Are you hoping that your teen will be heading off to college in a few years? Would you love them to complete their education with a minimal amount of debt? Are you worried about what the future holds if your child doesn’t start saving soon? If your answer to these questions is yes, you should take on board the following four suggestions. They will assist you in encouraging your youngster to think seriously about their future plans.
Set up a savings account
If you don’t already have a savings account set up for your teenager, now is the time to take this step. Ideally, you should have been adding to an account from the moment that your child was born. However, it is never too late to turn things around. Why not take your youngster to your local bank today? Or, you could save time by setting up an account via email or telephone. Whatever you decide, the most important thing is that you involve your youngster in the process. Instead of carrying out the task alone, you need to make sure that your teen understands and appreciates the efforts that you are going to. It will provide them with the encouragement they need to take responsibility for their personal finances.
Provide monthly rewards
The next step is to provide plenty of incentives for your hardworking teen. Saving money is no easy matter, especially if all of your friends are constantly burning through their savings. That is why you need to respect the amount of discipline your child is putting into practice. You can do this by arranging a fun treat for them to enjoy at the end of every month. One such treat could be a visit to a Washington DC Escape Room. This adrenaline-fueled activity is sure to be an amazing experience that could only be improved if you allow your youngster to bring along their closest friends.
Make your own contributions
Your teen will also have an incentive for saving if they can see that you are doing everything in your power to help them out. If you have the available funds, you should endeavor to make regular contributions to your loved one’s bank account. Perhaps you could put together a deal that you will match every saving they make. That way, you will only have to hand over money if your teen is also dedicated to the process of saving for college. Although it is important to support your loved one, there is a fine line between helping out and spoiling your youngster.
Encourage your teen to find a job
You can also avoid spoiling your youngster by encouraging them to get a part-time job. This is an excellent way for you to teach your teen important life lessons. By making the most of their free time, they will have learned the benefits of hard work and determination. If you decide to push forward with this plan, just make sure that your loved one also has enough time for their education. Of course, your teen will need money to get to college, but they will also require the right grades.