6 Steps to Help a Teenager Build Credit

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22 Jun

Donna Taylor Blog 0 0

Here’s the safe and sane path for parents to help teenagers become financially responsible. Teenagers know a lot of things adults don’t – from deftly using social media to finding perfect smartphone apps. But they’re still learning about money even as they are spending it. Understanding and managing credit is important for every teen’s financial future. As adults know to well, what’s in a credit report can influence everything from the mortgage rate you pay to your ability to secure a job. These six steps will help your teens from credit novices to pros:

Talk to your teens about money
Get a prepaid card
Start a budget
Open a checking account
Move on to credit cards
Set a good example

About the Author

Written by Donna Taylor

Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.