Guest Post: Money-Saving Tips for Raising Teens

Money-Saving Tips for Raising Teens

Teens can be expensive: these tips can help

Kids only get more expensive as they get older, but there are ways to make it easier while still providing your teen with all the opportunities you want for them. Try out these tips in your home; they’ll save you money, and your teens will learn valuable lessons that will benefit them throughout their lives.

1. Encourage (and practice) brand-skepticism

While you probably won’t convince your teen that K-mart jeans are just as good as a designer brand (let’s be honest, they aren’t), there are many products where brand isn’t that important, especially when it comes to food. If your teen recoils at the prospect of eating bagged cereal, for example, try a blind taste test—see if he can tell which is which. It’s a fun way to make your point, and you won’t have to say “because I said so” quite as much. Talk to your teens about advertising, and try to model brand-skepticism in your own personal purchases. Not only will you save money, but you’ll also train your child to be a smarter consumer.

2. Make seasonal purchases ahead of time

This is one option that can save you huge money, especially on pageant dresses for homecoming or prom. Instead of shopping for a prom dress a month before your teen’s senior prom, plan to buy the dress in June or July after her junior year—you’ll be amazed at the deals you can get once prom season winds down. Shop for homecoming dresses in November or December, and you can get the perfect dress without the sticker shock. This also goes for skis, snowboards, cold weather clothes, swimsuits, and (especially) Christmas gifts—out of season products are routinely discounted 30-50%, so it’s worth planning ahead. Talk to your teen about planning ahead and waiting for things you want—impulse buys are a huge source of debt and financial insecurity.

3. Learn how to say no (and when to say yes)

A categorical “no” is sometimes what you need, but there are usually easier ways of managing your teen’s requests. Instead of flatly refusing, ask them how they plan to pay for the item. For big-ticket items you might match their contribution to make it easier for them to afford, but it’s important that they connect money with work. If you’re okay with buying the item, offer to buy it in a few weeks, as long as he doesn’t mention it until then; many impulsive wants will simply dissipate in that time, and your teen will learn to wait for things he really wants.

4. Help your teen find work

A part-time job is a great way for teens to finance the fun little purchases that might otherwise be a constant drain on your pocketbook. Help them put together a beginning resume and fill out applications, and coach them through the process of applying for work. Never belittle the service industry or manual labor—those are some of the only places that will hire teenagers, and they teach valuable lessons about personal responsibility, time management, and dealing with other people. If you encourage your teen to think that those jobs are beneath her dignity, she’ll lose a learning opportunity, and still look to you every time she wants to see a movie or buy a new dress.

5. Talk honestly about finances

As teens approaches college age, it becomes less and less wise to insulate them from financial realities. Too often, parents boil this conversation down to the cliché, “money doesn’t grow on trees”—but teens won’t find that very persuasive until they understand where the money does come from. Teens know that money is hard for them to earn, but most don’t understand how it works for grownups. Talk to your teen about how you earn money, what you’re saving for, and why it matters to you.

Samantha Abrams is a freelance writer and fashion and celebrity blogger over at the Style Cynics fashion blog.