Saving Tips for Teenagers:

How to Teach Your Teen Child to Save

Today's teens will become the adults of tomorrow. Teaching them the value of saving money early on gives them a head start in life.

Here are several ways to teach teenagers about developing healthy money habits.

Explain to them that wants are the things we fancy, like the latest iPhone or Louis Vuitton bag. Tell them that needs are the necessities of life, such as food, shelter, essential clothing, education, and healthcare.

Discuss Wants Over Needs

Set Some Goals for Saving

Telling your teens to save without explaining why is pointless. Helping them define a savings goal can be a much better way to get them inspired.

This way, they'll be able to see how much their savings are piling up. This will also show how much growth they are making toward their goal.

Have Them Open a Savings Account

Keep a Record of Spending and Saving

Doing so will allow him to review procurements, evaluate past buying impulses and analyze when they should have spent money wisely. It will help improve their spending habits in the long run.

When you are out in the mall or grocery shopping, show them how to distinguish and compare different prices and explain why buying one item makes better sense than another.

Lead by Example

Sow a Retirement Seed

The earlier they start saving, the more money they will have in the future. This move might be the secret to making your teen into a financially confident individual.

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