When your children are little, you purchase things for them that they may need or want. Once they hit the teenage years, that’s a different story. As the parent of a teenager, you need to have a plan for teaching teens to save money. When you child hits the teenage years the things they want seem to increase and so does the price. They still seem to think you have all the money in the world and you can and should buy them whatever they want.
Once they hit 16, they should get a job. But it can start earlier than that if you want it to. They can mow lawns, shovel sidewalks, or babysit. Working hard and making money will teach them the value of a dollar. Once they start making money they will probably want to spend quickly too. Teaching teens to save money may be difficult at first, but you need to do it.
Teaching teens to save money is important for their future. They need to know why they should save and how to do it. You may need to learn yourself so you can teach your teens to save money, but it will be a valuable lesson for you as well. The first thing you need to do is take them to the bank and set up a savings account for them.
Once you do this you need to set them up on a budget. Teaching teens to save money through a budget is one way to make this happen. You need to gather all their bills and their pay checks. Their checks will be different since they are probably not guaranteed the same number of hours each week.
You need to teach your teens the reasons why they need to save money. These reasons can include saving for a car, a special date, new clothes, or college. Teens want expensive things and when it gets to a point where they have their own money, you should consider making them pay for most of those things.
Teaching teens to save money can be a very difficult thing to do. You need to stand your ground when they try to tell you they have no need to save money. It may be hard for you, but you can do it and you will thank yourself for it in the future.
Your teen will thank you when they have a major repair that is needed on their car, or if they have to buy tires for it, or they find a new pair of shoes they “must” have. They will also be thankful when they are grown, married, and have their own kids and need money to buy their first house.
There are many reasons why teaching teens to save money is so important. Showing them how to save money will not only help them now, but in the future as well. They will be so happy you taught them these things later in life when they have a family and retirement to think about.