Value Saving Over Spending
An emphasis on saving teaches your teen patience and goal-setting. Teens should put away at least 5 to 10 percent of each paycheck when working toward a large purchase.
Set a Good Example
What your kids see you do is a lot more powerful than what they hear you say. Let them see you choose saving over spending—and explain why.
Sleep on It
Wait a day before making any expensive purchase. You might still buy the item, but more often you might decide you never really wanted it.
Limit Credit Cards
Teach kids to save for big purchases instead of taking on debt. Your most powerful wealth-building tool is your income, and when it’s going toward large monthly payments, it’s hard to save and get ahead financially.