Teach Your Teens To Save Money

Amy Lewis, from the UK, wrote the following guest post for the mom blog.  Check out her tips for teaching your teens to save more money.

Teach Your Teens To Save More Money

 It is easier for a child or an adolescent to catch something quickly and make it a habit.  Therefore, if you want to impart your wisdom to your child, teach him the skills so that he can always get himself on their feet.  Teaching him money saving tools would do him a great benefit for his future.  Once he adopts it, it will last with him life long.  A man can hardly get in financial crisis provided he has a balanced mind and he maintains some basic rules of money.  Our spending habit is nurtured from our childhood.  A man cannot suddenly grow as an impulsive shopaholic.  It’s his habit that is responsible for it.  Therefore, when your child cultivates that habit, financial woe can rarely torment him through out his life.  Even if he falls in debt at any point, he can achieve his financial freedom faster than anyone else by employing proper debt management plan.

 If your teenage boy has started earning a few bucks, remind him about his childhood fantasy for his favorite car or his wish to admit in good college.  It will act as a catalyst for him to save more money and skip those trivial temptations of life.  Ask him to save some amount into savings and the rest into a checking account.

While you advise him to fix a target ahead, tell him not to make it for a momentary or a small objective.  Savings for some long term benefit is worth more than relishing a momentary pleasure.  Let him feel the financial condition of your family.  If you help him to understand his own responsibility, he will act more wisely and have a more mature approach towards money.

Explain your child about the importance of making monthly budget for himself.  He will put all those items into his custom budget that he spends his money for.  Then he needs to track every spending and put a tick mark on every purchased item on his personal budget sheet.  Such a disciplined way of using money will help him a lot in his future.  He can be one who won’t need to reply much on credit card.

However, credit cards are not bad always.  In fact, they are more useful at some point.  But, an inherent discipline of person can help him to use his card in a fair way and pay off his debt in a timely fashion.

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