Home > Personal Finance > 4 Money-Saving Tips for Teenagers

Comments 0 Comments

Being a teenager can be challenging. They’re in the beginning stages of adulthood on top of dealing with loads of homework — and don’t forget a social life. Your teen may also be faced with temptations that don’t fit in your budget. So, why not help your teen practice the many benefits of saving? Taking control of how your teen manages their money can allow them to pursue financial opportunities such as that new bike or TV they’ve always wanted. Here are some tips to help get your teen get started.

1. Talk About Their Goals

When helping your teen practice saving, you might want to start out with establishing some goals. Ask your child, What do you plan to save for? Is there anything specific they want? Maybe they want to go on a vacation with the family, or maybe they just want to save for the future. Whatever it may be, consider writing down each goal and work toward saving for each. Try to save for one at a time and cross off each goal as your teen completes it. This will motivate them to continue to save money and manage their finances better in the future.

2. Have a Savings Jar

To make saving a little more fun, consider having a savings jar. If it is a goal to go on a family vacation the following year, then encourage each family member, including your teen, to participate and contribute to the jar. You might want to consider having your teen contribute $20 a week to start out. If they don’t have a fixed income, then encourage them to help out around the house or boost up their grades at school. When you see they are doing a good job, you can contribute for them. This will not only encourage them to save money, but also practice discipline and responsibility at home and in school.

3. Keep a Spending Diary

Keeping a diary of your teens’ spending will help them understand the importance of money. This will also help them contribute to their savings account or savings jar. If you see they are spending a lot on eating out with friends, then encourage them to cut back and put that extra money toward their savings. Maybe you can use the holidays coming up as motivation to keep contributing. If they reach a certain number in their savings, then they will be rewarded during the holiday season. A little motivational boost can go a long way.

4. Encourage Them to Make Money

No matter the age, there are always jobs out there to help your teen boost their savings. Encourage your child to help out the neighbors with yard work or take up babysitting. Having your child start working at a young age can be very rewarding; it can encourage them to get comfortable with independence and help them manage their own money. The second they see cash start coming in, it can help motivate them to keep working towards their financial goals!

Image: digitalskillet

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team