ICBA issued a press release today to provide tips for middle school-aged students. The advice is to help educate tweens on personal finance and ways to become more financially literate. Some of the tips included:
- Making Money: Kids between the ages of 10-13 legally cannot hold part or full-time jobs, but that doesn’t mean there aren’t other ways to earn money. There are lots of opportunities to give your bank account a boost, but before you decide to start mowing lawns or walking dogs think about the hidden costs of working. Will you need supplies? What are people are willing to pay for your work? How much is your time worth to you?
- Pay yourself first: Developing the habit of saving is one of the first steps to a bright financial future. When you receive money immediately set aside at least 10 percent. If you can save more, do so. It is recommended people of all ages pay themselves first, because if they don’t there is a good chance the money will be frittered away on non-essentials and impulse purchases.
To view the entire press release, visit ICBA’s website.