Do you encourage your teens to save their money? If so, what works best?

  1. cat on a soapbox profile image96
    cat on a soapboxposted 7 years ago

    Do you encourage your teens to save their money? If so, what works best?

  2. marketingskeptic profile image70
    marketingskepticposted 7 years ago

    Ahh, this brings back good memories.

    I would suggest making it into some sort of incentive-style game. Once they reach $_____ in their savings account, they'll get a $__ reward. If they go under $___ they'll be deducted $___. Set a prize for a target savings figure such as a trip to where ever they want (within reason).

    If you want them to learn how to invest in the stock market, tell them to play with yahoo finance and build a stock portfolio watch. Let them play with a pretend $1,000 initial investment and tell your kids that whatever they earn in imaginary $$ over the initial sum will be theirs to keep (as in you'll pay them). 

    After all, teens look out for #1. So you've got to convince them it's in their best immediate interest to obey you.

  3. profile image52
    R055posted 7 years ago

    If you convince them that if they save there money they can spend it on something good in the future e.g a car then they are more likely to save.

 
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