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Tuesday 29 August 2017

Saving Money for Teens


MasterShoestring is 15 now and when he turned 15 in July we stopped giving him weekly pocket money and now give him £10 a month for helping with little jobs around the house. If he wants more he has to do bigger jobs, such as mowing the 1/2 acre of lawn !

He now has an account with a bank card at the local building society and is responsible for all leisure purchases, from gifts to friends to anything above the basics on his mobile phone. Interestingly, since he has to pay for the phone now he hasn't got a contract but has gone pay as you go and uses it only for emergencies ! The rest of the time he uses free ways to make calls via the computer.

The other ways he saves money are by using free downloading services for music etc. and trading online to make a bit of money e.g.) to buy accessories for games. He hasn't saved much money for going on holiday but then I don't think he is planning on doing much buying either, so it looks like he has inherited the frugal gene !

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