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Each afternoon my teen daughter has either a volleyball game or practice. Once school and volleyball is complete she makes her way to work at a local ballpark selling concessions for extra money. The season is short but my daughter is able to put away a nice little chunk of change each week into savings. But not all teens want to save.
It is never too early to help your child learn the value of a dollar saved. Take a peek below at 5 ways to help your teen save money and learn this very important life skill. By teaching your teen to save money, you can help them lead more responsible lives and find financial freedom. Take a look at how easy it can be.
1. Track spending
How much does your teen spend each week? For two weeks, have them track their spending. If they spend as much as a penny, they should write the purchase down. Tracking spending will help them understand where their money is going and how to better control it.
2. Decipher wants and needs
Now that they see where their money is going, they need to decipher wants from needs. How many of their purchases were wants as opposed to needs? Help them look at their purchases and rule out which ones could be avoided.
3. Develop a savings plan
Help them decide how much money they wish to save each week. How will they find this money? Will they rule out “want” purchases? Work a part time job? Help them come up with a savings plan. You can even show them by putting “x” amount of dollars away each week how much they can save in a year.
4. Show them savings strategies
Show your teen how to look for sales prices, clearance racks, and even use coupons. Coupons can be used on make up, hair products, music, electronics, and other teen related items. Show them where to find these coupons and how to use them correctly.
5. Help them feel success
Praise your teen when they put money away or save on a purchase. Ask them about how good it feels to save and manage their money. They are sure to feel frustrated at times, but keep encouraging them to stay on track.
When you teach your teen about money and the power of saving it, you are helping them grow into financially sound adults. Give these tips a try!
How do you encourage your children to save money?
I like your idea to show teens how to save on the purchases they do make. I make it a game with myself, to see how much I can save on stuff. I bet a teen would like to do that!
Great post! With me having two teens I really try to do my best to teach them both about saving. I’m one for shopping around on sale racks and using coupons without a doubt.
My oldest can save money when he has a goal. I wish there were more jobs for teens, so it wasn’t so hard for them to make money.
What great tips on teaching teen on money. I think it needs to start when they are young to equip them as adults and the real world.
I like your tips and they are a lot of what we’ve implemented over the years. Our oldest two kids are 24 and 22 and they’ve grown up to get really great savers, which I’m very proud of. I especially like the showing them saving strategies — we had one of these happen just last night with coupons (one of our kids hates coupons, but was able to save like 90% on something they really needed).
Good saving tips
These are excellent tips! My mom and dad taught me early on about saving and spending and I was a tight wad, even in my teenage years! I’ll for sure be teaching my kiddo early on!
My kids, when they were young, were always good at saving money. Of course, we were good teachers as we had good teachers in our parents and grandparents.
These are some great ideas on how to help teens to learn how to manage money. It is not always easy since wants and needs for teens can get mixed up a lot!!
These are great tips for helping teens to save money. My kids are great about saving their money and saving money period actually. Thanks for sharing.
These are EXCELLENT tips! I mean that. Even now I still have to separate want from need. It works!