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The Teenager Stage |
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Typical financial concerns in this stage are:
- Saving for college
- Evaluating college loans
- Managing money
To see how our toolkits can help you, click one of the following links:
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The Teenager Stage is a time of first jobs and first paychecks, including the realization that taxes take a bite out of take-home pay. For many in this stage, there is a lack of understanding
in regards to how much income it takes to own and maintain a car. In this stage many earn more money than they actually need and, as budding
consumers, begin to find more and more ways to spend that extra money. College
is right around the corner, and for those planning to pursue a college
degree, there is generally a poor understanding of the real costs involved.
The challenge of the Teenager Stage is to develop discipline to save for
the future and to begin to understand and prepare for the costs that come with getting a college
education. Learning ways to save and accumulate money is very important in
this stage.
The key features and functions of Simple Home Finances Toolkits to use at this stage are:
Use Investment Modeling in the Retirement toolkit to see how much money you can accumulate for college.
Use Loan Planning in the Loan toolkit to see how much borrowing to pay for college will cost you per month.
Use the Budget toolkit to:
- Become familiar with using a budget.
- See how much of your current income you can save.
- Model Income and Expense scenarios you could have in college.
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