10 Ways to Save Money for Teenagers
Teenagers are expensive. It’s always funny that new parents talk about how expensive babies are, but the toys and clothes that teenagers want along with their entertainment gets really expensive. I tend to think kids get more expensive as they get older!
One thing you may want to do with your teen is help them not only learn to be frugal minded, but also how to save money and use it responsibly. One way to accomplish this is to help them earn their own spending money.
1. Have a specific place they will do their saving where they can’t touch it so the temptation is not there to spend it. This is the perfect time to open a bank account for them if you have not already. Many banks offer special accounts for teenagers and pre-teens that have a high savings percentage and have tools like online banking to help them see and handle finances.
2. Teens are in a unique position where they will be moving out soon and on their own so now is a great time to get them used to the idea of balancing play with bills. You can introduce them to the idea by helping you make a weekly budget. They can help with finding ways to save money and coupon clipping as well as making decisions on meals.
3. Have them get a job, even if it is just very part time. They need an opportunity to earn money to be able to save it.
4. Stress the importance of saving for expensive items by helping them create goals. Encouraging children at an early age is a great way to build those financial fundamentals.
5. Help your teen understand how advertising effects their desire to spend money. You don;’t have to go into a long discussion, just help them become aware.
6. Back to school or summer clothes shopping is a great time to set a budget for them and let them spend it as they see fit with some guidance. Also be sure to check out the Ultimate Guide To Saving Money For Teens: 7 Steps To Start Saving Money Faster Than Ever.
7. Allow your teen or pre-teen to be actively involved in saving and planning for a large family goal such as a vacation.
8. Create small opportunities around your home to earn extra money for the expensive items they may want. If they have to earn them, they may see that they don’t need them as bad or may be willing to really work heard to get them. This helps them understand needs from wants.
Related: Fun Ways To Save Money For Kids
9. Talk honestly with your child about any money struggles you had as a young adult. This could be credit issues as you were in college or just simple things like never having any gas money for fun things you wanted to do with your friends because of over-spending.
10. Have your child help you figure out college expenses and how much of it they want to be responsible for.
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