Unemployment, runaway debt and a tight credit market is making it difficult for today's youth to start on the right foot financially. In this brief article, we'll go over the benefits of enrolling either you or your child in a financial literacy program, as well as how you can make an impact on their spending habits in your everyday life. A term being tossed around a lot recently, often without a great understanding of what, exactly, it means, is "Money Camp." This is best used to refer to a financial literacy program, often targeted at teenagers or students about to enroll in an institute of higher learning. Financial literacy programs are best used to train students applying to colleges or simply going off to live independently in how to best use their resources. Most high schools will also offer at least a basic economics course; however most do not give any practical money management information. High school courses lack essential lessons that prepare teenagers for the financial real world. Most do not cover the banking system, long-term investments, loans, and other financial aspects of adult life. Money camps are designed to give young adults a practical financial education and focus more on 'how to' rather than theory. Unfortunately, there are no college preparation courses requirements in most states that requires high schools to teach students how to responsibly use credit and debit cards, how to divide up their resources to meet multiple ends, and how to differentiate between important and unimportant expenses. Enrolling a student in a money camp is generally a fix for parents that can't teach their kids by example, and have tried without success to instill responsible spending habits in their child. This financial literacy program sets guidelines as to how proper financial behavior should be, and makes clear the ramifications of poor spending habits in the real world. Popular culture dictates that spending money on trivial, unimportant things is "cool," but most money camps will put a lot of stress on the teenager's ability to resist social pressures and properly balance pleasure with actual expenses. There is a lot to be said about teaching a child financial responsibility, and if your child seems especially reticent to be mature about how they spend their money, consider a money camp. Most money camps do not actually involve sending your child away for any period, and instead function like after-school programs.
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