Money-Saving Ideas for Teens
- Teaching your teen money-saving tips will help her in the long run.woman with parents image by Pavel Losevsky from Fotolia.com
Your teenager will not learn much about making, spending and saving money in school so you, as the parent, must take on this responsibility. Early lessons on money-aving ideas can set your teen up for financial success and freedom. Start teaching your teen about handling money as soon as she begins asking for unnecessary items so she can learn the value of money. - Encouraging your teenager to find work even if it is odd jobs around the neighborhood such as mowing lawns or babysitting, gives her a chance to start bringing in income. The technique also teaches your teen about the level of responsibility required to earn money and teaches her that the money she earns is directly linked to the amount of work she does. Your teen's income gives her the starting point to begin saving money.
- Sitting down with your teenager and reviewing her monthly bills such as cell-phone or car-insurance payments will give her an idea of the amount of money it takes to pay the monthly bills. Your teen may not be bringing in a significant amount of money because she has to juggle school and extracurricular activities, but have her take on one small bill responsibility such as gas money for the vehicle she drives. This process will teach her how to start a budget; she will learn the amount of money she must set aside each month for her gas-bill responsibility and see how much she has left over to spend and put into savings. Work with your teenager on an appropriate percentage of the amount left over that must be put into a savings account. Informing her of the benefits and uses of a savings account will encourage her to make consistent installments and reach financial goals.
- Your teenager might appear stumped about how to take on a variety of monthly bills and still have money left over, so show her a few money-saving tips. For example, teach her how to research cell-phone and cable packages throughout the year to find the same or similar plans at lower prices. Another money-saving tip is to eat at home. Show your teen the cost difference between a reasonably priced restaurant meal and the cost of purchasing the ingredients and cooking the meal at home.
