NEW YORK (CBSNewYork) – When it comes to money know-how, a teenager’s expertise is often limited.
Teaching children how to manage money can actually help shape their future choices.READ MORE: Glass Bottle Attack In Chelsea Station Just The Latest Incident As Subway Crime Increases
Roy Paul, executive director of Cents Ability, sat down with CBS2’s Janelle Burrell and Cindy Hsu to share some money management tips for teens.READ MORE: Racism Declared A Public Health Crisis In New York City
Roy says there are so many high school students who are starting to work, earning money for the first time, and there are a few things they can do to jumpstart their savings.
- Save 20 percent of their earnings or income.
- Open a savings or checking account.
- Use apps… Teenagers can be incredibly tech savvy and download everything to their phones.
Monday kicks off “America saves week.” To learn more about what children can do to launch their financial futures, click here.