Money Saving Advice for Parents of Teenagers - Money Soldiers

Money Saving Advice for Parents of Teenagers

Often, parents of teenagers spend more money than they’ve ever spent on a regular basis in the whole of their life. We’re not saying that all teens tend to go through their parents’ money like it grows on trees, but on the whole, teenagers can be extremely expensive. For most teens, staying ‘on trend’ is important – often leaving it down to you to foot the bill for the latest new gadgets and fashion trends. Teens are often getting to grips with their own independence, requiring spending money more and more as they go out and socialise more often – which is great but also expensive. If you’re the parent of a teen, here are some of the best ways in which you can save money without having to leave them disappointed.

Driving Lessons

There comes a point in the life of almost every teenager where they begin to think about learning to drive. Most teens apply for their provisional license the moment that they are able to, and beg for driving lessons for Christmas or for their seventeenth birthday. Although most parents want their teens to be able to learn to drive, footing the cost of the process is certainly not a cheap experience. Along with paying for driving lessons and to sit for the test, it’s not unusual for the whole cost of learning to drive to be hundreds or even thousands of pounds. Save yourself some money by showing your teen the free driving theory practice tests at Toptests.

road people street smartphone Money Saving Advice for Parents of Teenagers

The Pocket Money System

Starting a pocket money system with your teenager can be a great way to get them to help you around the house as well as teach them to better manage their money. Set up an agreement with them for how much you’re willing to give them as an allowance per week or month in return for chores around the home that they’ll do. Although this might not work for some parents – some say that all family members should chip in around the home no matter what – it’s an idea that you might like to consider if your teen neglects their duties around the home but still asks you for money.

Shopping in Sales

The latest gadgets and fashion items are regularly on sale at cut prices, meaning that shopping at optimum sale times could help you to save money on the amount that you spend on your teenager. When it comes to paying for things such as a new smartphone contract, for example, it’s a good idea to hit the shops – or the web – at prime sale times such as Black Friday or the Boxing Day sales when there will be various deals on, saving you money over the duration of the contract. When it comes to items such as clothes, shopping online can save you a great deal of money.

Teenagers definitely don’t come cheap – hobbies, socialising, and even education can quickly add up and deplete a parent’s bank account. But, by having a smart approach, you can cut down on how much you spend on your teen without compromising on what you give them.

Tom
 

Tom is a former accountant turned online entrepreneur. He enjoys writing about finance and accounting topics. His passion is in improving productivity for individuals and helping them save money.

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