The Power of Saving

APPLY FOR A TEEN ACCOUNT

Do you remember when you first started earning money? When we earned our first paychecks, most of us didn't think about how we would save our money; we thought about how to SPEND it! Saving money may not be the most exciting concept for teens, especially when faced with the tempting tug of trendy gadgets, outings with friends, or entertainment. However, realizing how important it is to save money when you're young lays the groundwork for financial freedom and security down the road.

Here are some key lessons that teens learn when they save their money:

Achieving Goals: "If I want to go to camp this summer, I have to pay for half myself."
Kingston looks forward to summer sleepaway camp all year. He can't wait to swim in the lake, hike the trails, and have fun with his buddies. But Kingston also wants to go to soccer camp, and an out-of-town tournament with his team. These things add up! Kingston started his own business mowing his neighbor's lawns. He and his parents have a deal: if he puts away some money to pay for half of his camp fees, they will pay the other half. Putting money in savings helps teens achieve their short-term and long-term goals. Whether they want a new phone, a trip, or even college tuition, building a savings fund today helps them make large purchases in the future.

Financial independence: "I want to go bowling with my friends without asking my parents for money."
Riley and her friends love bowling! They bowl almost every weekend and they're getting pretty good at it. But its costs money, and she doesn't like asking her parents for cash all the time. Riley babysits her siblings regularly, and her parents give her an allowance, too. She always sets aside a few dollars for her "bowling fund." When teens have their own money, it allows them to rely less on their parents. With careful budgeting, your teen will know exactly how much "fun money" they have for entertainment, snacks, or whatever. And, as a bonus, it also keeps a few more dollars in mom and dad’s pocket!

Emergency Preparedness: "My mom said if I lost my phone again, I'd have to pay to replace it."
Jaden is a great student and a responsible kid, except for when it comes to keeping track of his phone. His parents replaced the first two he lost, but his mom has decided it’s time he had some skin in the game. The next time he loses his phone, he will be responsible for half the cost of replacing it. Jaden doesn't have a job yet, but his grandma sent him money for his birthday. He is going to put some of that money, plus some of his allowance, aside so he has the money to buy a new phone if (when?) he loses it again. Saving money provides a safety net for unexpected expenses. Whether it's a sudden big-ticket item, like a new phone, or unforeseen circumstances, having savings allows teens to handle emergencies without relying on others for money all the time.

Saving money now will set your teen up for a successful and financially secure future. Learn more about our Teen Accounts at obee.com/teens.

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O Bee Blog

The Power of Saving

Only The Best
For Your Children

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O Bee Blog

The Power of Saving

Only The Best For Your Children

O Bee Mobile

Only The Best
For Your Children