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Helping Your Teenager To Save Money

September 11, 2018

An important life skill is teaching your teenager to save money, it will help them throughout their life and may stop you going bankrupt because you have to keep bailing them out, due to bad investments or lack of saving money skills!

Have you started to teach your teenager the importance of saving money? If not, now is a great time to start. Saving money is something that a lot of adults don’t know how to do, which makes it even more special when your teenager knows how to save money. You don’t have to sit this one out though, you can easily teach your teenager how to save money and here’s how.

1- Be a good role model for them
At the end of the day, if you don’t know how to save money, it’s going to be nearly impossible to teach your teenager how to save money. Show them how you save your money! Of course, showing them that you budget your money is also a good thing.

Its a good habit for teenagers to learn how to save money

2- Help them open a bank account
Although under the mattress makes a really good savings account spot, it may be time to teach your teenager how to open a bank account. A bank account is a skill that will follow them throughout their whole life, so it only make sense to help them with it. When they want to save money, they can put it in their bank account. This will make it harder to spend money too. Check out the best accounts for teenagers to decide which is best suited to your child and their needs.

3 – Teach them about spending, saving, and giving
If your teenager is working right now, you’d probably like them to save every penny that they can. However, it’s best to prepare them for how money works in real life. When someone gets paid, they have no choice but to spend some of it on bills and so forth. Your teenager may not have bills, so now is the perfect time to teach them about spending, saving, and giving. They will need to learn how to divide their paycheck up. Some they will get to spend, some gets saved, and then they’re able to spend an amount on giving or helping someone else.

encouraging a teenager to save money

4 – Explain to your teen why they need to save money
You can tell your teenager to spend money all you want, but they need to know why they’re saving money. Life is expensive and teens need to be prepared as well. From budgeting for clothes to paying for a car, to car insurance, to helping pay a phone bill – those expenses can add up! Not to mention, when it’s time for college or to get their own apartment, you need funds for that! It’s also nice to have some savings put away, so that when unexpected expenses pop up, they’re prepared. Have money saving talks with your teen, you’ll be glad you did!

teaching teenagers how to save money will help them in life and may avoid them coming to the bank of mum and dad

Comments (5)

  • Denni

    July 5, 2019 at 5:07 am

    Helping teens manage money and save is not an easy task and you have some very valid tips. I mean teens want everything they see in Instagram these days..

  • Wren LaPorte

    July 5, 2019 at 4:13 pm

    I was just talking to my teenager about saving money. Want her to learn these things as I was not taught as a kid. Told her she saves up money for a car, I will match it. Want her to learn how to earn things she wants. If you really want it, you will save up to get it.

  • sabrina barbante

    July 5, 2019 at 4:49 pm

    Being a good role model is so important: saving money has been a part of my growth because I’ve seen my parents doing it. I saw many of my friends wasted their money and always felt like they had no money at all despite having more spending possibilities than me. I can say I’ve become a hard traveler and a travel blogger too thanks to this ability

  • Viano Dee

    July 5, 2019 at 8:57 pm

    These steps are great. Thanks for sharing.

  • LuciWest

    July 5, 2019 at 11:01 pm

    Super ideas to get your teenage kids to save money. Even better for me: these are great reminders for myself why and how I should put some focus on saving money more consistently. Thanks!

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