Personal Finance: Financial mentors help foster teens with budgeting
News from Modesto Bee:

For most teens, money is a gotta-have-it, wanna-spend-it commodity. But for foster teens, who often bounce from home to home in their young years, it’s far more complicated.

There’s no mom or dad doling out a weekly allowance. No one showering them with cash gifts on birthdays or holidays. No one sitting them down for financial pep talks.

Many, in fact, have never been inside a bank. Yet once they turn 18, most are thrust out into the real world to fend for themselves financially.

Have a personal finance question? Call The Bee’s Claudia Buck, (916) 321-1968.

“Many have never seen anyone leave home for a job and return with a paycheck. The things most of us learn from our families, they don’t,” said Bill Ryland, administrator of Koinonia Homes for Teens in Loomis, which runs a high school, therapy programs and group homes for 30 foster teens recovering from alcohol or drug abuse. “Many leave the foster system with nothing.”

Koinonia and three other foster teen programs in the Sacramento region are trying to change that reality.

Under a program run by United Way, dozens of older foster teens in five counties are earning money, opening their first savings accounts and getting financial skills. By the time they graduate from high school, those who’ve completed United Way’s “S…………… continues on Modesto Bee

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