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For many people, their first paycheck is also their first deposit into their checking account. Since this is just an exercise, start with an amount of $1,000. You can write up the first "word problem" as follows: "(teen’s name) just received a paycheck for $1,000. Deposit this amount into the register." If he’s unsure about how to do this, show him your own check book as an example, but have him write in all the information himself, using $1,000 as assigned. Write separate transactions for paying rent, electric, telephone, cell phone (if desired), and transportation or gas, again writing them as word problems. You get to decide the amounts, and show him one or two of your cancelled checks so he can make the entries onto both the "transaction record" and each "check" himself. Just make sure you don’t make the amounts too high. You want him to have a decent amount left over to help him plan his future spending.



Spending Categories



Although the book How To Get Out Of Debt, Stay Out of Debt And Live Prosperously by author Jerrold Mundis was written primarily to help people out of the black pit of credit card debt, it is also an excellent tool for helping both teens and adults avoid that trap before they fall in. As someone who has "been there, done that" with debt, it would have saved me years of financial mistakes had I read it much sooner. My copy of the paperback version cost only $6.99 at my local Border’s. In Chapter Eight, Mundis gives you the best tool you can get; the spending record. It is broken down into a daily, weekly and monthly list of spending transactions, and the category of each. If you want to help your teen to not only learn to manage a check book, but also to know where his money is going, adding a spending category to each transaction is essential to accomplishing your goal. And this book is your best resource for helping him reach it.

Whether you have your teen create an imaginary situation, or if you just want him to get into the important and useful habit of recording each of his financial transactions into the transaction record and onto a separate check, teaching him how to manage a check book now is vital to his success with money in the future. Without having a solid financial education to start with, the odds of him ending up with huge amounts of credit card debt are much higher. Teens have enough traps in their lives to worry about. Let’s keep them out of this one.