergency funds, new tech, or that car you’ve got your eye on).
• Spending is the fun part – it’s about spending wisely so you don’t end up broke before the weekend.

Pro Tip: A good rule is the 50/30/20 rule:

• 50% of your income goes to needs (food, rent, etc.)
• 30% goes to wants (that new hoodie you’ve been eyeing)
• 20% goes to savings or paying off debt. Simple, right? 

2. Bank Accounts and Credit – How to Be a Boss with Your Money

Now, let’s talk about bank accounts. You’ve probably seen your parents swipe their cards, but have you ever wondered how it all works? Here’s the scoop:

• Checking accounts are where you keep your cash for everyday spending (like your lunch or concert tickets).
• Savings accounts are where you put your money away for the future – it’s like a piggy bank that actually earns you money!
• Building credit is like gaining superpowers, but with responsibility. Your credit score helps you get things like loans, a new car, or even renting a place. The key to good credit? Pay your bills on time! 

Pro Tip: Don’t go wild with your credit card. Using it too much and not paying it back can hurt your credit score, like trying to fly a plane without a license. So, start small and make sure you can pay it off!

3. Financial Independence – The Magic of Managing Your Own Money

Alright, so you’re getting the hang of it. But what happens when you’re out there on your own, earning money and paying bills like an adult? It’s time to take control of your finances and show the world you’ve got this!

• Learn how to track your expenses so you know where your money’s going. There are apps for that, like Mint or YNAB (You Need a Budget).
• Create a plan for your future goals, like college, buying a car, or even saving for a vacation.
• Don’t forget to ask for help – it’s totally okay to ask a parent, teacher, or even a financial advisor for advice when you’re stuck.

Pro Tip: Start a side hustle if you can – babysitting, walking dogs, or tutoring. Every bit of extra cash helps you learn how to manage money better!

Resources for You and Your Family:

Okay, so now you’re armed with some money knowledge, but there’s always more to learn. Here are some resources to help you and your family dive deeper into financial literacy:

• MyMoney.gov: A great site with tons of info on budgeting, saving, and managing money.
• Jump$tart Coalition: Offers tools to help teens understand money and get ready for financial independence.
• Mint: An app to track your spending, set up budgets, and watch your savings grow.
• National Endowment for Financial Education: They’ve got tons of tips on managing credit and making smart financial decisions.

Final Thoughts:

Look, managing money might seem boring, but it’s actually super empowering! The more you know, the better you can handle life’s expenses, save up for your future, and (let’s be real) enjoy your favorite things without stressing. 

So, start small, stay smart, and remember – every financial decision you make is a step closer to being the independent adult you’re meant to be! 

Got any money tips you love? Share them in the comments – let’s learn from each other!

1. MyMoney.gov – Youth Resources

Website: MyMoney.gov – Youth Resources
This government website offers fun, interactive resources for young people to learn about money. You can find worksheets on topics like budgeting, saving, and understanding financial concepts. Great for introducing basic financial concepts to teens.

2. Jump$tart Coalition for Personal Financial Literacy

Website: Jump$tart – Financial Literacy Resources
Jump$tart provides free financial literacy resources for educators and families. Their financial worksheets are designed for young people to understand money basics like budgeting, saving, and managing debt.

3. EVERFI – Financial Literacy for Teens

Website: EVERFI – Financial Literacy
EVERFI offers an interactive financial literacy curriculum for teens, including worksheets and activities. These resources cover topics like banking, credit, savings, and budgeting.

4. Practical Money Skills for Life – Visa

Website: Practical Money Skills
Visa’s Practical Money Skills offers free, printable worksheets for teaching young people how to create budgets, track expenses, and understand how to save for the future. They also have a Financial Football Game that teens might enjoy!

5. Money Smart for Teens – Federal Deposit Insurance Corporation (FDIC)

Website: Money Smart for Teens
The FDIC offers a free Money Smart for Teens program, which includes downloadable worksheets and activities that focus on budgeting, saving, and understanding the importance of managing money responsibly.

6. Bank of America – Better Money Habits

Website: Better Money Habits
Bank of America offers worksheets and tools to help teens learn about budgeting, saving, and understanding credit. They also have interactive quizzes to test financial knowledge and keep things fun!

7. Junior Achievement – JA Personal Finance

Website: Junior Achievement – JA Personal Finance
Junior Achievement provides lesson plans, worksheets, and activities for teaching financial literacy. These resources are designed to engage teens and help them understand money management skills that will last a lifetime.

8. Credit Unions – Local Resources

Many local credit unions also offer youth accounts and financial literacy programs that come with worksheets and resources. Some examples include:

• America First Credit Union
• Mountain America Credit Union
• Utah First Credit Union

Check with local credit unions for resources specific to your area.

Worksheet Ideas to Include in Your Youth Financial Planning Pack:

1. Budgeting Worksheet – A simple income vs. expenses sheet to help teens track where their money goes.
2. Goal-Setting Worksheet – Have them write down short-term and long-term financial goals, like saving for a phone or building a savings account.
3. Needs vs. Wants Worksheet – Help teens distinguish between things they need (like school supplies) and things they want (like new sneakers).
4. Savings Tracker – A visual tool where they can see how much they are saving each month toward a goal (like a summer camp or concert tickets).
5. Debt Repayment Worksheet – A worksheet to help teens understand how to repay money they borrow, with a focus on loans or credit card payments.
6. Credit Score Education Worksheet – Teach teens about what a credit score is, how to build it, and how to check it.
7. Mock Paycheck Worksheet – Create a worksheet that simulates a paycheck and helps them allocate money toward savings, spending, and fun!