Ways For Teenagers To Save Money – By finding ways to motivate yourself to save money, stop giving up. Instead, use these tips to help your kids and teens save more today!
You can talk about the importance of saving money until you’re blue in the face… but your child or teenager won’t until they use the benefits.
Ways For Teenagers To Save Money
Rather than delving into reasons to save money for teens or kids, I’m going to share with you specific ideas you can do today to encourage saving money.
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Let’s dive into specific strategies and things you can do to encourage your child to save their money.
: This article is kind of a stepping stone to these two basics, you might want to go back and read it too:
We’re going to look at several ideas to encourage your child to save money, including:
Most kids struggle to make it through a long savings or savings goal. That’s why I created the 30-Day Money Saving Unicorn. You should check it out!
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Instead, download free printables or printables for kids, donate money to each space, and post them prominently.
They will be happy if they see color in one more place, or two more places, or a whole section.
Are you ready to “harvest” money for your child to save money for a house?
Make your child or teen responsible for downloading coupons online or from the paper each week. For every coupon used (more than your receipt), add savings to your savings account.
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What I love about this idea is that it not only encourages your child to save money, but also teaches good life skills – how to hunt down and use discounts on everyday products.
My sister did this once when she was a teenager and it saved our family $15 on one shopping trip!
Electronics cost money. Teach your child this and give money to cut back and save money. For every hour they don’t watch TV, they earn $0.25-$2.00 in electricity costs saved toward their goals.
So, if you are currently paying weekly, try another week. Can they save enough money in two weeks to pay for the things they want?
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You can also change the day of the week you pay. If they give one on Friday they will use it the next day, then pay on the first day and see if they can save a little for the week.
Remember – children should start small and narrow when learning how to save. You might not think that saving their money from week to week or saving their money from week to weekend is a good goal… but they have to start somewhere, right?
Children need to understand that money accumulates when left alone – not because you add money, but because it earns more money (in the bank it earns interest).
Helpful resources include this millionaire video on equity and this article on how to explain equity to a child.
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Again, their money doesn’t always earn interest. Read on for a great idea on how to get your child interested in saving their money.
Psst: Like these comments? You will definitely want to check out my teenage problems. 5. Introduction of Parental Savings Scheme
Let’s face it – between the fact that interest on a savings account is low, and how much your child will be able to save over the next two years, it’s unlikely that it will depend entirely on the interest rate.
You can achieve this by setting up a savings plan for both mom and dad. Choose how you want to match – double their savings account interest by 10%, 25%, 50%?
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Now, tell your child that you will match it with a percentage of all money saved by XX deadline or XX savings goal.
Help them figure out the small numbers outside, so they can see the potential impact on their bottom line.
For example, if you offer a 25% match and they save $1,000,000, you add $250 to the pot within a time limit you set (up to you if you have a time limit or not).
Now that they know what saving money can do, you’ll want to give plenty of examples of what you’ve accomplished in your life and in the lives of your family.
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Tell your child something you wanted to save — as a child or as an adult — and a story about how you successfully saved it. Enter more information, please! How much did you save and how long did it take? Did you earn any interest on the money?
Establish a “pay-it-yourself” house rule for yourself and your children by saying, “In this household, we pay XX% of all our income up front.”
Make sure you follow through on your end – you can verbally say you’ve got the tax and put XX% in savings as per house rules. Or any time you get unexpected/expected income.
Tip: Calm down about sharing money? It’s not necessary here – just tell them you got the money for XXX reasons and you’ll deposit a percentage into your savings account. 8. Offer a secret savings account
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If they reach their savings goal, let them know that not only will you help them buy something they want to buy (by taking them to a store where they need to buy it, or buying it online and letting them pay for it, etc.) but they can also unlock their mystery gifts.
Set bank days where you roll over to their savings account so they can deposit the money. It can be once a week, once a week, once a month, etc.
Psst: Better not keep all their money in a wallet. Here are the best backpacks for teens, along with my review of the best backpacks for teens and the best backpacks for kids. 10. Organize a family savings contest
Ask each family member to come up with a savings goal. Include the person’s name, their goal, and how much money they’re trying to save on board.
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By basing the competition on the percentage of savings going toward the goal rather than money, it’s fair for everyone.
Psst: Love the idea, but do you want everyone you work with to be a savings goal for the entire organization? Here is my article on how to set a family savings goal. 11. Create interesting effects
Remember the bucket challenge that broke the internet a few years ago, where you either had to donate money to a good cause or pour a bucket of ice water over your head?
Set something similar for your child if they don’t reach their savings goal by X date. Make it fun… and a little uncomfortable (yes, I’ve been stuck in ice water myself!).
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I hope I have given you some fun and useful ideas on how to encourage your child and teen to save money. I’d love to hear what works and what doesn’t in the comments below!
Amanda L. Grossman is an author and trusted financial educator, a 2017 Plutus Foundation grantee and founder of Money Prodigy. His financial work has been featured in Experian, GoBankingRates, PT Money, CA.Give, Finston’s Finance, Houston Chronicle and Colonial Life. Amanda is the founder of Frugal Confessions, LLC. Read more here or on LinkedIn. As a teenager, you’re probably not walking around with a pile of money. And that’s why it’s important to save as much as you can.
Look, whether you’re 16 or 60, saving money is a pain. And let’s face it, spending is more fun than saving. But learning good savings habits as a teenager can help you avoid financial chaos as an adult.
In this article, we will help you improve your money saving skills with 10 simple tips. We show you how to budget to strengthen your financial discipline and replenish your bank account.
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Maybe you don’t prioritize saving money because you have other things on your mind like school, friends, and life in general. But saving money, however small, brings many benefits.
As a teenager, you may struggle to be independent. And one way to achieve this is with your money.
Whether you want to go out with your friends or buy something you really want, you don’t have to rely on your parents to foot the bill. Plus, you can reward your growth if you show your people that you can save money and spend it wisely.