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Get smart with your money

teens and money

Thursday’s need-to-know money news

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Today’s top story: Start thinking bankruptcy now to maximize your options later. Also in the news: Why this is the perfect time to teach teens about credit, how to protect your stimulus relief check from debt collectors, and how to return a deceased relative’s stimulus check.

Start Thinking Bankruptcy Now, to Maximize Your Options Later
Timing is everything during the pandemic.

This is the perfect time to teach teens about credit
5 ways to prepare Gen Z for the real world of debt and finances.

How to protect your stimulus relief check from debt collectors
Turn that check into cash quickly.

How to Return a Deceased Relative’s Stimulus Check
Unfortunately, you can’t keep it.

Wednesday’s need-to-know money news

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Today’s top story: Mastering the awkward financial talk. Also in the news: Co-signing a student loan with bad credit, younger consumers getting a credit boost from their elders, and one in five fear they’ll owe the IRS money this spring.

Mastering the Awkward Financial Talk
Tackling tough topics with ease.

Can I Co-Sign a Student Loan With Bad Credit?
It’s not a good idea.

Younger Consumers, Get a Credit Boost From Your Elders
Authorized user status could give you score a bump.

One in five fear they’ll owe the IRS money this spring
Are you one of them?

Teach your teen about college costs starting now

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Many families struggle to pay college expenses for one or two kids. Certified financial planner Sarah Carlson, mother of two sets of twins, will soon have all four of her children in college at the same time.

The older twins are already there, to be joined soon by the younger two. But years ago, Carlson started teaching her children how to get an affordable education. One of the first steps was making clear what she would contribute.

“I let them know early on what I was comfortable spending and what I wasn’t,” says Carlson, who’s based in Spokane, Washington.

In my latest for the Associated Press, why you need to teach your teen about college costs long before the first application essay is written.

Monday’s need-to-know money news

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Today’s top story: Make a home down payment without wrecking your finances. Also in the news: What could happen to your credit score when you close accounts, how to sidestep the potential pitfalls of travel credit cards, and why most teens don’t believe they’ll be financially independent from their parents by age 30.

Make a Home Down Payment Without Wrecking Your Finances
Don’t leave yourself empty-handed.

Ditching Credit Cards? Here’s What Could Happen to Your Score
Closing your accounts could lower your score.

How to Sidestep the Potential Pitfalls of Travel Credit Cards
Dodging blackout dates.

Teens don’t believe they’ll be financially independent from parents by 30: Survey
Bad news for parents.

The right way to give your teen an allowance

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Here’s an idea: Hand your teenagers hundreds of dollars in one lump sum and leave it up to them to manage the money for the next, say, six to 12 months.

Anyone who’s ever had or been a teenager may quail at the thought, but experts say this approach actually can work much better than a weekly allowance in teaching older kids about personal finance.

In my latest for the Associated Press, how this unconventional method can work better than a weekly allowance.

Monday’s need-to-know money news

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Today’s top story: Before doing your taxes, gather these documents. Also in the news: 3 things to do when buying a house as an unmarried couple, how credit cards can help you save on buses and trains, and 4 money lessons every teenager needs to know.

Before Doing Your Taxes, Gather These Documents
Putting your paperwork together.

Buying a Home as an Unmarried Couple? Do These 3 Things
Buyer beware.

Credit Cards Can Help You Save on Buses and Trains, Too
Discounts everywhere.

4 money lessons every teenager needs to know
The sooner the better.