If you're a teen-ager, learning how to save, spend and protect your cash is one of the most important things you can do. The FDIC (Federal Deposit Insurance Corporation) has developed a new guide called "Start Smart: Money Management for Teens."
The guide is a special edition of the FDIC's quarterly "Consumer News." All the content is available on-line, but print copies can also be ordered (free!). Note: While the material is designed for teens it may also be useful to parents, youth group leaders, teachers and others concerned with building youth financial literacy.
Building solid financial knowledge and skills while you are a teen-ager will increase your ability to make smart decisions during your late teens and early 20s. Without good skills and knowledge, you may make costly decisions as a young adult that will haunt you for decades.
But if you have good knowledge and skills, you'll be able to get a running start in the race for financial success. What does that mean? It means spending money wisely, on things that are important to you; it means saving, so you have money for emergencies and for big goals; it means borrowing wisely and paying off debt wisely. It also means protecting yourself against fraud and identity theft, knowing where to keep your money and learning how to be charitable.
"This guide wouldn't be necessary if money really did grow on trees or if The Bank of Mom and Dad was open 24 hours a day and offered unlimited withdrawals..." says Paul Horwitz, an FDIC Community Affairs Specialist. But since we live in the real world, this guide just might be a key to helping you get a smart start down the financial road of life!