Tips for Teaching Your Teen How to Budget

Parents play a crucial role in teaching their teens about spending, saving, and earning money. As your kids get older and start considering college or living on their own, they may have questions about opening their own bank account and how to manage their finances. Use these tips to introduce budgeting to your teenager.

Set a Good Example

As your kids grow up, they are constantly observing and learning from your behavior to prepare for adulthood. Show your kids the importance of smart spending and how to make important financial decisions by serving as a role model. You can help your teen gain a better understanding of how to be responsible with their funds by including them in everyday financial decisions, such as running errands and finding better prices when you're out shopping. Share some of the mistakes you've made to highlight pivotal lessons on money management.

Give Them Financial Responsibility

Motivate your teen to be proactive about their finances by making them responsible for expenses like gas and going out with friends. Review their monthly expenses together, create a budget for your child to stick to, and provide advice for unexpected costs to help them learn along the way. If your child is considering a large purchase, like a new cell phone or paying for their car insurance, help them create a plan for managing monthly payments. The earlier you can introduce your child to handling their own expenses, the more experience they'll have when they finally live independently.

Nurture a Habit of Saving

Purchasing only the things you can afford is an important life lesson to pass on to your children. If you emphasize a habit of always saving some of their money, they'll certainly appreciate it in their adult life. Encourage your teen to put aside money in a bank account for large purchases and emergencies. Even if they haven't found something they'd like to purchase, continue to express the importance of having a healthy savings account.

At Liberty National Bank, residents in Northwest Ohio can get personalized financial planning support for important decisions, such as saving for your children's education, investing money for retirement, or purchasing a vacation property. Contact us to learn more about how we can help you plan for the future.

Alternatives to Traditional, In-person Banking

With the outbreak of COVID-19, it's advisable to keep away from public places as much as possible, even if you aren't ill. Online banking provides convenient services for both business and personal customers that can be utilized without visiting a branch.

Online Banking

Liberty National Bank allows customers to open their bank accounts online. This is an easy way to reduce the need for in-person banking; you get to do it right from home and complete your transactions digitally, saving you the stress of venturing outside your home. You can complete our online banking application here.

Mobile Banking

The mobile banking option lets you complete transactions directly from your phone at any time. You can view your banking history and balances even when you are on the move. This banking option can be used from any smartphone or tablet, regardless of the service provider, model, or make.

Additionally, you can deposit checks into your accounts by using your mobile phone's camera. This feature saves time by allowing you to make deposits without taking a trip to the ATM.

Prepaid Cards

Prepaid cards are convenient banking options that are great for helping you stick to a monthly budget. They are similar to credit cards, but there's a maximum limit that allows you to access a certain amount of money in your account. You can get your prepaid card from Liberty National Bank and use it anywhere that MasterCard® or Visa® is accepted.

Debit Card

The debit card from Liberty National Bank can be used across Northwest and Central Ohio and in the rest of the country at any store that accepts MasterCard®. You can also safely use the debit card to withdraw cash from any ATM in the world that has a Visa® or MasterCard® logo.

Learning to stay away from crowded places is the surest way to stay healthy at this time. At Liberty National Bank, we want to make sure you have all the tools you need to manage your finances from home. We have implemented alternative banking options for all of our customers. If you have any questions at all about making transactions, bill payments, mortgage applications, or any other online banking matters, please call us at 419-634-5015.