With a steady monthly income, teens should use the summer to practice budgeting for any monthly expenses they have or saving for that car they’ve been bugging you about. They may not understand what balancing a checkbook is about, but they can learn the same ideas by using any number of free and easy online tools. Tools like Mint.com and Pennyminder are specifically designed to help track and manage spending. These lessons, though basic, are typically not covered in precollege- or even college-level general curriculum. If you take the time to teach your teens these simple money tips, they will be set for summer and have a solid financial foundation for the future.
– Mike Melby is CEO of PayDivvy, the first and only social bill-pay website that manages all your bills and even calculates what you owe when you share a bill at a restaurant or any other kind of group expense with friends.
