comments 08.10.2008 Paul Shuteyev @ General

Young Marketing: Teaching Teens to Save Money



Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding ‘money matters’. Teens actually welcome their parent’s input about their finances.

In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.

Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.

Kids these days are becoming more and more aware of their family’s source of income and financial status. They apply these money-spending principles when they venture out on their own.

Thus, it becomes more of a parent’s responsibility to start “training” their teenage kids to use their money wisely.

Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks:

1. Lead by example.

With your lifestyle, the children will see how you spend your money.

If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep.

2. Help your teens get a bank account.

Establishing a bank account under their name would give them an instant financial responsibility.

Sit down and explain to them how to manage their own account, and the “rewards” that they get once they save enough.

Their savings could go to their college tuition, or a big purchase like a car.

Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it.

You may check out the special benefits that banks offer for teens who open their accounts at such an early age.

3. Construct a “spending plan”.

Once they hear the word ‘budget’, teens tend to cringe at the mere thought of having to restrict the spending of their money.

Instead, you and your teen son or daughter could build a “spending plan”. This would get them excited, and think of ways on how they can wisely spend their savings.

Also, have them list down their earnings versus their expenses.

Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.

4. Make a “mock” investment in the stock market.

Make them aware of the options that they have financially.

Casually introduce to them the business part of your daily newspapers and have them make “mock” investments for companies who manufactures products that they like.

Monitor the stocks together and this would give them another option of investing their money in the future.

Young Marketing: Teaching Teens to Save Money
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Written by: Paul Shuteyev

I am an internet-marketing specialist.

 

Responses (10) on "Young Marketing: Teaching Teens to Save Money"

  1. Girls look pretty good 😀 As I’d say – 4 rules to save more than 4 dollars 😀

  2. MUST show this to my teen-daughter! She liked your article about blogging teens…

  3. Heh, it’s nice teens started reading our blog, I’ll try to write more articles on this topic, thanks!

  4. P.S. Girls always look good, right? 😀

  5. Teens equal savings? wtf! Teens against spending money = horse against grass, hahahaha

  6. Hey yo! Great article… I’m a teen, but i respect my parents’s money… as for me these are “must-do” things. Dont ya think so?

  7. 2 Kinetic:

    Yeah, actually it shows great respect to your parents! You’re really good son!

  8. Cristian Deep Jr.

    I’d print this out and put on the wall to remember XDDDDDDDDDDD THANKS!!!!!!

  9. sounds like “4 atomic money-saving tips” 😀 thank you too

  10. My parents did a really good job of these things when I was a teen. I wish that they would have elaborated a little bit more about credit cards and how they work and when they can be a good thing. Lacking this lesson got me in some trouble with some debt a little later in life.