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Helping Teens Save Money

Do you know how a young teen can save money? They always want to spend, spend, spend, but she wants to save now!

By Sally from FL

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December 2, 20100 found this helpful

Open a savings account for her at the bank.

Do the old envelope system which is putting amounts of cash in each envelope labeled for a certain bill or goal. Distribute to that cause and it's best to have some cash less than what's in the envelope(s) to spend as mad money for starters. It takes a very disciplined and determined teen to begin saving all of it right away.

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December 2, 20100 found this helpful

One simple way would be to encourage her to save her spare change in a jar. Anytime she has a dollar or so, stick it in the pot. She'd probably be amazed at how much is in there after a few months!

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December 7, 20100 found this helpful

If you know anything about tithing (10% off the top,) you could try that. My pastor says give God 10%, hubby says then "pay yourself" 10%. That 10% should go into an interest-bearing savings account at the highest annual percentage yield (APY) you can find. (My credit union pays me 7% APY.) Depending on your religious philosophy (that is, whether or not you're giving God 10% that leaves your teen 80-90% of any money. So, if he or she has $100, that's $80 left as "mad money!" Of course, you can adjust figures according to how disciplined and motivated your teen is to build a nest egg. Best to you and your teen!

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