If you think that only your parents should be responsible for saving money to spend for your needs, think again. Even as a kid or a teenager, you can do your share in helping with the household expenses, learn about the value of saving money, or even save up for something that you’d want to buy for yourself.
Here, we will take a look at the reasons why kids should learn how to save money in the first place, and what they can do to achieve their money-related goals. Keep reading and you’ll discover many ways to save money for children and teens!
Ways to Save Money for Children and Teens? Why Not?
First, why should you even bother saving money? If you’re a ten-year-old boy or girl whose parents always give you money for your school-related needs or even the toys or gadgets that you specifically requested for, should you still exert the time and effort in saving money? Definitely!
Here are the reasons why kids and teens should learn how to save money in the first place:
Use the money for family emergency expenses
Even if you have parents who earn a lot, you will never know when family emergencies might crop up. A temporary job loss, a medical emergency or even moving houses all involve huge expenses for your parents. If you’re a kid, you can do your share in helping out by contributing whatever amount you have saved for such emergency expenses. Even if your mom refuses to take it, at least the money will be there for when you need it next.
Use it to buy something you want
As a kid, there’s bound to be a gadget, a cool toy or even an exciting activity that you would like to buy. However, if the budget in your household is limited, your parents might not necessarily be able to afford the items that you want. This is where your savings prove to be handy.
If you have a piggy bank that you can break once full, you can use the money that you saved up to buy something that you have been wanting to own for a long time.
Use it to buy presents for loved ones
Saving money also allows you to buy presents for your loved ones during special occasions. Is your mom’s birthday arriving soon? If yes, you can use some of the money that you saved to buy her a nice present. If you have a younger sibling, you can do the same. Even if it’s just a small item which you are giving out as present to a loved one or a friend, the thoughtful gift is something that will never be forgotten.
Use it to save for your future
If you’re a teenager, you do need to think about where your college money will be coming from. Although your parents are bound to be there to help, there is still a level of self-satisfaction that you will feel once you know that you can contribute something towards your future and your education, using the money that you saved up.
Money Saving Tips for Children & Teens
As you can see, there are plenty of reasons why children and teens should think about saving money. If this is something that you have never tried before, how are you going to start? Take a look at the following tips:
Decide which money saving option you are going to use
Which money saving option are you going to use? A wallet is not necessarily a good idea because it might tempt you to spend the money even before you have plenty of funds saved up. Something like a piggy bank is a better option. Hide it in a location where you are the only one who has access.
It has to be easy enough to get so that you can add money whenever you have some spare funds left. But, it should not be easily breakable. Make a vow to yourself that you are only going to open or break your coin bank once you think that the funds inside are sufficient for whatever it is that you’d like to buy or spend for.
Have a plan
Next, remember that it is important to have a plan. If you decided to use a piggy bank, how are you going to regularly add funds to it? You can limit the spending of your weekly school allowance and drop the extra money on your piggy bank every end of the week.
If you would like to buy a gadget, for example, look forward to the date when you will have enough money to purchase it – considering the amount that you are able to save on a weekly or daily basis. It is important to have a plan on what to do with your money after you have exerted lots of effort in saving.
Work on saving money with a sibling or a close friend
If you are tempted to buy that pack of candy at school, always work with a friend who will remind you that you can use the money towards better things. When you are monitoring each other’s spending habits, you can save more money quickly.
Don’t discount saving pennies!
Even if it’s mere pennies that you are saving on a daily basis, that can still add up to a big amount after a period of several weeks or months.
Look for inexpensive and fun activities
When you’re out playing ball with your friends, do not spend money on buying soda from a convenience store. Simply walk to your house or your friend’s house and drink tap water. Your parents or your friend’s parents might even offer you snacks for free. Look for activities that will not require you to spend any money, but while still giving you the time to hang out with friends.
Spend your money wisely and set a budget
Budgeting is something that even small kids and teenagers can do. On a weekly basis, how much money are you receiving from your parents? Based from this amount, how much are you spending on snacks in school? Make allotments for the occasional unexpected expenses in school, then set a budget.
By determining how much you are spending daily, you can deduct that from your total money received and set aside a certain amount for savings.
Ask your parents if you can do chores in the house for a fee
It is naturally your assigned household chore to keep your own room clean. But if you see that your mom is paying somebody else to mow the lawn or sweep the leaves from the roof sidings, why not ask her to pay you to do it instead? Your mom is bound to agree once she knows that the money she will pay you will go towards your piggy bank.
You can also offer the same service to neighbors, aunts, uncles or your grandparents during your free time. Just make sure that you are old enough to do a particular task, and be safe while you are doing it.
Think of a business!
If you live in a subdivision or a quiet neighborhood, or if you frequently go to church, put up a business like a lemonade stand. You can also sell candy bars or cookies that you helped your mom bake. Ask your mom’s help in figuring out how much to charge for what you’re selling so that you can make a good profit out of it.
When going spring cleaning, you can organize a garage sale and even sell some of the stuff from your own room that you never really use anymore.
Make a list of how much you are able to save, and save some more!
After a couple of months has passed, how much were you able to save on your piggy bank?
If it’s enough to purchase the item that you’d like to buy or the present that you are thinking of getting for a loved one, go ahead and ask your mom to go shopping with you. She might even volunteer to split the bill so that you can put half of your savings back on your piggy bank. It’s good to have a purpose for what exactly it is that you are saving up for so that you can be inspired to save some more.
You may not be an adult yet but it is important to learn about the value of saving money. You won’t believe how accomplished you will feel after saving enough money to buy an item or pay for an activity, knowing that every cent of it came from your own efforts to save. Also, the skill of saving money will come in handy once you grow into a full-fledged adult and are earning your own keep.