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Anonymous January 23, 2008

My teenage son spends money like water. Any tips for teaching him the value of saving money?

Anonymous
He has a part-time job on the weekends and shovels snow/mows lawns, but can't seem to save the money he earns. Ski trips, a new bike, clothes...I've tried teaching him how to save and why it's important, but it doesn't seem to stick. Help!
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Parent Answers to "My teenage son spends money like water. Any tips for teaching him the value of saving money?"

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mmw2006
mmw2006 May 22, 2008
Hi! First of all, your blessed he is a hard worker. Very blessed. If he is skiing, he is doing something constructive as well as the constructive jobs! This is another blessing! If this is a "first" set of jobs...my personal advice...let him spend it. There will come a time when, he doesn't have enough for something that he wants...your mistake will be...if YOU GIVE him the money he needs at that time if he is short funds!!! I have raised 4 children. I married at 16, I am now 56. I have a 39 yr old Nurse practitoner daughter, with twins age 6 who spent all of her money, a 37 yr old Mortgage Administrator who saved hers, and a 35 yr old son who never could seem to find a job. He now is a Senior VP of a new division of HSBC Mortgage that they CREATED just for HIM to run, called Global Mortage Security, he has established the format fromt the bottom up, computers, the networks for HSBC all over the world to keep the mortgage divisions security, secure, and is still working on it and is in charge. He saves, and is responsible. My 19 yr old son, had his first job and spent every red cent just as your's is doing, speakers for his car, a new snowboard when the old one was just fine, new snowboard boots when his feet were still growing, (he should have rented them till his feet stopped growing but that was not cool!) his dad bought him a car...so all accessories for the car. Clothes, important of course, they want to look good...and NOW, at 19 and in college, he saves, takes 19 credit hours, lives with dad cuz its close to school, won't take a dime from him, except for tuition and he is in a community college cuz he does NOT want to waste money as he is not sure what he wants to do yet, (graduated 4 yrs high honors from HS, even though we went though a couple yrs of pot and counseling!, read my stuff on advice on drugs!) and he is a super kid working 42 hrs a week taking 18 credit hours and will change schools when he gets the basics over at the "cheap" school as he calls it...when he knows what he wants to do. Won't waste Dad's money. He still buys things...just put new speakers in the car...smaller more conservative ones(he didnt have a trunk with the woofer he had before! lol) and he travels a bit now. So chill mom, your son will be fine. Just don't give him money when he runs out cuz he spent it all! That is the big key! I raised all 4 of mine on a limited income. I didn't have it to give to them, so they learned themselves. They knew they couldn't ask me...I didn't have it. Parents with money make the mistake of giving cuz they want the kids to LOVE them more as teenagers often seem difficlult and seem like they sometimes don't like their parents. So we try to comensate. OH I did it, when I could! I am not, not guilty! Hey, I sold jewelry to give my kids money cuz I thought they hated me and needed it to go to the prom! I thought she would hate me! They are gonna love anyway...they grow out of that "dislike" parents stage, believe me! He will learn. Just be careful in "giving" too much! Hope you did not take this wrong. Raising 3 before I was 21 was tough...I was a kid myself. The last one I had at 38, I was more mature, I knew more then, it was easier...but I still made many many mistakes and still do. God Bless!
jlowe308
jlowe308 May 9, 2008
I agree if a kid works for the money and if he is in school keeps up with his studies then he should have the freedom to reard himself with an appropriate gift or gifts.Your child is going to be an adult some day and it is better he learns now he has to pay his billls wether it be a cell phone or some little something.Be proud he i doing well.Julie
redraine555
redraine555 May 9, 2008
depending on his age maybe he should have some financial respondsibilities like a cell phone he has to pay for let him pay for his wants and some of his needs it sure taught me the difficullties in saving and the reallie knowing the diffrence
Anonymous
Anonymous May 7, 2008
I agree that a car CAN be a necessity no matter where you live. However, I believe the question was how to PREVENT her teen son from spending so much money, implying that she'd rather see him SAVE money for the time being. You're providing another way to SPEND it on something, he may not neccessarily need at this moment in time. As you said, "(it) will be useful and needed later".

It would all be fine and dandy if he could learn to portion out his savings for whatever he wants or needs...just so long as he learns to save for things.
jlowe308
jlowe308 April 25, 2008
Yeah,stop giving it to him.Make him get a little summer job and earn his own and I bet you that will fix him.Everyone likes to spend everyone elses money but when it comes tot heir own and it is limited they begin to rethink things a little bit.If you give in and give him or her additional monies you are creating a fantasy becuse in real life when it is gone honey it is gone or etleast until the next payday.Girl you can do it,cut that tap off.Julie
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