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Top 10 Things Every Teen Should Know About Money
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Apr 17, 2025
Teens and money go hand in hand—if they learn early. This video reveals the top 10 essential financial lessons every teen should know, from saving basics to building credit. Set the foundation for lifelong financial success.
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learning how to manage money is one of
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the most important life skills a teen
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can develop While schools may teach math
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and science financial literacy is often
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left out of the curriculum Understanding
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the basics of money early on lays a
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solid foundation for smart financial
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decisions in adulthood Whether it's
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saving for a phone managing an allowance
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or preparing for a job these top 10
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financial lessons will help teens
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navigate money with confidence and
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responsibility
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One money doesn't grow on trees The
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first thing every teen should understand
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is that money is earned not magically
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available Whether it comes from a job
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chores or a gift every dollar has value
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and represents someone's time and effort
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Knowing this helps build appreciation
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for the things we buy and encourages
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better decision-making when spending Two
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budgeting is key Learning to budget
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means understanding how to divide money
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between needs wants and savings Even
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with a small allowance teens can start
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practicing by setting limits on spending
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tracking their expenses and saving up
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for items they want A simple plan like
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the 50 30 20ths rule 50% needs 30% wants
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20% savings introduces the concept of
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balance in personal finance Three start
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saving early Saving money isn't just for
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adults Teens can benefit greatly by
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starting early Whether saving for a
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concert college or an emergency getting
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into the habit of setting money aside
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builds financial discipline opening a
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savings account at a local bank or
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credit union can make the experience
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more real and rewarding Four understand
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the difference between needs and wants
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One of the biggest financial lessons is
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knowing the difference between what you
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need like food clothes school supplies
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and what you want like video games
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branded sneakers or fast food every day
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Prioritizing spending on needs before
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wants helps stretch your money further
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and keeps you from falling into
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unnecessary debt in the
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future Teens who work part-time jobs
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babysit tutor or milans quickly
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understand how effort equals income
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Learning how to earn money teaches
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responsibility time management and
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decision-making It also makes purchases
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feel more meaningful because they've
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been paid for with one's own effort Six
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avoid impulse spending It's easy to
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spend money in the moment especially
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with one-click shopping and tempting
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sales but learning to pause before a
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purchase compare prices or wait a day
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can help teens avoid regrets and keep
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more money in their pockets A good habit
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is asking "Do I really need this or can
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I live without it?" Seven understand
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basic banking Many teens don't know how
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banks work Understanding checking and
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savings accounts how to use a debit card
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and what interest means is important for
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financial independence Apps connected to
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bank accounts can also help track
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spending and automate savings making
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banking feel more familiar and
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manageable Eight know the power of
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interest Interest can work for you when
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saving or investing or against you when
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borrowing money Teens should learn how
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compound interest helps money grow over
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time in a savings account or investment
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At the same time they should be aware
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that interest on borrowed money like
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credit card debt can quickly make small
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purchases much more expensive Nine be
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careful with credit While most teens
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won't get a credit card until 18
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understanding credit early is essential
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Credit isn't free money it must be paid
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back often with interest Teens should
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learn how credit scores affect their
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ability to rent apartments get loans or
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buy a car in the future Developing good
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habits now like saving budgeting and
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avoiding debt sets the stage for strong
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credit later 10 Set financial goals Goal
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setting is a powerful motivator Whether
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it's buying a new phone going on a trip
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or saving for college having a clear
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financial goal helps teens stay focused
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and disciplined Writing goals down and
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tracking progress encourages smart
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choices and gives a sense of achievement
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when goals are reached Financial
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independence starts with financial
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knowledge By learning these 10 essential
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money lessons teens can begin developing
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healthy habits that last a lifetime The
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earlier these habits are formed the
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easier it becomes to avoid common
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financial pitfalls and make smarter
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choices as income and responsibilities
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grow Money doesn't have to be confusing
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or stressful With the right mindset and
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a little guidance every teen can take
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control of their financial future
#Finance
#Financial Planning & Management
#Kids & Teens
#Other
#Savings Accounts
#Teen Interests