Teach kids how to save

[camb28]

Hello,

How do you teach young teenagers (11 and 15 years old) to save money?

Try the 10% rule? Drummed into mine that whatever they get they must save 10%, so, £5 pocket money - 50p must go to savings. Salary,take home £1800, £180 to savings. They're all adults now and pretty much still do it - has enabled them to travel a lot, buy new cars etc. Really wish someone had taught me this a LOT earlier than I worked it out for myself! Oh, just remembered, we started off with "matched" savings when they were very young until they got their first job.. That is, we matched what they saved from their pocket money - works well with teenagers as they think they're getting something for nothing but in fact we gave them a lower allowance than we might have done to allow for what we were giving them back IYSWIM?. Surprising how that focuses the teenage brain! Good luck - hope you find a method that suits your family/finances.