Essential Money Management for Teens

Don't save financial literacy for adulthood. Start teens off on the right foot with these money management resources.

For teenagers, finances and money management might not seem like approachable topics, let alone exciting.

But it doesn't have to be that way.

These resources cover the essential concepts of finance in a way that teens can appreciate, and even (possibly) enjoy. Find games, podcasts and articles on budgeting, financial literacy, saving, and debt, below.

Financial Literacy Basics

Everyone's level of financial literacy is different. No matter where you're at, having a solid foundation of the basics is crucial.

Get acquainted with the fundamentals of money management in your own way with the below podcasts, games, articles and more.

Articles, Podcasts, and Videos

• 40 Money Management Tips: Tips on how college students can manage money wisely and setting up financial goals.
  
• Money Minutes: Personal Finance 101: The first series of the Money Minutes that focuses on the principles of personal finance.
  
• Money Minutes: Personal Finance 201: The second series of Money Minutes that focuses on credit, taxes, identity theft, money management, and banking.
  
• FDIC's Money Smart Podcast Network: A podcast version of the Money Smart Computer-Based Instruction.
  
• FDIC's Money Smart Computer-Based Instruction: Money Smart Computer-Based Instruction provides free financial education for young adults.
  
• Next Gen Personal Finance Video Library: Videos focused on personal finance.
  
• Managing Money for Young Adults: A free course focused on money and debt management.
  
• Preparing Financially for College: The cost of higher education, the importance of budgeting, borrowing opportunities, and repayment responsibilities are necessary information for high school students.

Games and Online Tools

• SPENT: A decision-making game that stimulates living paycheck to paycheck and players has to adapt to survive.
  
• The Uber Game: Players role-play as a Uber driver to earn $1000.
  
• Financial Football: A free interactive 3D game that utilizes football to teach finance skills to the player.
  
• Hit the Road: A simulation game that challenges players to budget money to reach the destination.
  
• Payoff: An experimental game that involves using fake mobile bank accounts and challenges players to make the correct financial decisions.
  
• Your Money, Your Goals Toolkit: A toolkit focused on teaching money management, credit and debit, and choosing necessary financial products for teens.
  
• CashCourse: A tool provides financial lessons through instructor assignments or self-study.
  
• Money Think Coaching Program: A program that provides financial coaching to students via text and call.

Banking

Many people open their first checking account as a teen, making it an important milestone in your life-long relationship with money and finance.

If you're about to open your own account (or have one already), brush up on the ins and outs of banking and how to prevent fraud with the resources below.

• 7 Common Bank Fees Explained: Service fees of banks charge to their consumers and tips on how to avoid unnecessary charges.
  
• Credit vs. Debit: What's the Difference?: Guide on debit cards versus credit cards and tips on when to use each card to elevate your finances.
  
• Opening an Account: Credit Union vs. Bank: Guide on choosing between a bank or a credit union and details about the service fees charged from each institution.
  
• Checking vs. Savings Account: What's the Difference?: A comparison of the difference between a checking and savings account to help teens understand how each account works.
  
• How to Choose a Bank: Tips on what to look for a bank account and how to find the best bank.
  
• How to Open a Bank Account: Guide on the process of opening a bank account.
  
• How Banks Work: Learn the basic principles of banking from how banks work up to different types of accounts.
  
• Bank Accounts for Teens: How to Manage a Checking Account: Details about opening a checking account for teens as the first step for learning banking and adulting.
  
• MonkeySee - The Basics Of Online Banking: Videos about how online banking works and how to protect banking information online.

Fraud Prevention

• How to Protect Your Identity: The basic principle of identity theft and examples of identity theft plus warning signs that help identify it.
  
• Avoiding Identity Theft: Guide on how to protect crucial personal information and ways to avoid scams/frauds.
  
• What to Do When Personal Info Is Lost or Exposed: List of steps to determine breach and tips on how to protect yourself from identity theft.
  
• Knowledge is Power: Fraud Prevention Basics: Guide on how to avoid identity theft and how to proceed if you become a victim of fraud.

Making (and Sticking to) a Budget

Budgeting doesn't have to be as boring as it sounds. Once you've planned out your expenses and goals, it's actually really satisfying to watch your smart spending fall into place. Gear up for your own budget with the handy links below.

Articles, Podcasts, and Videos

• Your Money, Your Future: Guide on Money: Guide for students on how to manage, save, and protect money wisely.
  
• Budgeting Basics: Spending, Saving, Needs and Wants: Information about the basic concepts of earning and spending money, tracking, budgeting, and needs versus wants.
  
• Budgeting Tips: Tips on creating a budget plan to track expenses and savings for teens.
  
• How to Make a Spending Plan: Guide on creating a spending plan and tips on tracking expenses.
  
• Budgeting Basics: Guide about spending plans, saving accounts, emergency funds, needs versus wants, and steps for achieving financial goals.
  
• How to Handle Finances and Student Aid While You're in School: Guide on how to prepare finances for college and complete a degree.
  
• 5 Tips to Help Teens be Successful with Money: Five tips on managing money wisely and learning how to budget properly.
  
• For Young Adults and Teens: Quick Tips for Managing Your Money: Strategies for teens on how to manage money wisely.
  
• First Job Euphoria: Needs v. Wants: Details about needs versus wants and how to differentiate needs from wants.
  
• Wise Budgeting Advice from a Teenager: How learning money management at a young age can impact financial success in the future.
  
• Money Management: A podcast on how to handle money wisely through goals, reduction of expenses, budget plan, and saving strategies.
  
• MonkeySee - How to Create a Budget: Videos to learn the basic principles of budgeting.
  
• Smart Money Moves: Creating a Budget: Videos about the importance of budgeting skills for teens.
  
• 5 Financial Goals for Teens, Young Adults: Five financial goals that teenagers should be aware of that help with handling money wisely.
  
• Budgets: How to Track Spending: A short video about how budgeting helps control finances and reduce debt.
  
• WIN Multimedia Designs Virtual Workshop: A virtual workshop focused on teaching personal finance, budgeting, saving accounts, and how to spend money wisely.

Games, Apps, and Online Tools

• Money Magic: A game focused on short term gratification versus long term plans.
  
• Budgeting 101: Videos, articles, and quizzes that help teens learn budgeting skills.
  
• SAM Budget Wizard: An online tool of SAM for creating a budget plan to help in managing finances.
  
• BudgetTracker: Budget management tool that keeps track of expenses, spending, and notifications of due dates of bills.
  
• Ohana: A simulation bank mobile app that helps prepare teens for banking with incentive programs.
  
• Money Lover: Finance app that can be used to track money and set-up budget plans including debt management features.
  
• Toshl Finance: An app used to manage finances, track expenses, and set-up a monthly budget plan.
  
• Mint: A multi-platform app that provides access to all finances, a budgeting tool, and free credit score reports.
  
• Wally: A finance app that helps monitor spending and expenses with a budgeting tool to help increase savings.
  
• YNAB: A budgeting app that helps track expenses and spending of teens with a monthly report to monitor progress.
  
• Money Mavericks Game: A game for helping teens understand how to manage their finances.

How to Save Money

Saving, like budgeting, is one of the most important and helpful practices you can incorporate into your money management. But it's important to remember that saving is hardly 'one-size-fits-all'.

Whether you're looking to save on small purchases or ready to make regular savings contributions, the below resources are a good place to start.

Articles, Podcasts, and Videos

• Savings Made Simple: Strategies with checklist to start reducing expenses and creating a budget plan.
  
• Shopping Savvy: Tips for teens on how to become a savvy shopper plus steps for finding great deals.
  
• How to Save Money Tips: Guide on how to save money on regular purchases.
  
• Best Money Saving Apps: Review of best money apps for increasing savings and control spending.
  
• Save and Invest: Tips on how to manage money wisely and how to invest to grow money.
  
• Saving and Managing Money: Online quizzes on how to manage money to achieve financial goals and how to avoid debt when obtaining assets.
  
• Teens and Money: Guide on to achieve saving habits, details about credit cards, and how to safeguard money.
  
• Money Moves for Teens: A podcast focused on money management for teens.
  
• MonkeySee - How to Save Money: Videos that provide information on the importance of saving money, types of money savings options, opening a savings account and setting up financial goals.
  
• Paying for College: Khan Academy: A video series about how high school students can pay for college and how to find available financial aid.
  
• Saving and Budgeting: Khan Academy: A video series about saving and budgeting.
  
• Finance Education Videos for Teens: Videos about personal money management.
  
• 10 Ways to Save Money: Tips on how to save money by finding ways to reduce expenses and prioritize increasing savings.
  
• The Psychology of Why We Buy: A webinar about how psychology affects spending habits and the importance of controlling it.

Apps and Online Tools

• Arnexa App: A saving app tool used to set up short term goals as a motivator to learn proper money habits.
  
• Bankaroo: A virtual bank that provides experience for young adults in handling a savings account.
  
• Famzoo: A finance app with prepaid cards that can be used to load real money and helps teens manage money.
  
• Teen Spending Plan: A weekly sheet for teens to help manage money and control spending.
  
• Redesign Your Financial Habits: An online course about how to save money and how to budget efficiently.
  
• SmartyPig: FDIC-insured savings account with a high-interest rate for high school students.

Intro to Borrowing: Credit and Debt

Talking about credit reports and incurring debt can feel a bit like opening Pandora's box.

But demystifying these subjects goes a long way to make them more approachable and less scary. Use the links below to learn how credit works, what makes up a credit score, and understand debt.

How Credit Works

• How to Get Your Credit Reports: Step by step on how to request a credit report from Equifax, Experian, and TransUnion for every 12 months.
  
• Credit and Your Consumer Rights: Consumer laws that serve as protection of personal information and the right to have credit.
  
• Understanding Your Credit: Guide on how credit works and how to maintain a good credit score.
  
• What's in Your Credit History?: Details about how credit history works, what information is available on the report, and how to check it properly.
  
• Using Credit: Details about how credit works and repayment.
  
• What's in my FICO® Scores?: Information focused on calculating the FICO score and its impact on availing a loan or borrowing money from banks.
  
• Using Credit Cards: Guide on how to get a credit card and things to remember for owning a credit card.
  
• Credit: Managing Your Credit Card Spending: Guide on how to calculate the credit score and impact of credit score on personal finances.
  
• Credit Clash Virtual Card Game: A card game that focused on building up credit.
  
• Credit Matters Podcast: A podcast focused on the impact of credit on financial decisions.
  
• MonkeySee - What is Credit?: Videos focused on credit, the impact of credit score in personal finances, and credit versus debit.

Understanding Debt

• Shady Sam: A Game About Predatory Lending: Game that depicts the negative impact of neglecting loan terms and understanding credit and credit scores.
  
• Time For PayBack: A game that helps players manage and prepare finances for college.
  
• Debt Payoff Planner: An app used tracking debt and expenses to make managing debt easier.

Earning and Investing Money

Earning and investing are definitely the more exciting topics when it comes to money. But there are still best practices and tips to consider.

Whether you're looking to earn some spending money in your spare time or try out a new investing app, the below resources are a good place to start.

Ideas and Tips for Earning Your Own Money

• Working Papers: Getting You Closer to the Paycheck: Guide for young adults on how to obtain a working paper, how to find work, and how to approach employers.
  
• Guide to Online Jobs for Teens: List of online jobs that teens can do to earn extra money.
  
• Guide to Teen Employment: Guide on how teens protect themselves and awareness of their rights during employment.
  
• Best Apps to Make Extra Money: List of mobile apps that great for finding extra money.
  
• 21 Real Ways to Get Free Money: Guide on finding extra money through apps, websites, or ideas for reducing fees.
  
• Online Surveys: How to Get Paid for Taking Surveys: Review of the best online survey sites for earning extra money.

Investing 101

• Best Way to Invest $100: Strategies on how to start investing and investment ideas using $100.
  
• How to Invest Money: Make Your Money for You: Tips on how to start investing and details about different types of investment.
  
• Saving and Investing for Students: Guide for saving money and safeguarding it through investment.
  
• Build Your Stax Game: A game focused on handling investments within 20 years.
  
• Invest Quest: A game created by FTC and SEC with a theme focused on online investing and avoiding fraud.
  
• The Stock Market Game: A simulation game that teaches students to invest in the stock market.
  
• Tips for Teens: Investment: A resource focused on understanding the principles of investment.

Extra Credit: Insurance and Taxes

Now that you've nailed the basics, it's time to tackle more complex financial subjects like insurance and taxes (we know, you're thrilled.)

Having a solid understanding of these concepts is essential. And you'll find that the better prepared you are now, the better you'll feel working with these subjects in the future.

Insurance: What It Is and How it Works

• Protect Yourself and Your Stuff: What You Need to Know About Insurance: Guide on protecting assets that are not easily replaced by availing insurance policies.
  
• The Basics of Insurance: A guide to help teens understand how insurance works and how it helps reduce risks against financial losses.
  
• Planning for the Unexpected: Impact of emergency funds to safeguard personal finances and maintain stability.
  
• Car Insurance Companies with the Best Deals: Tips on how to find affordable car insurance providers.

Taxes for Teens

• Tackling Taxes: Things to remember about taxes for working teens.
  
• Get Tax Savvy: What You Need to Know About Taxes: Tax information such as the importance of paying taxes and the benefits for taxpayers.
  
• Tips for Teenage Taxpayers: Tax tips for teens working summer jobs, plus info on how to be a responsible taxpayer.
  
• Understanding Taxes: An online toolkit was made by the Internal Revenue Service to provide details about taxes.

Bottom Line

We all have that friend (or maybe we are the friend) that has a complicated relationship with money. And when many school curriculums neglect these subjects, it almost feels pre-destined to turn out that way.

With this list of resources, we can help teens foster a more positive, informed view of financial literacy that can pay off in the long run.