Posts Tagged ‘teenagers’

Teach Your Teen About Saving Money

Thursday, April 9th, 2009

One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to spend a great deal of money on clothes, shoes, toys, video games, computer stuff, without ever really buying anything that they need. One of your biggest jobs as a parent is to teach them how to save their money.

First of all, you should teach your teenager how to save money by opening them up a bank account. When they have their own bank account, they will have a paper transcription of how and where they spend their money. Deposit their allowance directly into the bank account, and explain to them that once the money is gone for the month, it’s gone. This will teach your teens to be more savvy when saving money because they will have a better idea of how much goes in and how much comes out, and will learn to better track their expenditures accordingly if they know that the money will eventually run out if they are not careful.

Give a man a fish and you feed him for a day.

Another consideration that you need to make when it comes to teens saving money is a really valuable quote that applies to many situations including this one: “Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime.” What this quote means is that giving your teenager an allowance, or money for the movies, or for any other reason, they will use that money and then it will be gone. If on the other hand you teach your teens how to handle their money and save their money, it will prepare them for a lifetime of financial fitness, which is the most ideal situation. By teaching your teen how to earn and save money, how to invest, and so on, you are preparing them for a lifetime of intelligent financial decisions. This may not prevent them from making poor decisions in the future, but it will better prepare them for what life throws at them as they get older.

You absolutely must be able to teach your teenage children how to handle their money. Once they understand what goes into making or earning the money, saving the money and investing the money, they will spend their money more wisely in the future. Teach your children how to invest, and how to get the most out of their money, and you will find them being excited about saving their money rather than spending it frivolously. If you want your teens to be savvy when it comes to saving and investing their hard earned money, you have to teach them the value of that money and what can be done with it besides buying designer jeans, ring tones and other toys. Not only will you benefit, but they will benefit significantly as well.

Photo Credits: 1

Originally posted 2020-12-09 05:03:43. Republished by Old Post Promoter

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Teach Teens to Save Money

Thursday, March 26th, 2009

Teach your teen about money.

One of the biggest reasons why having a teenage child can be difficult is because teenagers tend to spend money easily and freely without any real regard for what goes into earning that money in the first place. Teenagers tend to spend a great deal of money on clothes, shoes, toys, video games, computer stuff, without ever really buying anything that they need. One of your biggest jobs as a parent is to teach them how to save their money.

First of all, you should teach your teenager how to save money by opening them up a bank account.

When they have their own bank account, they will have a paper transcription of how and where they spend their money. Deposit their allowance directly into the bank account, and explain to them that once the money is gone for the month, it’s gone. This will teach your teens to be savvier when saving money because they will have a better idea of how much goes in and how much comes out, and will learn to better track their expenditures accordingly if they know that the money will eventually run out if they are not careful.

Another consideration that you need to make when it comes to teens saving money is a really valuable quote that applies to many situations including this one: “Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime.” What this quote means is that giving your teenager an allowance, or money for the movies, or for any other reason, they will use that money and then it will be gone. If on the other hand you teach your teens how to handle their money and save their money, it will prepare them for a lifetime of financial fitness, which is the most ideal situation. By teaching your teen how to earn and save money, how to invest, and so on, you are preparing them for a lifetime of intelligent financial decisions. This may not prevent them from making poor decisions in the future, but it will better prepare them for what life throws at them as they get older.

You absolutely must be able to teach your teenage children how to handle their money.

Once they understand what goes into making or earning the money, saving the money and investing the money, they will spend their money more wisely in the future. Teach your children how to invest, and how to get the most out of their money, and you will find them being excited about saving their money rather than spending it frivolously. If you want your teens to be savvy when it comes to budgeting, saving, and investing their hard earned money, you have to teach them the value of that money and what can be done with it besides buying designer jeans, ring tones and other toys. Not only will you benefit, but they will benefit significantly as well.

Photo Credit: 1

Originally posted 2020-11-25 05:01:04. Republished by Old Post Promoter

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3 Tips for Teen Investing

Friday, March 13th, 2009

Parents like to complain that their teenage children do not listen to them. However, when it comes to matters dealing with money, the opposite is actually often true. Teenagers often welcome the advice that their parents have to give regarding finances, money management and investments. In the past few years, teenagers have been earning billions of dollars through summer jobs and part time after-school work. Many of these teenagers have gone on to spend all of the money that they have made, while only a few have saved it up, only to end up spending on a larger purchase down along the line. Kids these days need to become more aware about their income and investment basics so that they can learn how to better manage their money as they get older. If you want your teenagers to manage their money more effectively in adulthood, then they absolutely have to learn the investment basics now.

Start training your teen about money.

It is your responsibility as a parent to begin training your teenage children to use their money more wisely now while they are listening. Here are some of the things that you can do to teach your children how to save and invest wisely so that they can have some money left over at the end of the weekend following payday.

1 – Lead by example!

This seems simple but it has an extraordinary impact. Your children are going to look at how you spend money and act accordingly. If you show them how you allot money to different purposes for household needs, bills and budgets, they will learn how to do the same over time.

2 – Help open a bank account for your teen.

Establishing a bank account for your teenager will allow him or her to have instant financial responsibility. Sit down with them and explain how they can manage their own account, and take a moment to talk about the rewards that can be received once they have saved enough money. These savings, for example, could go toward their college tuition or even to purchasing a car. The entire process of saving and earning will give them a significant sense of accomplishment, and they will have something concrete to show for their hard work and dedication to saving and investing wisely.

3 – Construct a spending plan for your teen.

Teens tend not to like the idea of budgeting, but you should not allow them to get by without a budget or a spending plan just because they don’t like the idea. Instead, you and your teenaged son or daughter should sit down and build a spending plan that will help them get excited about the idea of earning, saving and investing their money. Take the time to teach them the differences between what they need and what want, and what things are worth saving for. Once they know what they can do without, it becomes easier for them to save their money for investing.

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Originally posted 2020-11-12 05:57:23. Republished by Old Post Promoter

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