It’s so easy to waste money, even more so when you’re young and are yet to learn the real value of it. But starting young is the key to setting yourself up for success later on, and if you have kids or teens, here are just three reasons it’s worth them saving what they can. It could be money from birthdays and Christmas, pocket money or part time jobs.
Education
College and university is expensive, and chances are they’ll need to utilise loans and perhaps help from you to pay for things like books, fees and accommodation. But saving up towards education is no bad thing, and if they start a couple of years before they leave they’ll go away with a nice buffer. This can make it easier to afford travelling around the city they’re in, food, socialising and other daily living costs. When teens move away to university, it’s often the first time they’ll get a proper taste of independence, they’ll be managing their own money for the first time. Being equipped with some of their own money can make the process run much more smoothly, and if it’s cash they’ve saved themselves they’re likely to be that bit more careful with it as well.
A car and driving lessons
Being able to drive gives so much independence, and it’s this which teens and young people really crave. Learning to drive, theory tests, practical tests and other extras can really add up, not to mention the purchase and running costs of a car. Saving up before they’re old enough to drive means that once they reach the legal driving age they can book some lessons right away. Or once they pass, they can get themselves a car. Even if they can’t cover these costs completely and you need to foot the rest, it can make things easier for you and using their own savings means they’ll appreciate it more. Being able to drive can also open up the door to more jobs, those that are further away or those that require driving. It could even lead to setting up their own business. You can find finance deals for vans on sites like The Good Van Company so you don’t even need all of the money upfront.
Deposit for a house
Getting onto the property ladder is so worthwhile. Once you move out and start renting, it’s easy to remain stuck in the ‘renting trap.’ You can’t save much money for a deposit as all of your money is being spent on rent and bills. Once they’re working full time but before they move out of the parental home, it’s worth having a chat with teens and young adults about saving for a deposit. Living at home while they save means they’ll reach their goals much more quickly. When they do eventually move, it could be into something of their own rather than it going to a landlord every month.
All of these things can feel like a long way off when your child is in their early teens, but the years fly by. Anything they can save up now can all go towards a brighter future later on.
