Teens & Saving

Teens & Saving

Teens have a lot on their plate nowadays. Saving money isn’t something that is necessarily first and foremost on their mind. Still, educating them from an early age will create good savings habits.
  • Try and involve your children in conversations about saving for college to promote thought about ways they can help.
  • Be open about your monthly costs. Things like your mortgage, utilities and extracurricular activities can be used as examples of what is a need vs. a desire.
  • Compare the value of things when you are shopping with them. It can be as simple as comparing the cost of a single item from two different stores.
  • If they are receiving an allowance, it is a good idea to have them save a portion of it as an emergency fund.