Saving your pocket money as a teen

When I was presented with the teens Christmas list back in September, I knew there had to be a little discussion. Whilst only 4 items had made the list, on the top was a PlayStation 4. I kind of knew this was coming. He has a PlayStation 2 which he got earlier on this year, thanks to the increase in retro gaming. It cost him £30, and whilst he enjoys playing on it, the graphics are not the best. Plus you can’t chat with your mates like you can on the PlayStation 4.


So ‘Santa’ had to use some negotiating skills. The console retails at just under £300, which is over our budget for Christmas. We sat the teen down one night and explained that ‘Santa’ does not have a limitless budget. He completely understood, and then he came up with a solution. What if he saved £100 towards the console. We quickly did some calculations, and yes if he saved his £7 pocket money a week, plus some savings he already had, he would have the amount by Christmas.

I am so proud that saving for his console is always at the forefront of his mind. He thinks twice now before spending 80p on a can of pop. A few weeks ago when he accidentally damaged the screen on his phone, he was distraught. Distraught at having to pay to get the phone fixed from his precious savings. It was awful seeing him so upset, and we offered him a different solution.

He has always been a saver, and I really hope he carries this through to adulthood. He seems quite driven by money, and that was one of the reasons why we introduced pocket money a few years ago. His behaviour was getting out of hand, and the promise of £1 a day, linked to chores and being good, has certainly helped. His sister is completely different. The minute she has some, it HAS to be spent on plastic tat.

So in the end son was happy, I was happy, and his dad was happy that finally the house would be filled with a PlayStation 4. Santa just needs to hurry up and order it now.

Are your children savers or spenders ?


4 thoughts on “Saving your pocket money as a teen”

    • I totally agree. Morgan has always been really good with his money, and thinks before he spends it. Katie on the other hand is the total opposite. Hopefully she will become a saver one day xx

  1. Very well done to him – for negotiating and saving! We’ve done something very similar with my younger son too. He wanted a Wii U for Christmas, which costs about £170 for the basic model. This is over our budget too, so he offered to contribute £50. He didn’t even have to make an effort to save because he’d been saving for the last few months anyway and had the money. Both he and my daughter are savers, while my eldest spends every penny he has as soon as it comes in (and sometimes before it comes in!).

    • That is great to hear that your younger son and daughter are also good at saving. Hopefully it will give them the skills for later in life. Plus they have both negotiated so they get the present they want, and ‘Santa’ is happy as he keeps within his budget. I also think its a good lesson to teach them, that everything is not given to them on a plate (especially at Christmas) xx


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