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Teenagers who build good fi nancial habits grow
up to be money-smart adults. Here are three
habits teens should learn as soon as they start
earning money:
Budget. Whether they use an envelope system
or online budgeting tool, teens need to track
and plan how they spend their earnings.
Save. Setting aside a little from each paycheck
will build a reserve for rainy days and
emergencies.
Think long-term. Resisting the urge to splurge
makes it possible to pay for college, a car or
another big purchase down the road.
— M.H.
Financial habit-building tips for teens
Consider travel insurance
Travel insurance can help recoup costs if a trip is canceled due to
health, weather or other cause.
First, check to see if your existing homeowners policy or
credit card off ers travel coverage. If you need another
option, simply search online for a standard policy.
Premiums are likely to run 5 percent of trip expenses,
possibly more to cover cancellations for causes
beyond illness or weather. Options include coverage
for overseas medical care or even lost luggage.
— M.H.
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