Sadly, many kids these days grow up having a sense of entitlement because of the way their parents raised them. This current generation of teens feel like the world owes them everything and believe that their parents are there to fulfill their every desire. They often end up unable to manage disappointments or failures.
Parents don’t need to let their teen kids depend on them all the time, particularly for money. While it’s common for teens these days to ask for money they can use to buy gadgets or clothes or to spend on travels and gimiks, parents can teach them how to save money on their own.
Believe it or not, you can teach your teens to save P10,000 a year even if they’re not earning yet. By developing this habit, you can prepare them before they plunge into the real world.
Here are some tips from ABS-CBN News.
- Set up a savings account for your teen for him or her to safekeep his or her money. Have him or her use online and mobile services so they can monitor their savings.
- Teach your teen how to make a personal budget. By showing them how to track their expenses and savings, he or she will be able to adjust his or her own spending habits.
- Introduce priorities. In order to let go of unneccesary expenses, you should teach your teen about prioritizing. For instance, you can suggest letting go of items such as softdrinks, cellphone load or fast food meals as ditching them can save them a lot of money in a week.
- Let your teen find cheaper alternatives for the things he or she frequently buys. You can do this by bringing them to the grocery in order to compare prices of several brands.
- Provide opportunies for him or her to earn like doing tutorials, teaching sports or babysitting. This will teach the value of work and saving.
- Offer to match the amount he or she raises at the end of every month. For example, if your teen was able to save P500 in a month, offer the same amount so that he or she could reach the target faster.
- Open a fund for your teen so they can see how their money can grow in a year.
- Introduce fun apps or sites that can help them manage their finances.
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