Most consumers find it difficult to save money, so helping your teen create a good habit of saving will be one of life's lasting lessons. Here are some tips to help them get started.

Open a savings account. It's easier to track the money that is saved if there is a separate account just for that purpose. Many credit unions will offer your child or teen incentives for making deposits into their savings account and many credit unions pay higher rates on savings accounts too. Click here to find a credit union near you.

After the job. Once your teen has a part-time job, encourage them to start a routine of paying themselves first. Guide them to set aside the same amount each week/month or a set percentage. You can arrange for an automatic transfer from a checking account to a savings account each month as one way to ensure that the funds are set aside.

Splitting the difference. If your teen has a hobby that they spend money on each month, make a deal with them ... make sure they agree to "spend" the same amount on their savings account each month.

Picture this. A great way to encourage savings is to set a goal for short-term and long-term purchases. Have them find a picture of what they want to purchase from the Internet or a magazine. They can post it in their room and put a copy in their wallet where they will see it often. Visual reminders are great reinforcements for staying on track. Click here for a savings calculator to help them plan how much they need to save.

Follow the money. If money flows through their hands like water, then a good method to help them change that habit is to work with them and create a spending record. Click here for our spending record spreadsheet. Track the money in/money out flow and look for ways to cut the "money out." This action, combined with the "pay themselves first" routine and "setting goals" will open their eyes to seeing results.