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Teens saving money

Updated on September 19, 2010

Teach teens saving money techniques

Most teens of this generation know nothing about how to make a proper budget and in fact teens saving money is something almost unheard of, the current generation being much more consumption oriented than previous ones. This needs to change however, youngsters must be taught saving money techniques and proper money management to prevent them from becoming iresponsible spenders as they grow older. And who has the biggest responsibility in this? Obviously, the parents of today!

Tips for parents

Educate your teenagers about the meaning of money from the earliest age. In fact, as soon as they learn to count you should gradually explain things like prices and the value of different bills and coins to them.

Give their allowances but also encourage them to save for the future, find out what they want and tell them that by saving from their allowance they can eventually get it themselves instead of waiting for Christmas or a birthday to receive it as a gift.

Give your children piggy banks where they can put coins they receive as small change or other small sums. Do this while they are young and you will teach them the value of saving money. Once they are teenagers you can even open bank accounts for them to deposit larger sums.

Instill a strong work ethic in your children by teaching them to work for money. You can do this by beginning to pay them small sums for doing household chores, making them appreciate the value of earned money and also encouraging them to spend it wisely.

And last but not least, lead by example! Spend your money wisely and show it to your kids as well. Show them that you use a budget by learning how to save money at the grocery store and show them that your saving means more money for their needs!

Tips for teens saving money

  • Always check if you are eligible for any scholarship or grant
  • Keep yourself buys, there are plenty of things you can do that are free to join and fun. Otherwise you might end up paying cash for movie or video games rentals, things that you don't really need
  • If you are a student, take advantage of student discounts. Student IDs give plenty of useful discounts in different establishments
  • Quit eating at fast food restaurants all the time, it's not good for your health or your budget. It's fine to go out every now and then but don't become reliant on them
  • Try to get a part time job, obviously this means less need for saving money!


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