A lot of teens nowadays do not understand the value of earning and spending money. Probably they were not oriented that investing is necessary even if they are still students. As parents, you play a crucial role in this area. Why do I say so?
You should be able to teach your kids on how to save money, they should be able to understand the concept of money and investment at the early stage of their life. This will prepare them to learn money management, as they grow old.
2. Always explain to them the value of saving money. Make them understand the importance and how it will impact their life. It is important that you entertain questions from them about money and you should be able to answer them right away.
3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them to keep a certain amount for the future just incase. You can motivate them to do this by telling them that the money they saved can be used to purchase a new pair of shoes or the toys they want once they are able to save up.
4. You can also teach them to work for money. You can start this at your own home, once in a while, you can pay them little money every time they clean their rooms, do the dishes or feed their pets, this concept of earning little money, this will make them think that money is something they have worked for and should be spent wisely.
5. You can teach them to save money by giving them piggy banks ..This is a very good idea, where they can put coins and wait until it gets full and then open it and shoe them, this could be fun you know, because my mum did same for me. You can as well open a bank account for them and let them deposit money from their allowance. You should always show them how much they have saved up to keep them motivated.
Saving money is not something a child can learn in one sitting, you should be patient in teaching them and also relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavour. God bless you as you do so.