You can start teaching your children how to save money at an early age, but if you really want them to understand the value of a dollar, make sure you teach them how to save money as a teenager. If your teenager has a job or gets an allowance, it will be easier to show them how to put money back for clothing, shoes and other important items.
One of the things that most teenagers want is a car. When they are ready to drive, they will likely not want to drive the same car that you have. If they have a job, they will need their own transportation. One of the ways that they can save money is by putting it in a bank account once they start working. If you have been giving your teen money for jobs around the house, then part of this money can be put in a savings account. Make sure there is a limit as to how much money can be withdrawn from the account. When it’s time to get the car, get a quote here for insurance policies that aren’t going to take a lot of the money that your teen makes.
Games are a good way to teach teens about saving money. There are free games online where teens can run a business and learn how to manage how much is spent and the priorities of how to spend the money. These games range from restaurant shops to football games.
Set a budget for your teen. When your teen gets a check from work, sit down together to determine how much should be saved for essentials and how much can be spent on fun things like movies or bowling. If you are still giving your teen an allowance, don’t just give money when walking out the door to spend time with friends. Set a monthly amount, and if that amount is used before the month is over, then the teen has to do work around the house to earn more. If they are old enough to get a job and haven’t, then this might be the motivation needed to start filling out applications.