Daniel's mother was on the verge of a nervous breakdown. She had given her 14 years old son a huge amount just two days back and today there he was asking for more money. When she inquired about the money that she had given him just two days back, he replied coolly, "Oh! I spend that on some movies and I also treated my friends because I felt like." Frustrated, his mom thought of doing one thing that she had been planning to do for days...teach Daniel the value of money and the importance of saving money. Thus she started searching for some tips on how to save money for teenagers so that her son did not grow up to become a spendthrift and also a loser.
Teens spending more money than required, teens not knowing the value of money..is not just the concern for Daniel's mother, but for mothers of all teenagers across most of the countries. Parents had seen dark days, hence, they realize how important it is to save money, but teenagers think that money is something that is meant to be spend lavishly on any small things. True, money is meant for spending, but one needs to learn how to save money too for the rainy days. If teens are not taught this, then they will only head for trouble. Here are some tips on how to save money for teenagers, which anxious parents can follow.
Ways to Save Money for Teenagers
It's important that teens are given the money saving tips, because not only will they require that money for rainy days but also to pay through their college education. Once, they start a family, they need to save money for their family. If you think that it's a difficult task teaching them, then let me tell you that it's not. All you need is some patience. Let us see what are the tips to save money for teenagers.
Daily Expenditure
My dad always tells me that if one does not respect money, it will never respect you, hence it's important that you keep a record of your daily expenses. Make it a habit for them to write down all that they have spent, daily and then at the end of the month, when then find out the total expenditure, they will realize where they have spent more. Next month, your kid will automatically try and save more in that part. This does not make you a miser but much wiser.
Open a Savings Account
The next financial literacy for kids and teens is, opening a savings account. Help your them to open a savings account and help them manage it. Teach them how they can deposit money in that account and also how they can withdraw after they have saved some money for months. Ask them to decide on a goal; say for example tell them that the money is for a new car or for college, and then let them save, until they go to college or until they have a license and enough money to buy a car. By that time, they will realize the importance of saving money.
Do Not Carry Much Cash
Here are some more tips on how to save money for teenagers. Some teenagers have the habit of not leaving a store without buying anything. There's only one way to stop that and that's by carrying less money around with them. Going to the store or mall with the minimum amount, something which will not even help them buy a drink, and roaming around, for a few days, will get rid of their habit of not leaving the store without buying anything.
Save the Changes
The next tip on saving money is saving the changes that one gets back. If your teen has gone to a shop to buy something and gets back some changes, then do not let them spend it. Instead teach them to save it in a piggy bank. Whatever changes one gets back, should go to the piggy bank and teach him or her not to touch the bank, unless there is enough. They will get encouraged to save more when they see how the changes have added up to a huge amount after days.
Checking Account
The next tip on saving money for teenagers is opening a checking account and this can be done once he or she has saved enough money. A checking account will make your teen behave in a responsible manner and will also put them into practice for saving for the future.
These tips on how to save money for teenagers should be followed from a very young age, i.e., once he/she is old enough to start earning and spending. Explain how saving money will be useful to them during the time of an emergency, so that they do not have to go borrowing money from others. These tips on money management for teenagers, will surely help your teen to grow up to be more responsible.
Teens spending more money than required, teens not knowing the value of money..is not just the concern for Daniel's mother, but for mothers of all teenagers across most of the countries. Parents had seen dark days, hence, they realize how important it is to save money, but teenagers think that money is something that is meant to be spend lavishly on any small things. True, money is meant for spending, but one needs to learn how to save money too for the rainy days. If teens are not taught this, then they will only head for trouble. Here are some tips on how to save money for teenagers, which anxious parents can follow.
Ways to Save Money for Teenagers
It's important that teens are given the money saving tips, because not only will they require that money for rainy days but also to pay through their college education. Once, they start a family, they need to save money for their family. If you think that it's a difficult task teaching them, then let me tell you that it's not. All you need is some patience. Let us see what are the tips to save money for teenagers.
Daily Expenditure
My dad always tells me that if one does not respect money, it will never respect you, hence it's important that you keep a record of your daily expenses. Make it a habit for them to write down all that they have spent, daily and then at the end of the month, when then find out the total expenditure, they will realize where they have spent more. Next month, your kid will automatically try and save more in that part. This does not make you a miser but much wiser.
Open a Savings Account
The next financial literacy for kids and teens is, opening a savings account. Help your them to open a savings account and help them manage it. Teach them how they can deposit money in that account and also how they can withdraw after they have saved some money for months. Ask them to decide on a goal; say for example tell them that the money is for a new car or for college, and then let them save, until they go to college or until they have a license and enough money to buy a car. By that time, they will realize the importance of saving money.
Do Not Carry Much Cash
Here are some more tips on how to save money for teenagers. Some teenagers have the habit of not leaving a store without buying anything. There's only one way to stop that and that's by carrying less money around with them. Going to the store or mall with the minimum amount, something which will not even help them buy a drink, and roaming around, for a few days, will get rid of their habit of not leaving the store without buying anything.
Save the Changes
The next tip on saving money is saving the changes that one gets back. If your teen has gone to a shop to buy something and gets back some changes, then do not let them spend it. Instead teach them to save it in a piggy bank. Whatever changes one gets back, should go to the piggy bank and teach him or her not to touch the bank, unless there is enough. They will get encouraged to save more when they see how the changes have added up to a huge amount after days.
Checking Account
The next tip on saving money for teenagers is opening a checking account and this can be done once he or she has saved enough money. A checking account will make your teen behave in a responsible manner and will also put them into practice for saving for the future.
These tips on how to save money for teenagers should be followed from a very young age, i.e., once he/she is old enough to start earning and spending. Explain how saving money will be useful to them during the time of an emergency, so that they do not have to go borrowing money from others. These tips on money management for teenagers, will surely help your teen to grow up to be more responsible.
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