How to Build Savings for Teens

[Mika]

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I am not a teenager, however, I am going to share how managed to build income and also save my income when I was still in my teens. Generally speaking, teens do not have regular income sources, they make little money here and there, and are mostly relying on their parents. Without generating income, saving is not possible, therefore, teens must first start earning. They can work as a baby sitter, as a tutor to the kids in the neighbourhood, sell thrift items, collect metal scraps and sell to the recycler, etc. Once they are earning, they can start saving and become financially independent.

 

[Highs]

Teens can have savings that belong to them but they don't have to to it by themselves, they can't do much at that tender age but they can be educated. As a parent, you should encourage savings, let them know the importance. You can even open an account for them, which they might be aware of. When they receive gifts , usually monetary gifts, encourage them to save a percentage and safe the rest, just like you teach them alms giving. Let them know it's good to save no matter how small, the important thing is to be consistent.

 

[Spencer]

When I was a teenager I didn't bother with saving money at all, I did all what I felt was easy, buy stuffs and just consume and i ended up squandering all the money I've got on frivolities, but now I know better, if you're looking at saving money as a teenager, you'll have to first find a source of income.

Get a sales job or any sort of job that can be bringing an income, save over 50% since you're still being taken care of by parents and don't have much responsibilities.