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Saving Money. Advice on how to help teenagers save money.

Updated on July 14, 2013

Saving Money learning to save money is a habit. Like any habit repetition of positive behaviour is essential.

The best way anyone can learn is early as possible.

In this case the teenagers want to learn what your teaching. Now the best way for this to happen is by your good example.

Teenager's and others see the value In what your doing then they will want to do it and will emulate you. In other words practice what you preach.

Now you say no not my teenagers. There will do the opposite. Well teenagers can be rebellious; As so can we adults and difficult to deal with . If teenagers or children see a hint of hypocrisy then they will be right onto it...

Just for the record my grandparents were good savers!

While we are talking about records here are some good tips on keeping good financial records

My mother wasn't she was a Spendthrift ! my father a Miser so you can see the trouble I had in the whole scheme of things. I tended and still do to naturally alternate between one of the other. Even though I was not taught money skills per-see I adopted the ones I knew the ones my parents inadvertently passed onto me. Now since becoming an 'Adult' I have had good binges of saving and then binges of spending. I have though at various times educated myself more and more on finance. In the capitalist system that we have one has to otherwise there is a good chance with a bit of bad luck you can quickly end up living on the street. If you get my drift..

My actual advice to parents of teenagers would be to provide learning material. Create a household budget for yourself. Set up a money journal. Make it a positive fun thing..Show your children where the money goes on a weekly basis. Have weekly house meeting's and give a prize who can come up with the best money saving idea....Also one needs to value what one has. Its no use having lots of things if you don't value them. Nature tends to work against those attitudes and you can end up losing what you have got.

That's all for now.

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    • profile image

      avogadro 7 years ago

      great advice, i think giving kids a chance to be involved in the household budget will help put things into perspective

    • charlemont profile image

      charlemont 8 years ago from Lithuania

      Once I heard on tv that rich people advise putting aside from 10% to 30% of the net income. I'm sticking to it, and find it not that difficult.

    • profile image

      OSCAR 8 years ago

      Know Your Cost of LivingMake a list of your mandatory monthly expenses so you understand where your money has to go. Things like, rent, utilities, transportation, groceries, parking, school supplies, debt repayment, and student or activity fees fall in this category. Once you know where your money has to go each month you'll be able to set up a discretionary fund and a savings plan. Give Yourself an AllowancePut yourself on an allowance for things like entertainment, eating out, clothing, and special purchases. Stay on budget no matter how tight things get. It's never too early to start saving money. Even if it's only $20 a week try to put something aside in a savings account. Organize Your ReceiptsKeep your bills, bank statements and receipts all in one place. Organize them by month and by category, for example; rent, bills, and expenses. Keep them in a safe place. Make sure to go over your bank statements carefully and keep all ATM receipts. Have your bank return cashed checks to you or at least ensure that you can see copies of all cashed checks online. Become FrugalLook for creative ways to save money. Consider carpooling, public transit or enviro-friendly biking as a means of getting around. Bring lunches and snacks from home. Buy your text books and lab supplies second hand if possible. Instead of paying a tutor set up a peer study group in classes that you need extra help with.

    • barryrutherford profile image
      Author

      Barry Rutherford 9 years ago from Queensland Australia

      Thanks for your comment Teeray...

    • teeray profile image

      teeray 9 years ago from Canada

      Great starter advice, Mr. Rutherford! Thank you for adding your personal experiances to hubpages. I believe you when you say that providing learning material is important and love the idea of a money journal. I think that most parents tend to skip over the interactions with teens that concern money. Parents can get involved in a specific 'money project' with teens and teach them a LOT about saving, spending, and money in general - if they will only take the time.

      The last paragraph you wrote could be turned into 'activities' or a 'projects' for teens and their parents that will likely also allow teens and parents to communicate better and spend some time together during 'teen years' when, typically, parents and teens are starting to 'grow apart,' encounter misunderstandings and all the 'teen-growth' related quirks in life.

      Thanks for the hub!