Tips for Getting Your Teenagers to Save Money

To save money is an important responsibility and an essential trait to have in adulthood.

To be able to save money in spite of the mass media is a daily challenge for each of us. The media is relentless as it targets our every desire for material things and specialized services designed to make our lives easier, better and happier.

Learning the Value of Money

The value of money takes on a completely different meaning when your teenager is required to spend his/her own money. Thus, from experience, they learn to carefully consider things before they actually make a purchase as well as a keener appreciation for their purchase.

Money Here; Money Gone Tomorrow

Spending money can be likened to enjoying a good meal. After your appetite is satisfied, the event is over and the money you paid for it is gone too. Therefore, for this reason alone, it is vitally important to teach your teenage children how to save money.

Need for Proper Education

They also need to have a proper education which will prevent them from falling victim to the numerous financial traps and scams that are becoming such common occurrences in our daily lives. It seems no one is safe from these vicious acts, especially the older generation.

Ways you can encourage your teenage children to start to save money

 Set an example. “Practice what you preach.” Save money in a savings account and/or buying other equity funds, such as stocks and bonds.
 Encourage your teenager to take on jobs to earn money.
 Have your teenager open a bank account and save the money they have earned.
 If you are able, give them a bonus when they save specified amounts of money.
 Again, if you are able help them to invest in the purchase of mutual funds and stocks, etc.