Start by Saving it — is the best way to make money!
Today’s high school seniors are more worried about debt than they are about getting into their preferred college. As parents, it is our job to teach how kids can make money and how they could improve their money management skills before entering college. They need to make sure that they are prepared for a new life after moving away from home.
A Simple and Proven, Step-by-Step Guide That Will Teach Your Teen How to Handle Money!
5 Powerful Steps on Saving Money
Mothers are finding it hard how to make their teens save money and stop spending over unnecessary expenses. Some may even consult the experts for the best financial advice to help them in teaching good money management for teens. But come to think about it, teaching your kids can be easier if you have guidelines to follow. So, here are the five tips on saving money that will guide you through the endeavor:
1 – Set goals. Teach your child to establish concrete goals. Why do you save? Do you save for your schooling or to buy a new car or a house? Setting a goal is an important drive to saving. It will give you determination to go and save more. Along with setting the goal, you also have to establish a time frame to reach such goal—two years or three, it depends upon their capability to save. You could always ask them.
2 – Set how much savings they’ll try to have per week or per month. Saving will become your child’s investment. So try to come up with a target amount that they will try to reach and stick with it.
3 – Track and trim expenses. This is an important process as this will give them an idea of the money flow. Track expenses by listing them. If you think they are spending a lot, then trim it down. You may find those items in their list of unnecessary things to buy so you better take them out of their list, and explain to them why you do so. Clear guidance with concrete explanation is very crucial in this process. If you fail guiding them and making them understand the situation, they will get angry at you or worse they will rebel and spend even more. So, be mindful about it.
4 – Make a budget plan. From the result of the tracking and trimming of expenses, make a budget plan. Consider personal necessities and the things that they really need like paying bills at school or the likes. Their budget will indicate the total amount of their new expenses and their new savings.
5 – Reassess everything. After months of savings, reassess their goals, expenses and budget plan. Never lose the power of being the mom over them especially when it comes to money. So, reassess everything. Are the goals cohesive and easy to follow? Make sure that they follow and stick with goals. If they can’t, then you have to work it all out again to make it work on them.
Be guided in following these easy tips on saving money. If you want more saving tips and guidelines for kids and teens, download a copy of Money Smart Teens today!
Take this brief quiz to determine whether your child is in danger of growing up financially illiterate or not.
- My kids come to me for money when they want to buy something
- Everything my child purchases should be discussed with an adult first
- I pay for all of my kid’s activities
- No matter how much I buy, my kids complain they don’t have what everyone else has
- I pay my kids on a per chore basis (i.e.; sweeping the floor = $.25)
- I don’t give my kids spending money unless they ask for it
- My kids get a regular allowance if they do their jobs around the house
- Kids shouldn’t need to think about money until they can have their own jobs
- Kids will learn about managing money at school
- I avoid talking to my kids about money because of my own financial mistakes
If you answered yes to three or more of the questions below, it’s time to seek help.
Follow the Simple and Proven, Step-by-Step Guide That Will Teach Your Teen How to Handle Money Today…..
Our system is much more than simply budgeting and goal setting. It is an in-depth system for teens to learn money management skills and the tools necessary to succeed.