Saving money ideas for teens
‘Old habits die hard.’ If saving money ideas are inculcated in kids at an early age, it’ll become a habit for lifetime for them. As parents or elders teenagers have to be taught the value of money. In our country teens start doing odd jobs like baby sitting, washing cars or piling leaves and so on. All the extra cash that they get shouldn’t be spent in buying dvd’s and cokes. They should start saving at least a dollar a day. Schools should take responsibility to teach teens saving money ideas so that when they leave high school and enter college, they have a substantial amount with them.
Many teens drop out after high school and end up doing odd jobs. College education becomes a distant dream as education in U.S is very expensive. Though there are Federal loans and financial aids available still you need to invest a token amount of your own. If the family is poor and all have to earn to make ends meet, then it’s prudent to use saving money ideas to fund for college. Plans like 529 plans help in saving for education. There is no limit to save in 529 plans. With scholarships and federal loans one can fund for college with a little bit of his/ her savings.
Just as we teach teens about personal habits to be off drugs and alcohol, teaching teens some saving money ideas is not bad at all. There are many banks like U.S. Bank, Tambank, OSU federal who help teens to save money. They have separate accounts where you can start saving with as less as $5. Saving money ideas help educate teens the value of savings and learn to prioritize their expenses. Saving money ideas aren’t just about scrimping and saving but also about creating freedom, choice, and independence.
Media is majorly responsible in making teens spend money. They lure teens with attractive commercials and offers and induce them to spend unnecessarily. If the same media can be used to teach teens about saving money ideas and how they can watch their savings grow, it’ll go a long way in helping teens to be responsible and prepare them for what challenges lie ahead in their life. With society moving towards single parenting and live ins’, it is not a bad idea to teach teens about saving money ideas by the government. After all the government will be doing itself a favor especially now in global melt down scenario!
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