Financial education in youth sets the stage for a lifetime of financial responsibility.

Teaching teens to save for emergencies is vital for unexpected costs. Unfortunately, most teens don’t want to listen to their parents...that’s where a financial coach who specializes in budgeting for teens and young adults comes in.

Colleen Salchow of Salchow Coaching patiently works with teenagers to set aside money for unexpected expenses can help them develop a safety net for emergencies and learn the importance of being financially prepared for the unexpected.

(00:04:15) Early Financial Empowerment for Teens

(00:09:36) Building Financial Safety Nets for Teens

(00:15:15) Empowering Teens Through Intentional Financial Planning

(00:18:04) Instilling Responsible Money Attitudes in Children

(00:19:12) Financial Literacy Through Teen Budgeting Apps

(00:26:14) Financial Management Foundation for Students

Colleen Salchow is an accredited financial counselor dedicated to improving financial literacy among teenagers and young adults. After graduating from Western Michigan University in 2007 with a degree in special education, Colleen witnessed firsthand the financial struggles faced by families during her time as a middle school special education teacher in Detroit.

Her personal experiences with financial challenges after moving to North Carolina further fueled her passion for financial literacy. In 2019, she launched her business as a financial coach, focusing on helping teens develop sound financial habits and understand critical financial concepts. Colleen leverages her teaching background to effectively communicate and engage with young people, empowering them to make informed financial decisions for a secure future.

• Start conversations about financial literacy early on to instill valuable money management skills
• Encourage teens to save at least 20% of their income for various purposes such as emergency funds or specific goals
• Guide teenagers in creating a plan to save for emergencies by identifying key expenses they rely on the most
• Teach children to save, donate, and spend wisely to develop healthy money habits
• Introduce budgeting to children by giving them an allowance and guiding them on how to allocate portions for different purposes
• Start high schoolers and college students with one savings account to understand its rules before considering multiple accounts

(00:02:58) "I saw at my own kitchen table the importance of paying off debt and learning how to talk to my spouse about finances." - Colleen Salchow

Follow Colleen Salchow:

LinkedIn: https://www.linkedin.com/in/colleensalchow/

Salchow Coaching: https://salchowcoaching.com/

Instagram: https://www.instagram.com/csalchow1/

Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/

*be sure to send a connection request with a message saying Hello!

Navigate college funding with me at www.smartcollegebuyer.com

The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

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