Help Your Teen Start Saving for the Future

August 8, 2014

As you introduce your teen to the world of personal finance, it's also important to have them look ahead to the future.

The sooner he starts saving for college or retirement, the better off he'll be. There are many options when it comes to saving for the future — Education Savings Accounts, IRAs, Certificates of Deposit — but they all come down to the same principle: putting money away before you have the chance to spend it. Just like with automatic deductions, saving for the future can be looked at as "paying the bills."

Go with your teen to talk with a banker about the savings and investment options available. Professional advice can help you make sure he's picking the option that's right for him. You may even want to consider matching half or all of his contributions as an extra incentive!