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During a recent career day at my daughter\u2019s high school, I spoke to upperclassmen about budgeting<\/a>, the dangers of credit card debt and how to navigate economic uncertainty.<\/p>\n The conversation got me thinking: What do financial experts wish they knew about money as teenagers? The question echoed a recent social media trend featuring influencers getting coffee with their younger selves.<\/p>\n I asked a handful of financial experts for their take on the coffee challenge, but with a financial twist. Here\u2019s what they told me:<\/p>\n 1. Take a deep dive into your cash flow<\/p>\n The process of understanding your income and expenses \u2014 or your basic cash flow \u2014 is key to figuring out targets for how much you should be spending and saving, says Megan Kopka, a certified financial planner and former math teacher in Wilmington, North Carolina.<\/p>\n \u201cTry to visualize and understand what you have,\u201d she says.<\/p>\n That process helps prevent you from spending mindlessly, especially with your first credit card.<\/p>\n High school, Kopka says, is a good time to start building money habits that can serve you into adulthood.<\/p>\n 2. Start proactively saving as soon as possible<\/p>\n Get serious about saving and choose a specific goal<\/a>, suggests Rahkim Sabree, a financial therapist and accredited financial counselor based in the Hartford, Connecticut area.<\/p>\n \u201cOnce we realize how expensive life is, we wish we started saving sooner,\u201d he says.<\/p>\n Deciding what you are saving for \u2014 whether it\u2019s a vacation, a gaming system or new sneakers \u2014 is critical to finding motivation at a young age, he adds.<\/p>\n 3. Look into investing early<\/p>\n In high school, Kopka let most of her earnings from her job at a bakery sit in a savings account. She now wishes she had opened up an investment account.<\/p>\n Her money could have grown over the last 30-plus years.<\/p>\n \u201cIf I had put away just $25 a month, I would have been so ahead of the game,\u201d she says.<\/p>\n Her primary lesson for high schoolers today is to open up an investment account as soon as possible. For example, a high schooler could invest in a Roth IRA<\/a>, which lets you contribute after-tax money for retirement.<\/p>\n 4. Acknowledge money differences<\/p>\n Some high schoolers grow up in households that distrust banks. Others earn income to contribute to critical household expenses. These different types of experiences can impact feelings toward saving, spending and earning money, Sabree says.<\/p>\n Acknowledging those differences and resisting feeling a sense of shame or desire to \u201ckeep up with the Joneses\u201d can be a helpful practice for young people to develop, he says.<\/p>\n Since what\u2019s best for one person could differ from what\u2019s best for their classmate, get comfortable with focusing on yourself instead of comparisons to others, Sabree says.<\/p>\n 5. Think twice before taking on debt<\/p>\n When Sabree was in high school, he remembers being encouraged to take out student loan debt without concern for the consequences.<\/p>\n Looking back, he wishes someone had explained the strain that student loan debt<\/a> can place on a young person and walked him through alternatives.<\/p>\n \u201cLet\u2019s talk about the burden of debt,\u201d he says, instead of minimizing its impact.<\/p>\n Similarly, Kopka wants young people to understand how much credit card interest<\/a> you\u2019re paying if you don\u2019t pay off the full balance each month.<\/p>\n 6. Remember it\u2019s never too late to get started<\/p>\n \u201cPeople will only learn when they are ready,\u201d says Spenser Liszt, a CFP and founder of Dallas-based Motif Planning.<\/p>\n In other words, it\u2019s OK to forgive yourself for not embracing the concepts of retirement savings, life insurance or tax deductions as a teenager.<\/p>\n In fact, Liszt didn\u2019t open up a Roth IRA for himself until he was in his thirties, and he doesn\u2019t regret that choice. He chose to spend his money in other ways that helped his music career, including professional-grade instruments, music school tuition and private lessons.<\/p>\n Now, his firm works primarily with music industry professionals across the country.<\/p>\n \u201cLooking too far into the future is a recipe for anxiety,\u201d he cautions.<\/p>\n So as much as you might wish your younger self had understood the importance of saving and investing, it\u2019s OK if you waited to get started, too.<\/p>\n