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Trying to save money with a teenager in the house can seem like an uphill battle. Between designer clothes, special events, and all those expensive gadgets, the requests for more never seem to end. This doesn’t even account for school supplies, field trips, fundraisers, sports camps, yearbooks and more. Then, there’s the dreaded grocery bill — the one that seems to grow bigger by the week.
If this sounds all too familiar, there is hope. These tips can help you save money even with a teenager living in the house.
While you can’t do much about your growing teens’ huge appetites, you can save money on food with these simple tricks.
If your child is of driving age, the increase in your auto insurance may have come as a shock. Make sure you are getting all the car insurance discounts you qualify for, such as the good student driver discount. Many parents also insist that their children work if they want to drive. Teens learn responsibility when they have to pay part of the car expenses, such as their share of the auto insurance, gas and maintenance.
Your kids are never too young to learn the importance of budgeting. Look at your household budget and decide how much money you can set aside to pay for your teenagers’ extra expenses. Go over this budget with them. Then, the next time you have to make a tough budgetary decision, such as between buying new sneakers or the school yearbook, you can make your child part of the discussion.
With a teenager in the house, it’s almost impossible not to worry about how you’ll pay for college. Turn this worry into action and encourage your child to be proactive about applying for as many scholarships as possible.