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Money Managing Tips For Teens

It is obvious that the majority of us enjoy spending money especially when we can without getting ourselves in a bind. However, we should put aside some money for emergencies, we should teach our teens to save because we never know what will come up, and we would need available funds.

Teaching Teens to manage money maybe difficult but not impossible. When they learn to spend some of their money and save some, they will have some for another day.

Here are a few tips that might help our Teens to save money.

Do not buy name brand shoes or clothing. I remember some years ago, I took my daughter to the mall and she saw a pair of name brand shoes in a store. We did not get the shoes at that time but went to look in another store. We saw the same shoe there for a lot less; the only difference was the price. I pointed out to her that if we bought the other shoes, we would only be paying for the name because both shoes were the same. I reluctantly bought the name brand shoes for her because it was what she wanted but every since then, I have been more aware of different prices for the same item.

Children love name brand items but if we can show them other high quality items at a lower price and show them the money that they can save, they might be willing to omit the name brand and settle for something that looks just as good but at a lower price.

Open a saving account in their name. Teens really like this ideal because it makes them feel like an adult. They like the ideal of telling their friends that they have a saving account. I do not recommend a checking account because they are not careful with money at that age and could end up with overdrafts.

Encourage them to keep a piggy bank at home for loose change. This comes in handy because it will keep them from touching their money in their saving account and it will keep them from coming to us and asking for money.

Renting movies are cheaper than going to the theater. The movies that are played in theaters will soon be on video, it will not hurt them to wait a while to see the movie. It is OK to treat themselves to a movie with their friends sometimes but they can do the same thing at home with a friend and a rented movie.

Arcade game rooms can get expensive because there are many games to play. Instead of going to the arcade, they can play video games at home for as long as they like without adding more money in slots.

Stop going to fast food restaurants and eat at home. This saves money and home cooked meals are healthier. Teens are still growing and they need nutritious food in their bodies to make them strong and healthy.

Stop buying a lot of sweets and sodas. If you add up the cost of these items for a week, it will surprise you especially if the items are bought single. Buying in balk is cheaper but not healthier because too many sweets and sodas are not good for anyone.

Once the Teen get in the habit of managing his money, it will mostly become a lifetime habit.

Money Managing Tips For Teens: By Lizzie Ducking