Money Management

General Resources

Goals

Budgeting

Banking

Investing

Credit and Debt

Help for Parents and Educators

 

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Money Management

 

Do you have trouble trying to earn money or save it?  When you spend it do you get the biggest bang for your buck?  Do you know about other things you could do with money—investing, banking, budgeting? Look at these resources to learn more about how you can manage your money better.

 

Learn ways to make money. Learn how to balance a checkbook. Read about teens who are already investing their money. Or for just the basics, look at the listings in the General Resources section which provide broad coverage of information on money management.

General

 

General Resources

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Online Resources

 

NEFE Teen Resource Bureau

www.ntrbonline.org

The NEFE Teen Resource Bureau is a personal finance web site developed for young adults by young adults. Sponsored by the National Endowment for Financial Education (NEFE), this is an awesome site, covering EVERYTHING about Money Management for teens, including such topics as buying a car, establishing independence, paying for college, and how to have cash for the weekends.

 

Econ4U 

www.econ4u.org/econ4u.cfm

Econ4U  teaches important economic concepts to teens in a quiz-style format.  Detailed explanations of the answers to questions are posted on this site. Take the quiz to learn more! Clubs and community centers can contact ECON4U.org to conduct money management programs.

 

The Mint—It Makes Cents

www.themint.org

Sponsored by Northwestern Mutual, The Mint  helps teens  learn money management basics. The site teaches about smart shopping, saving, ways to pay, investing, and a plan to help teach good spending/saving habits. Includes activities and challenges using “real-life numbers to deal with.”

 

Teen Philly Resource Guide

www.phillysos.org/documents/TeenPhillyResourceGuide10252005.pdf 

The Teen Philly Resource Guide (pdf file) is an excellent and extensive resource for teens in the Philadelphia metro region. The guide touches on many different aspects of teen life. Sections particularly beneficial for money purposes include a large section on job seeking in the Philly area, and a section on choosing and financing college or vocational education. Check out extensive listings of local teen-oriented community centers that may also provide information on money matters.

 

YOUNG MONEY Magazine

www.youngmoney.com

This online version of YOUNG MONEY magazine  is mainly geared to college students, but includes articles and a blog that may be of interest to teens.  “As a leading national money, business and lifestyle magazine written primarily by college journalists, YOUNG MONEY focuses on money management, entrepreneurship, careers, investing, technology, travel, entertainment and automotive topics.”

 

The Motley Fool Discussion Board--Teens and Their Money

http://boards.fool.com/Messages.asp?bid=112950

Check out this Motley Fool discussion board on Teens and Their Money . Read what other teens think about money and finance. Add your own comments, or ask other teens for advice. 

 

Books

 

Money Matters for Teens

Burkett, Larry. Moody Publishers, 2001.

Great book to help teens learn about “smart money attitudes,” success planning, planning for future and career, bank accounts, savings, and credit. Excellent resource for teaching the basics.

 

Rich Dad Poor Dad for Teens: The Secrets About Money—That You Don't Learn in School!  

Kiyosaki, Robert.  Little, Brown & Young Readers, 2004.

"Teens are encouraged to be creative in developing ways to earn cash and to limit spending. A chapter on identifying individual strengths and learning styles while developing a financial IQ on the path to financial freedom is a lesson for any age. Sidebars and quizzes promote individual ideas and concepts. Teens will be attracted by the notion of playing games to learn more about acquiring assets and managing money.”—from School Library Journal review

 

Complete Idiot's Guide to Money for Teens

Shelley, Susan. Alpha, 2001.

“Teens are targeted as consumers more and more. This gives them tremendous influence, but it also sets them up to be taken advantage of. "The Complete Idiot's Guide to Money for Teens" teaches them how to get money, save and invest it, budget it, spend it wisely, and keep track of it. Whether they're saving for their first car, trying to make sense of a checking account statement, or trying to establish a good credit history, this guide has solid information and teen-tested tips.”—Amazon

Goals

 

Goals

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Online Resources

 

Jumpstart's Reality Check

http://www.jumpstartcoalition.org/madmoney/pgv_money_rc_main.html

Try this reality check from the Jumpstart Coalition. You select the lifestyle you envision living—Jumpstart calculates what kind of salary you’ll need to live that way. Warning: this exercise can be shocking!

 

Video

 

Goal Setting: Planning for Your Future

DVD, 21 min. (2006). A.Langehennig, Producer;  Creative Educational Video, 1-800-922-9965,

http://www.cev-inc.com.

Goal setting is necessary in today’s fast-paced, competitive world. Join a host of go-getters (communications consultant, professors, counselors, students, and a professional baseball player) as they explore long-term, short-term and immediate goals. Learn how to use your “SMARTs,” a practical series of steps to help you set goals and reach them! --publisher description

Budgeting

 

Budgeting

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Online Resources

 

Learn2 Establish a Budget

http://www.tutorials.com/05/0564/0564.asp

Brought to you by Tutorials.com, this step-by-step tutorial will teach you in 5 easy steps how to create a budget.

Video

Living on a budget

DVD, 25 min. (2006). R. Morris, Producer; Creative Educational Video, Inc., 1-800-922-9965,http://www.cev-inc.com.

Graduation is around the corner and soon you will be living on your own. What is a budget? The presentation takes you through the budgeting process. Discussed are costs, such as housing, food, lifestyle, insurance, bills and car. Helpful for anyone who is beginning life on their own. --publisher description

Banking

 

Banking

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Online Resources

 

Bankrate.com

www.Bankrate.com

This site allows you to check for the best interest rates on savings, checking and money market accounts by bank and geographic area.

 

Choose To Save

http://www.choosetosave.org/calculators/

A variety of financial calculators, including a savings calculator, so you can see how long it will take to save for... college? a car? an ipod? 

 

The Investor's Clearinghouse

http://www.investoreducation.org/cindex2.cfm

This savings calculator really tells it like it is... tells you how much you would save if you didn’t buy that CD, hamburger, or any amount you enter.

 

Learn2 Balance Your Checkbook

http://www.tutorials.com/04/0433/0433.asp 

Brought to you by Tutorials.com, this step-by-step tutorial teaches you how to balance your checkbook... a feat many adults have yet to master!

 

Practical Money Skills for Life—Banking Tutor http://www.practicalmoneyskills.com/english/resources/tutor/

Fantastic site with lessons for teens to work on themselves, an online tutor to help with basic banking, and games to make the learning more fun. Great for parents/teachers to use in teaching teens, or for teens to use on their own. Interactive statements, bank term glossary, and debit card primer sponsored by VISA.

 

Money Instructor

http://www.moneyinstructor.com/

Online lessons on how to write checks and keep accounts, plus other helpful things for finances including basic money skills and earning/spending lessons. Registration required, limited is free, but full membership is a subscription.

Investing

 

Investing

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Online Resources

 

Investopedia's Fantasy Stock Simulator

http://simulator.investopedia.com 

An awesome stock simulator that allows you to trade stocks using real data from the stock market with $100,000 of virtual cash.

 

Better Investing Community

http://www.betterinvesting.org/youthinvesting/blog/ 

A blog where teens post comments and insights about investing—how it relates to them, how they can do it, and what other things they may want to know if they just want to be informed or want to get involved.

 

The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of http://www.ebooks.com/ebooks/book_display.asp?IID=138700

Gardner, David & Tom, Maranjian, Selena. Fireside, 2002.

Need some sound investment advice fast? Try purchasing an ebook from eBooks.com.  You can also obtain this book in print form from your library or bookseller. "The Fool shows you how to: question authority when it comes to managing your money; dodge the spending and saving pitfalls that trap so many adults; get started investing with just a few dollars... and lots more.  Warning!  This is not your parents' money guide! From identifying companies that are both cool and profitable to building a portfolio that makes tracking investments exciting, The Motley Fool Investment Guide for Teens shows young investors the way to financial freedom." (eBooks.com description) 

Credit

 

Credit and Debt

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Online Resources

 

Bank High School Credit Tutorial

http://www.bankhs.com/students/money/credit/

The Bank High School offers a comprehensive tutorial on credit and debt.  Learn what a credit score is,  what the warning signs of credit card abuse are, and what it really takes to pay back that credit card debt.  Many teens (and sadly, adults too) don’t realize that paying minimums will not pay off that card—and can actually put you further in debt.  Learn the cost of credit before it’s too late!

 

Credit Card Ratings

www.cardratings.com 

Founded in response to the national backlash against credit card debt, CardRatings.com is the leading source of objective credit card rating information.  In addition to their searchable database of approximately 1000 credit cards, this site provides useful articles on credit cards for consumers.

 

Articles & Pamphlets

"Dabbling with Debt: Money Management for Teens" http://www.youthspecialties.com/articles/topics/consumerism/teens.php

Lisa Crayton. Youth Specialties, 2004

The author discusses the limited financial education available to teens., then explains how financial illiteracy can affect teens in the future, leading to higher chances of  falling into debt.

 

Ready, Set, Credit: FTC Facts for Consumers

http://www.ftc.gov/bcp/conline/pubs/young/readycrdt.pdf

An online pamphlet from the FTC explaining credit card terminology and how credit cards work.

 

"Card Issuers Target Teens for Latest Plastic Attacks" 

http://www.bankrate.com/brm/news/cc/20000508.asp

Wells, Libby. Bankrate.com, May 8, 2000

Wells shows how credit card companies are targeting ever younger groups in order to increase profits.  In particular, card issuers have moved from the college crowd to targeting teens whose spending power has increased tremendously.  The article presents pros and cons for issuing credit to teens, while emphasizing the need for teens to understand how credit cards work. 

 

 

Video

 

Credit: You’re in Charge.

DVD, 23 min.(2006). V. Sparks, Producer;  Creative Educational Video, Inc., 1-800-922-9965

http://www.cev-inc.com

Learn basic terminology, the importance of good credit history and the secrets to receiving credit in this program. Explores the advantages and disadvantages of credit use. Explore selecting the form of credit right for you. Answers to frequently asked questions concerning educational loans, installment loans, credit cards and other forms of credit are discussed. (publisher description)

Help

 

Help for Parents and Educators

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Online Resources

 

Practical Money Skills for Life—Banking Tutor http://www.practicalmoneyskills.com/english/resources/tutor/

Fantastic site with lessons for teens to work on themselves, an online tutor to help with basic banking, and games to make the learning more fun. Great for parents/teachers to use in teaching teens, or for teens to use on their own. Interactive statements, bank term glossary, and debit card primer sponsored by VISA.

 

NEFE High School Financial Planning Program

http://www.nefe.org/pages/educational.html

"The NEFE High School Financial Planning Program® (HSFPP) provides teens with relevant basic personal finance principles that help cultivate useful money-management skills. The six-unit, 10-hour curriculum is offered at no cost to public and private high schools nationwide and is designed to integrate into existing high school classes. The program uses games, simulations, case studies, and interactive exercises to provide hands-on experience for students to test and apply the financial principles and concepts being taught. The HSFPP is offered by the National Endowment for Financial Education® (NEFE®) in partnership with the United States Department of Agriculture.”

 

Bank High School

http://www.bankhs.com/students/money/credit/

Bank High School, sponsored by Zions Bancorporation, offers a full range of tutorials in financial literacy for students, a comprehensive financial literacy curriculum for teachers, and supporting materials for parents. 

 

Money Savvy Generation

http://www.msgen.com/ 

This country's economic structure has grown increasingly complex. Financial waters have become difficult to navigate, sometimes with disastrous consequences like bankruptcy that can take years to correct. Money Savvy Generation develops innovative products to help parents, educators and others teach kids the skills of basic personal finance.

 

 

Articles

 

“What Teens Need to Know about Credit Cards”

http://www.cccsstx.org/wiki/CCC/PressTeensCredit

Consumer Credit Counseling Service of South Texas, 2005.

An article informing parents that teens are not taught enough about credit and debt until it’s too late for them. It gives suggestions and what parents and teens can do to help prepare the teen financially.

 

"Tweens, Teens, and Money Dreams"
http://www.fpanet.org/journal/articles/2004_Issues/jfp0804-art3.cfm

Gallo, Eileen & Beacham, Susan. Journal of Financial Planning, August, 2004. 

Tips for parents on how to teach children 9 and older to set financial goals and reach them.  Shows how to teach "the four money choices: save, spend, donate, and invest", focusing on compounded interest examples to encourage saving.

 

 

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