Making More Money

As a parent, you obviously always want what is best for your child and that includes making sure they are prepared to make good financial decisions as they grow older. If you have a teen who currently is more interested in spending their allowance instead of investing or saving it, here are a few tips that might help.

Tell Your Teen You'll Give Them More Money Over Time If They Don't Spend Now

If you want to teach your kid about the value of saving and earning interest over time, you can start now by providing your own form of interest. Give your teen a set amount of money every week. 

Then, let them know that you are going to check and see how much money from the previous week they still have when it's time for their next allotment. If your teen can save a certain percentage of their allowance each week, you will give them an increased amount of money the next time. You might want to put a cap on the amount of money your kid can earn from you, but the point is to encourage them to keep their money and build up a nice nest egg for themselves.

Get Your Teen Interested in the Stock Market

Can you imagine how much money you would have now if you had invested in a major tech company when you were a teen? You can get your child on the right path towards a lifetime of good investments by teaching them about the stock market now.

If your child is interested, you could look into getting them some beginner online stock market investing books that will explain the basics to them. With a little luck, your child may end up making some good investments that could earn them a significant windfall later in life.

Let Them Buy a Few Stocks and Track Their Returns

After your child has a good understanding of the stock market, allow them to start investing a bit of their allowance. You could even offer to add more money to their funds for their birthday or a holiday. Encourage your child to look into the financials behind their favorite companies and then track how the stocks perform over time.

If you think your teen can handle making a few investments on the stock market, reach out to a supplier of beginner online stock market investing books.