Despite being called many names and considered childish in some manner, we think teenagers nowadays are pretty damn different. Look at you reading an article about how to start saving money for the future, that is pretty responsible behavior if you ask us. Saving some extra buck for that brand new phone that you have been waiting for or that pretty dress or for that latest gaming console or simply to contribute something for a future college fund is a good decision. The big question now is how to save money as a teenager? Do not worry, we have some of the ways figured out for you. Choose the best possible option for you and of course, don’t forget to have fun.
So, there are so many ways on how to save money as a teenager, but you have to select the one that is best suited to your situation. Because studies and spending time with your family and friends are also very important. You have to think smart and develop good spending habits to do so in the first place. So, let us get some ground rules to this treasure hunt straight, shall we?
Develop Healthy Spending Habits
Now, what does it mean to have healthy spending habits? It means that no matter what amount of money that you earn you should always spend your hard-earned income on something that is important, essential, means something to you. Ask yourself these questions before spending the money. Do I absolutely need this right now? Is this purchase serving me any purpose mentally or physically? If yes then go ahead if not please do yourself a favor and step away from there.
Know Where to Draw the Line
Having money to spend is exciting we all know that. Being able to spend is amazing. But you have to know that money is not everything. Please consider investing your time on other things rather than just obsessing over one thing. This sort of behavior can be proven problematic in the near future. You wouldn’t realize this now, but take our words for it. Of course, say no to those jobs which are not ethical, humanity before anything.
Now that we have set some ground rules below are discussed some points on how to save money as a teenager.
Get a First Job
Well, this goes without saying that you have to able to earn an income before you can save any. So, get a job in any nearby fast-food chain or you can do house chores so you don’t have to leave the house and contribute to the family. There are so many options like newspaper delivery, tutoring, retail sales job, babysitting, dog walking, barista, movie theater attendant (Free movies!) and so much more. Or you can even learn to do some coding or basic graphic designing that can be a source of income and new skills are always good.
Have a Savings Account
Having a savings account is so important in order to save money. A savings account allows you to set aside some money for savings and until the desired time that your guardians or you have selected you cannot even touch the money. We know that there is always a temptation to spend money when you have it on hand but going those extra steps to restrict yourself from even touching that money will definitely make you save some bucks.
But exactly how much should you save? We recommend going full-on by saving half of your paycheck. That way you can save a ton. It can be pretty harsh but at least save 25 to 30 percent of your income.
Have a Budget
Budget making is the key to save money. When you give yourself a limit then it is much easier to follow your own rules. Restrict yourself from spending on things that are not very important to you. There are a lot of apps out there to help you calculate, use those.
Track your Expenditures to every Penny
There are several times when you have wondered where did all my money go! Don’t lie to us we know this has happened to every single one of us too. The thing is when you just spend away and don’t keep track spending a dollar or five does not seem like much but, when you add the whole thing it is a pretty big amount. So, keep track of where you are spending that way you can get a look at the whole expenditure in a stare.
Know when to Say No
Saying no to parties to hangouts is especially challenging when you are a teen. But you have to say no when it exceeds your budget. We know it can be hard sometimes but trust us it is worth it.
Eating out is Not Always a Good Idea
Sometimes you deserve a treat too fast food accepting the fact that it is absolutely bad for your body but only sometimes it is okay to let do. Problems arise when you make it into a habit. Eating out is no less than any bad addiction so definitely hold back for your own good. You can also try to learn cooking that way you can save money on restaurants.
When needed ask for assistance
If you are facing problems or it is too hard for you to control your cravings then do not hesitate to ask for help from your parents. They can help you to strictly follow those boundaries which you have set yourself.
Above all, it is you and only you mainly who can help yourself with the goal of saving money. How to save money as a teenager that question has been answered in the above article but it is you who have been determined and ready to take on the challenge. I hope this article would be helpful in your journey of saving money. Till then live long and prosper!