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.

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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.

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Cents Ability executive director Roy Paul. (Credit: CBS2)

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.
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Monday kicks off “America saves week.” To learn more about what children can do to launch their financial futures, click here.