It’s typical nowadays that many teens do not understand the true value of money, both the spending and earning side of things. The thought many times doesn’t even cross the mind about investing, even if they are a student. As a parent, you have much influence in this role.
Start when the kids are young if possible and teach them to save a portion of their money. This helps this learn better the concept of money and investment. It helps to lay a foundation to learn healthy money management as they grow older. Although it’s never too late to try to start teaching.

Here are some tips on how you can teach your children how to save money:

1. Teach your children the value of money. Start young if possible, as soon as they are able to count. This is a great place to start to teach them the real meaning of money. Be consistent and look for natural teaching moments in simple ways. Do it often so they can remember what they learned.

2. Explain the value of saving money and why it’s important. Help them understand how it will affect their life. Try to entertain questions from them about finances and you should be able to respond to them right away.

3. If you give them an allowance, give it in denominations. Then encourage them to keep a certain bill to set aside to save for the future. Help them to see that they can still buy what they are wanting, but it needs to wait until they have saved up for it.

4. Teach them to work for money instead of always being given money. You can pay them a small amount when they clean their rooms, do the dishes or any other chores you choose. This idea of earning money will help them think that money is something that has been earned and should be spent carefully.

5. Teach them to save money by using a piggy bank that they can put coins in then wait until the bank is full. You could open a bank account for them to let them deposit money from their savings. Show them how much they have worked for to keep them motivated.
Savings and money is not something that is learned at one time in one lesson. Be patient when teaching them and work the concept of money into their activities for a natural learning moment. Children will learn easily if you are patient and consistent to guide them and encourage them.