Most of the time, fourteen (14) to eighteen (18) year olds have their own idea on how to save money. Though below lists are more of money-saving tips the hard ways, but these tips can be very helpful too.
1. Financial loss. At the age of 14 to 18, your child most likely has a good understanding of financial loss or losing money. If you have a business no matter how small it is, you can explain to your child that sometimes, the business cannot earn more because of certain factors. Such may be tough competition, change in focal person among clients or customers, or unfair transactions that affect only you. Let your child experience financial loss and learn from his mistakes. Let us say that from his Christmas money he bought an expensive bracelet and lost it because he was careless, let him be sad. You can explain to him that whatever he buys form his savings, whether it is expensive or not, he must be careful not to lose it.
2. Family’s financial situation. Be honest and open with your child about your family’s present financial situation. If you are experiencing some financial difficulty, you have to let your child know. If you invest in his education despite all the financial stress, explain to him in a nice way why he has to be responsible and how he can be of help to ease the family situation on money when he finishes school and gets a job. Do not give him helping you or paying you back his obligation – teach him to be responsible. You have to tell him what your family can afford and what you cannot.While you teach your child to be responsible and spend only on what is necessary, as a parent, you must set a very good example too. Show him in practice how you spend only on what is important and necessary.
3. If your child has to stop school temporarily, motivate him to get a job. There are times when parents need to ask their child to stop school temporarily because of financial distress. This is one of the most difficult decisions a parent will do. If your child truly understands your hard up family situation on finances, he may be sad but his love for you will get him through. Although there are many businesses here in the Philippines that employ 18 years old and above applicants, guide your child too in this process. Fair labor laws, wages and hours must be put into consideration.However, be sure to encourage your child to stay in school, and remind him that school is a very important part of finding a great job later on.
4. More responsibility at home. Give your child more responsibility and more chances to earn and save money. Although this depends on family financial situation and background, you can still follow this tip. For example you cook home made meals and snacks for a living, you can ask your daughter to assist you or do some work and give a like a small “tip” which she can save. In case you ask her to take care of the house-chores too, that may be another “tip”.