The best ways to give money to a teenager

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By Kimberly Palmer | NerdWallet

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Giving money to teenage children might sound simple, but it can quickly become complicated. Parents often want to set limits on how much their teens can spend, teach them about money management and protect them from fraud, all at the same time.

“It’s about knowing your kids and tailoring the approach a little bit to the child,” says Amy Spalding, a certified financial planner at District Capital Management, a Washington, D.C.-based firm. Some kids need more active help to stay organized and learn how to stay within a budget, while others need to be encouraged to practice spending in the real world.

Here are some strategies to consider when providing money to your teenager:

Start with cash

When children are using money on their own for the first time, sticking with cash can be the easiest way for them to learn how to manage it, says Dan Tobias, a CFP and founder of Passport Wealth Management in Cornelius, North Carolina. “First, get them to understand and appreciate money with paper. Then, when you need to, you can switch to electronic methods,” he says.

That’s the approach he uses for his own three children. He gives them a cash allowance and lets them decide how to spend it, which includes letting them make mistakes.

“Don’t be afraid to let them fail,” Tobias says. Kids might lose a $20 bill, splurge on something that breaks the next day or, in his case, buy a fish and a tank that they soon don’t want anymore. Those mistakes are critical teaching moments, he says, so it’s important parents don’t micromanage their kids’ spending.

Leverage familiar apps

Once children start earning and spending their own money without you nearby, digital payments become more appealing. You can use methods you and your kids may already know, like Apple Wallet, Venmo or other apps already connected to your phone. They are often connected to a parent’s credit card or checking account, unless a child already has their own.

Sarah Behr, a financial planner and owner of Simplify Financial in San Francisco, says apps can be helpful because a parent can closely monitor a child’s spending and “keep the guardrails up” while still giving them the freedom to make their own spending decisions.

If a teen overspends without permission, that can lead to a helpful conversation about budgeting. At the same time, parents can find ways to make sure their own accounts are protected, by using the apps to set spending limits or creating separate accounts with low balances and low credit limits.

Spalding turned to digital payment apps when her teenagers started spending money on their own. She set up a separate bank account with a low balance to limit the potential damage if the account was compromised or a teen overspent.

(Kimberly Palmer shares how she gives money to her teenage daughter.)

Try paid products for more support

Debit cards and apps designed for kids like Greenlight, GoHenry and BusyKid offer additional support for families, such as allowing them to actively manage a budget and chores, but they often come with a fee.

Greenlight, which costs between $5.99 and $14.98 a month, offers parental controls, the ability to assign chores and allowance automation, among other features. “Kids can understand the bigger picture of money management” and also set savings goals for themselves, says Jennifer Seitz, director of education at Greenlight.

Gregg Murset, a CFP and CEO of BusyKid, a debit card and chore app for kids, says the app helps parents teach kids important lessons about tracking money, investing and giving to charity. “That’s what we do as adults — save, invest and share — so we are modeling reality,” he says, adding that kids ages five through 17 can use the app, which costs $4 a month.

Encourage savings

Regardless of the method you choose, saving money should be part of the conversation with your kids, Spalding suggests. When her children were young teenagers, she took them to a local bank to set up a savings account so they could deposit money they had accumulated from babysitting jobs and gifts. She says you could also use an online high-yield savings account to see the money compound more quickly.

Investing in a Roth IRA can be a smart next step for children earning their own money. Behr offered her daughter a savings match up to the amount she contributed to encourage her to save more for the future. “I’m hoping the discipline of this exercise in delayed gratification sinks in,” she says. Teens can save up to the amount of their earned income with a limit of $7,000 for 2024.

With that kind of practice, saving for the future might even become a lifelong habit.

Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com. Twitter: @kimberlypalmer.

Study looks deeper into olive oil’s health benefits

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Olive oil has long been touted for its ability to lower heart disease risk. So University of Florida researchers set out to dig deeper to learn how much olive oil is beneficial.

During the Recipe for Heart Health study, 40 participants at risk for cardiovascular disease were randomly assigned to consume either a “low” amount (less than a teaspoon) of extra virgin olive oil or a “high” amount (4 tablespoons) each day. After a one-week “washout” period, the participants switched and followed the other olive oil regimen for four weeks. Participants also adhered to whole-food, plant-based or vegan diets that were not low in fat.

UF’s researchers found that no matter the amount, consuming Extra Virgin Olive Oil decreased LDL, or “bad,” cholesterol, which has been linked to heart disease. They also learned that while consuming olive oil daily helps, other elements of someone’s diet may play a more significant role in achieving health benefits. For example, people who consumed low amounts of olive oil, but also limited foods such as red and processed meats, added sugars, and saturated fats  and ate plant-based fats such as avocados, nuts, seeds and olives had more significant reductions in LDL cholesterol than participants who just consumed high amounts of olive oil.

Overall, the study’s researchers concluded that where participants received their dietary fat from mattered and that getting it from whole-plant-based fats was more beneficial for reducing cholesterol than getting it from olive oil alone. The UF team plans to use data to produce additional research articles on cooking, diet quality, mood and quality of life.

High School Football: Week 2 predictions, Friday edition

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St. Agnes (1-0) at Hill-Murray (0-1), 7 p.m.

St. Agnes won its season opener 54-0. Hill-Murray dropped its Week 1 contest 51-0. But that doesn’t guarantee the Aggies roll here. Armed with 19 seniors, St. Agnes isn’t your ordinary Class 2A program, but Hill-Murray is a Class 4A state entrant from a year ago with similar aspirations this fall. That makes this an intriguing early-season clash. Our pick: St. Agnes 21, Hill-Murray 19

Rosemount (1-0) at Lakeville North (1-0), 7 p.m.

Perennial beasts of the South square off, both fresh off convincing Week 1 victories. Rosemount’s traditionally stout defensive front should entice Lakeville North to roll out more of its potentially potent passing game, which should serve as an indicator as to just how explosive the Panthers can be this fall. Our pick: Lakeville North 20, Rosemount 14

East Ridge (1-0) at Forest Lake (0-1), 7 p.m.

Forest Lake wasn’t able to deliver the key stops it needed to put away Prior Lake in its season-opening loss but the Rangers still figure to be a Metro East subdistrict contender this season. A victory Friday would cement the same for East Ridge, but after heavy rainfall in its season opener against Park caused the Raptors to keep the ball on the ground, how much will they be able and willing to lean on the pass if that’s required? Our pick: Forest Lake 24, East Ridge 20

Farmington (1-0) at Lakeville South (0-1), 7 p.m.

An 0-2 start for the Cougars would not have been on anyone’s bingo card this fall, but it’s in play Friday if Lakeville South’s defense can’t contain Tigers quarterback Jonah Ask. The signal caller ran for 192 yards and three scores last week in an overtime victory over Mounds View. Lakeville South’s offense largely struggled in a loss to Wayzata, pinning pressure on the defense to produce stops.

Hastings (0-1) at Two Rivers (1-0), 6:30 p.m.

Two Rivers went 7-1 in the regular season in 2023 and still ended up with the No. 4 seed in Class 5A, Section 3. Why? because it lost this matchup, 9-7, in Week 2. Without a schedule that features many big-named opponents or section foes, the Warriors — who again have the potential for a special season — know this matchup carries hefty postseason implications. Our pick: Two Rivers 24, Hastings 10

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Faith, family and football powered Highland Park lineman Armando Carroll through cancer scare

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Star senior lineman Armando Carroll approached Highland Park coach football Dave Zeitchick last month to inform him he’d need to miss a practice to have a biopsy of a lymph node mass.

“And you’re freaking out like, ‘What’s wrong? What’s going on?’ ” recalled Zeitchick, who is fully aware of Carroll’s recent health history. “And he’s like, ‘Oh, it’s nothing, I’ll be back on Friday.’ ”

Sure enough, he was. If Carroll can be on the field, he will be. That’s true in practice or competition.

Carroll is Highland Park’s starting center on an experienced offensive line that paves the way for the Scots’ ground game. He also is team’s best defensive lineman, one who lived in Johnson’s offensive backfield in the season opener.

Oh, and he also handles the team’s kickoff duties.

“I’m an athlete,” said Carroll, who also plays baseball. “I love playing sports, I love being outside, doing my activities.”

That love was reinforced last year when, for a brief period, it was all taken away.

THE DIAGNOSIS

“My mom is very protective,” Armando said.

So, when Camila Carroll first noticed a lump on the side of her son’s face near his ear in the spring of 2023, she sprung into immediate action. Off to the doctor they went.

The pediatrician referred them to the ear, nose and throat specialist. What followed was an ultrasound, CT scan and then a biopsy, all within a span of weeks. Then came surgery at the end of May.

“Everything went by really fast,” Camila recalled.

The intention of the surgery was to remove one tumor. As the procedure progressed, two more were uncovered. It was cancer, but diagnosing the exact type proved challenging. Results were passed around from the University of Minnesota to Mayo Clinic in Rochester to Seattle.

“That’s what took the longest,” Camila said.

Throughout the process, Zeitchick couldn’t count how many times he texted Armando.

“‘Did you hear? What’s happening? Did you hear?’ ” Zeitchick said. “It was waiting and waiting, and he just went about his business. It seemed like it was weighing on all of us a lot more than it was weighing on him.”

At that point, Zeitchick assumed Carroll wouldn’t be available for his junior football campaign. “When you hear ‘cancer,’ ” he said, “everything changes.”

Carroll said he made a point to maintain a positive outlook throughout the waiting game. He credited his parents — Camila and his dad, Alex — for aiding in those efforts, along with his Catholic faith.

“If you’re going to have a negative outlook on it, it just makes a really hard time for you and your family, so I think just having that positive mindset and just being reassured by my family that everything will be OK just really helped out,” he said.

Finally, the results were in, revealing follicular lymphoma, a rare cancer that, per the Cleveland Clinic, affects 3.5 out of every 100,000 people, and is usually found in the elderly. For a teenager, it was a real anomaly.

The Carrolls connected with an oncologist at the U and a full-body scan was conducted to see if the cancer had spread. It hadn’t.

RETURN TO ACTION

The clean scans brought joy and relief, but Carroll’s life was far from back to normal. The facial surgery was intensive. In its wake, he had to take a month off from physical activity — no baseball, no football, no nothing.

“When I had that absence of what I love,” he said, “it was really tough.”

As was the process of working his way back up to physical activity. When the month was up, Camila noted it wasn’t as simple as her son jumping back into the fire. Armando’s body was still healing. It was a slow build.

“It was, honestly, pretty difficult,” he said. “I lost a lot of my strength and conditioning. So, working my way back into trying to get to my peak performance, it was a very hard grind and it was very challenging.”

But Carroll is a believer the idea of coming to work every day with the goal of getting 1 percent better.

“Over time, you’ll grow,” he said. “Just coming in and doing what I love doing, and just being an athlete, it really helped me come in and just try to be better and be myself.”

Around the team’s second minicamp of the summer, Carroll could feel his body getting back into its groove. He was moving freely and executing like he did before, if not better.

“That’s when I thought, ‘I’m back,’ ” he said. “Once I was able to recover and come back from surgery, I think it helped me, so I could take it to a next level and challenge myself even more as an athlete so I could come back better and stronger.”

Zeitchick said Carroll’s challenge was “a huge issue” for the entire team, so seeing the lineman back on the field was “a huge relief.”

“When he was cleared, that day we went nuts at practice,” the coach said.

Because Carroll isn’t just a dominant football player with all-section, and potentially all-state, aspirations. When Zeitchick returned to his post as Highland Park head coach last offseason after a multi-year retirement, Carroll was one of the first players to meet with the coach, buy into his vision and put it into action.

“He’s a go-to guy,” Zeitchick said. “He had invested so much into football that the expectation was if he could be back (on the field), he would be back. That’s just knowing him. He’s a really high-character kid.”

Camila admits there were moments a year ago when she still wondered and worried about whether her son could play, or if something else might happen. But when the time came for Armando to take the field, happiness overcame his parents.

“I kind of like to think of my sports as a place for me to be myself and just be free and just enjoy the moment as an athlete,” Armando said. “Being able to take my mind off the craze of what happened that month and even after, it was just really relieving, because I was able to just be myself and do what I love doing without having to think about what could happen next and what’s going on in real life.”

Carroll’s love for the sport is a breath of fresh air for his coach, who noted there are so many kids who don’t want to play for “a zillion reasons,” ranging from the strenuous nature to the time commitment and beyond.

“He puts that in perspective. He had to have football in his life,” Zeitchick said. “It was a good lesson for all of us.”

MOVING FORWARD

Camila noted the large scar on her son’s face is shrinking, but still visible — evidence of what was endured, and a reminder of an ongoing battle.

Last month’s biopsy showed the lymph node tested was not cancerous, but irregular. Scans will continue every three months to verify that remains the case. Should something change, Carroll’s oncologist is confident it could be handled with relative ease.

“They continue to be very helpful and positive as we continue to navigate the process,” Camila said of the doctors.

Meanwhile, Armando is looking forward. College plans could take multiple avenues. He has considered attending Wisconsin or Minnesota to pursue mechanical engineering while potentially playing club baseball. He also hasn’t ruled out playing junior college baseball.

In the more immediate future, Carroll is excited about the Scots’ chances this fall, believing Highland Park — which plays at Tartan at 6 p.m. Friday — can put it all together and “go on a hot streak.”

Football holds a special place in his heart. Carroll attended a Catholic school prior to high school, so he knew no one when he arrived at Highland Park. But friends quickly emerged in the form of teammates.

“The whole, entire team that I met was just so nice. They introduced me to everybody,” he said. “They made my high school experience, from the beginning, just a great space.”

It’s his mission as a leader to ensure others have a similar experience. It’s not unusual for Carroll’s focus to be on such things.

Camila noted the list of things she’s proud of with Armando is “countless,” but at the top is that he’s “an amazing brother” to 14-year-old Mateo. Last summer, as the family was largely grounded by Armando’s illness, Armando was constantly checking on Mateo.

“Even though he was the one going through it and we were like, ‘This is all about you,’ ” Camila said. “At the end of the day, he always wanted to make sure that his younger brother was OK and that we were all doing fine.”

“I got to realize how important my family is to me,” Carroll said. “It took me a minute, but after I realized how much they do for me, it made me realize how grateful I am for them, and how lucky I am to have them as parents. Even my brother, how lucky I am to have him as a brother. Because my whole family is so supportive of me, and they made me who I am today.”

Sports are back to being a major focal point for the Carrolls. There’s always a practice or game to attend. But Camila noted the family has appreciated the opportunities to pause the “go, go, go” lifestyle to enjoy simple pleasures such as sitting down for family breakfast. They check in with one another far more frequently, and carry the knowledge that together, they can do hard things.

“It really changed our perspective on, yes, anything can happen, but everything has a solution,” Camila said, “and it’s going to be OK.”

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