Money saving advice for your teenager

Let’s face it, we are a consumer society which means that we buy products, use them, and dispose them, and then buy more of the same product, this is mostly due to advancing technologies and strong marketing campaigns. MoneySaving will show your teen how to save money. Teenagers are responsible for a big percentage of tech product purchases, and as a teenager you are being trained to become a long term consumer of products that you don’t necessarily need, and by the time you reach the age of 25 you would have accumulated at least two credit cards and are already in debt. A better way to manage your financial life is to start saving money at a young age, ask your Mom and Dad to open a savings account for you and contribute $100 per month into it, if you start at the age of 14 by the time you graduate from high school you would have saved $100 x 12 months x 4 years = $5,000, that is enough to buy yourself a very decent used car that will take you to college, and out with your friends. Being a saver is a positive thing, it may not be “cool”, but the long term benefits are way cooler. Here is some money saving advice and a few tips that will give your teen a financial head start:

  • Open a savings account for your child, and teach them to save money, no matter how little, this will train them that money should not all be spent.
  • Show them financial news and learning websites, and train them to shy away from shopping websites.
  • Make them understand that they can make money by selling products, and be the more profitable side of the shopping experience.
  • Give them weekly financial advice, this will help them as well as help you, and train them to give other financial advice.

 

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