While there is speculation as to whether or not we are in a recession, there is no doubt that as a country we are facing difficult financial times. While some may be pessimistic about the current financial difficulty, times such as these can be prime opportunity to educate your teenager about money. With historic foreclosure rates, recurring job losses, and volatile stock market conditions, what is it that you tell your teenager about debt and money? Here are 7 ways to debt proof your teenager:
1. Teach them about interest
Interest is a part of money management just as the dollar bill. Without it, banks could not operate, and many would not be able to secure housing. A lot of teenagers can read about interest and even tell you what it means. However, there is nothing like experiencing it to get its full meaning. Find a practical way to help your teenager gain a tangible understanding of interest.
2. Teach the advantage of saving over immediate gratification
As consumers, we all know what it means to want something – and want it now. Patience is not a virtue that many can apply to object of our hearts desires. Credit makes it way too easy to fulfill our self-imposed desires for the “must haves” of our lives. For some teens, this temptation can be overwhelming. Yet, there is maturity in being able to save for those things we want, rather than paying more for it with the interest that comes from credit.
3. Educate the proper use of credit cards
Spending more than they have earned, you do not have to look far to find an adult that has gotten into trouble with credit card debt. Credit cards are not necessarily evil, but a convenient method of payment in the hands of responsible users.
4. Limit borrowing
There is something satisfying setting a financial goal, and earning enough money to meet it. Sometime loaning money to teenagers can rob them of the opportunity to gain resourceful financial skills. Encourage the entrepreneurial spirit within your teenager. You both may be amazed at the results.
5. Help them learn budgeting
To some budgeting may hold a negative connotation, one that is filled with restrictions and limitations. However, if done right, budgeting can eliminate financial stress and promote inner peace. If you know where all your money is going, then there is no guessing or the stress of trying to figure out how you are going to pay for your bills. There are many are many resources available to help your teenager learn how to make and keep a budget.
6. Teach them to save, save, and then save
Saving is not only important for getting the things we want, but it is also a safety net for when life’s mishaps occur. Without a proper savings account to cushion the blow of financial crisis, credit become and inevitable solution. Having a savings account will reduce stress when problems arise because a person is financially prepared.
7. Use financial tools
Do not be afraid to use the many financial tools available to help your teenager develop healthy money management skills. Debit cards, accounting software, online banking and checking accounts can be great tools to help educate your teenager about finances. Check with your financial institution, local library, and financial professional about possible resources for teenagers.
8. Get some financial counsel
If your teenager, or even yourself, do not have healthy money management skills, then I encourage you to get some help. Check your local community for financial counseling, classes or financial workshops. Contact a financial professional that can help your teenager gain positive financial advice and how to stay out of debt. Or consider taking a class as a family. It is never too late to learn.
Financial habits are taught, not assumed. Many adults that have spending problems or excessive credit card debt may never have learned how to handle money. The habits that are taught as a teenager and cultivated as an adult can have life changing implications for your teenager.

You may have been hearing more and more recently about the so called “Law of Attraction”. If not you may have heard of Jerry and Esther Hicks and Abraham, popularised on the Oprah Show. What got my attention was that what was being said actually had a lot in common with some of my latest readings on quantum physics. These readings suggested that at a quantum level the very act of observering an event changes the event. So we are actually having a vibrational effect on our environment simply by observing it. For those of you not familiar with the Law of Attraction that Hicks and Abraham have popularised I will provide a VERY simply description.What is the Law of Attraction The idea is that there is a Law of Attraction, a fundamental Law of the Universe which amongst other things makes like attract like. We interact with this law and create things that weay or may not want in our lives simply by thinking or focusing on them in a particular way. This is sometimes referred to as manifesting or using the law of attraction or creating your reality.The Law of Attraction, Money and Happiness Of course for many people the first thing that they want to use the Law of Attraction for is money and happiness. When it comes to the Law of Attraction, money and happiness understandable are on top of the adgenda. To really understand how the Law of Attraction and money interact it’s most important to understand that the law of attraction is just that. A law, it doesn’t change, it is very consistant. However we change and our intreptation of what is happening to us changes also. This can lead to a cycle were poor thinking, begets poor experience, which in turn leads back to poor thinking. This reminds one of the phrase “the poor get poorer whilst the rich get richer”.Immediate Use Law of Attraction Money Tips The first immediate use law of attraction money tip is therefore to simply to focus on gratitude for what is good financially now. This will eventually lead to a thought that makes your feel a little better, follow that thought until you find another that makes you feel a little better still and so on. This will improve your vibrational state regarding whatever is happening financially. The second is to stop often during the day and consciously try to think a thought that makes you feel a little better than you do currently. Sounds simple hey?Daily Use Law of Attraction Money Tips Setting aside time everyday for your Creative Workshop or Creative Period. A time (15-30mins) where you visualise the outcomes that you want to manifest in your everyday experience, focusing on feeling like those desired outcomes have already been achieved.Long Term Use Law of Attraction, Money Tips When planning over the longer term break down large financial tasks into smaller ones that will form the “next logical steps”, one after another, from where you are now. Spend “creative” time everyday focused on the feeling of having made it or having achieved the larger task. Spend more time everyday though focusing on the feeling of having just achieved that which is your next logical step forward from where you are now. In this way you are smoothing the pebbles from the road and ensuring logs don’t fall up ahead.Conclusion As we have said, it is a law. The law of attraction; money, fame and fortune come to those who harness this law. We hope that the information above has helped refocus you on using the law of attraction in your life. Lastly we found a site that may be of interest to those who really want to immerse themselves in learning about the Law of Attraction. This is a site were three teachers featured on the movie “The Secret” will teach you The Science of Getting Rich. It seems a great way to learn about The Law of Attraction and Money