How do you get your kid to save more money?

If you’re a parent, do you have any tricks for getting your kids to start saving money? Or did your parents have any tricks that nudged you into saving more?

This week, I’m trying to answer a letter from a reader who’s fed up with her 19-year-old daughter. She has a job, but she wastes money on ordering out every night, online shopping, streaming services, etc., but doesn’t save any of her paycheck. What advice would you have for this reader?

I think she should start charging her daughter some rent, even if it’s just a couple hundred dollars a month. If the parent isn’t strapped for cash, she could always put the money in a savings account for her daughter. But I guess I’m wondering how she could motivate her daughter.

I feel like it’s really hard to save money when you don’t have a goal in mind. So I guess part of my advice would be to not let her daughter get too comfortable. Set expectations and rules, require her to contribute to housework, etc. When I was the same age, I couldn’t save a dime. But I got motivated when I wanted to move out of my parents’ house.

What do you think? How can a parent motivate their child to save money?

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My husband was great at teaching our children how to save he would in courage them to save 25 dollars out of each pay check they are now married and doing well when my husband passed 7 years ago I was worried I won’t be able to make it on one income but he taught me well im 73 years old work partime and doing well my children always ask if I need anything but I am independent


I think it’s tough to start that at 19!

However, yes, start charging rent and put it away for her daughter. I assume (and you know what they say about that) that she is spending what she makes because she doesn’t see herself as able to move out for a long time- so why bother saving to do so? In addition to contributing to rent and utilities, perhaps she should be encouraged to work towards a job/career in which she can support herself- if not college than a trade. Maybe some field where OJT is available. Work out some real-life budgets with her and see real numbers. All of the activities listed can be solitary ones. Is the daughter isolated? Can she spend more time with peers that are motivated to do more?

I have a friend whose son had not moved out in his late 20’s. He graduated from college and had a minimal job that didn’t pay well but was comfortable for him. She set out a schedule of rent increases over time, and eventually the son was paying almost as much as he would if he rented on the private market. He moved out, and found a better job that paid more and allowed for some spending/saving money. And, my friend had saved the rent money she received and gifted it to her son after he moved out, demonstrating the benefits of saving. It really hit home for him.

Sometimes, people won’t change unless the discomfort of staying where they are is less than that of change.


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you are so right i have a great nephew who is 22 years old finished school and is still home and not working Why?? because his parents allow it


My mom tried to make me read Suze Orman and Dave Ramsey books. Nope. But what did help was when they took me to the bank to set up my first savings account and made me save to pay for big purchases, like my first car. But I still kinda suck at saving decades later, so who knows!

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