A food for thought story on your subject:

A childhood friend of mine’s father always made her save some of her earnings… whether that be babysitting money, odd job earnings, or when we were older, from an actual part-time job.

He set this money aside and gave it back to her as needed when she needed to make large purchases – i.e., a class trip, sports uniforms, car, etc.

He enforced this savings rule as long as she lived under his roof. Guess what? When she moved out, she amassed enough money to buy a fixer-upper house in Michigan with cash. She is a hair dresser of modest income, but now she can live comfortably. And she still saves a good chunk of her checks since she doesn’t have a mortgage payment, and she puts that money into her house – adding value for the future.

Her parents taught her a great lesson about looking to the future and planning. I remember when we were young and she and I did not understand, but gosh do we now!