You can help your teenagers to acquire some basis for a sound future in their dealing with money by teaching them how to save. Most adults are hazy about this because they were never given any direction by their own parents. Encourage your teen to save by giving him real life examples. The tips that are given below do not need any great mental agility. All that you needed is persistence and patience without the burden of any special skills or knowledge.
Put that computer on ‘standby’ mode only if you are coming back to it immediately or else shut it down. Power consumption in standby mode may not be very high, but over the days and weeks and months, it just adds up. Encourage your teenager to apply the same saving tactic to all electronic gadgets that he is using.
Take a shower instead of a bath. This will reduce the water bill by a big amount. And if you are visiting a swimming pool during the week, take a shower in the changing rooms.
Leave your pocketbook or wallet at home when you go out, if shopping is not included in your itinerary. If you have no money with you, you will not spend it. Isn’t that simple?
Give a gift of a savings bank account in the local bank to your teenager. You can start him out with just a dollar and let him take it further. If he does get into the habit of putting his savings in the bank, the amount saved could grow quickly.
Set aside some money before you make your budget for the month from the allowance that you get. If you receive any unexpected sum of money, keep part of it aside as a saving. Spend less money than what you have. Making that a regular practice would help your savings grow. Your future will just look that much brighter.
Make up your own targets. Is it the bike that you want more than that electric guitar? Persuade your parents to chip in with a tenth of what you need. If you want it enough, you will save.
Do not be impulsive in your major purchases. Plan ahead even if it is for a party. With your busy life you may change your plans, or if you are lucky you may get something cheaper.
A monthly allowance is a good thing because it makes you to be patient with your spending. It will be foolish to spend the half of your allowance on the day you receive it. There are still a lot of days left in the month. Save from this allowance if you can.
Keep a diary of your expenditure. If your child has a trouble on keeping track of his money, teach him to jot down to know where the money is going and how much he still has. You can also analyze and see how much you can save, or when did you spend thrift.
Save your loose change in a piggy bank. It will fill up over the year and may come in handy for making gifts when the holiday season comes along.
A habit of saving could teach your teen a habit of persistence and patience. Even picking up one of these tips is a habit that can help in the near future. Go down the list gradually and persistently. By learning the habit of savings, you are ensuring yourself a more financially secure life as you grow up.
Popularity: 48% [?]