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Teaching Teens to Save Money

Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding 'money matters'. Teens actually welcome their parent’s input about their finances.

In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.

Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.

Kids these days are becoming more and more aware of their family's source of income and financial status. They apply these money-spending principles when they venture out on their own.

Thus, it becomes more of a parent’s responsibility to start “training” their teenage kids to use their money wisely.

Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks:

1. Lead by example.

With your lifestyle, the children will see how you spend your money.

If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep.

2. Help your teens get a bank account.

Establishing a bank account under their name would give them an instant financial responsibility.

Sit down and explain to them how to manage their own account, and the “rewards” that they get once they save enough.

Their savings could go to their college tuition, or a big purchase like a car.

Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it.

You may check out the special benefits that banks offer for teens who open their accounts at such an early age.

3. Construct a “spending plan”.

Once they hear the word 'budget', teens tend to cringe at the mere thought of having to restrict the spending of their money.

Instead, you and your teen son or daughter could build a “spending plan”. This would get them excited, and think of ways on how they can wisely spend their savings.

Also, have them list down their earnings versus their expenses.

Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.

4. Make a “mock” investment in the stock market.

Make them aware of the options that they have financially.

Casually introduce to them the business part of your daily newspapers and have them make “mock” investments for companies who manufactures products that they like.

Monitor the stocks together and this would give them another option of investing their money in the future.

Mind to Improve Your Personal Life

Using the Mind to Improve Your Personal Life

Using your mind to improve personal life is a great start to achieving. When you use your mind, you set out to gain qualities that guide you in the right direction.
To use your mind to improve your life consider:
Commitments:
Skills:
Priorities:
Failure:
Saying no:
Rules:
Trial rides:

Commitments:
We all have commitments. Commitments is a part of life. When you have commitments, you enter into promises that you will get something done. Start making commitments to you. I commit to change habits that hinder me from achieving my goals, or improving my personal life.

Skills:
Evaluate your skills to see how you can use them to better your life. While you are evaluating your skills, look for new skills. Reach deep inside you, accept the discomforts, fears, or things you do not like, look past them and find new skills.

Priorities:
Do you have your priorities straight? Do you have all your plans in perspective. Re-evaluate your plans to make sure that you are on the right path to improve your personal life. If you notice areas you can improve, don’t be afraid to take action. Taking action is the last step you will take in anything you do that helps to improve your life.

Failure:
How do you view failure? Failure upside down is achievement. Failure is common and happens to all us daily. Failure helps us to learn how to develop and grow into a better person. If you sit around stressing failure, then you are heading nowhere quick. Failure is a part of life. You have failure around you, in you, and in your future. Learn from your failures, accept your blame and move to make things better for you.

Saying no:
People hear the word no and fear it. No is not a rejection, rather no is a positive action you take to spare your future. When you say no I am not going to the bar, you are saying I have better things to do than waste my time in a building filled with drunks. Sometimes you have to tell someone you love no. For instance, you may have to tell your mate no when he or she asks you to watch television when you know you have to study. Don’t let your mate hold you back. It is ok to say no.

Rules: We all follow rules. Rules is a part of life, which sometimes the rules are hard to digest. You have to learn to open up your passageway and digest them anyway unless you are willing to stand up and protest in a positive way. People complaining about rules they don’t like and not taking action is wasting everyone’s time. You have the power, yet it takes you to use that power.

Trial rides:
Life is filled with trial rides. Everyday we walk out our door we are on a trial ride. Each day we have good trials and bad trials. How do you handle trials? If you are willing to take risks in life, likely you handle trials well. On the other hand, if you fear changes, then you will need to find a way to deal with the trials in life. Unfortunately, too many people deal with these trials by drinking excessively or drugging. Don’t be one of these people.

You have many options in life. Good options and bad options will come your very each day. Sometimes you will choose bad options, yet when you make mistakes, don’t dwell rather pull up your resources to see how you could have done things different, and do it different the next time.