In our household we follow the rule of threes

If you are looking for saving tips for teens, I’ll share with you what we do in our house — we have taught our children to follow the rule of threes — or thirds, if you prefer. We teach them to set aside one third of their income for short-term needs and wants such as clothes and money for dates. Another third of their income should be set aside for short to medium term savings goals, such as saving for new computer equipment, iPods or for trips and vacations. The final third of their income, we teach them, should be set aside for long term savings goals such as saving for the purchase of a used car, or for setting aside money for future educational plans.