The teenage period, without any doubt, has its charms. However, it is a time when we become more mature and learn responsibilities. One of the most important things teenagers need to learn is wise money management. Therefore, in this text, we will draw your attention to 5 ways to save money as a teenager.
Teenagers And Saving Money
Parents have the obligation to prepare their children for successful adult life. They can do this by teaching them the necessary skills for good choices in life – from moral to financial choices. Knowledge of money and finances is not the most difficult thing for parents to pass on to their teenagers – but it is certainly of great importance. First of all, parents must be aware of what they want to teach their children – and then be consistent in passing on that knowledge.
Most teens are aware that they need to learn to handle money responsibly. Namely, teenagers often spend their pocket money on parties, going out, and similar things. However, from the earliest period – teenagers should learn how to save money. This will not only show that they know the value of money – but they will also be able to use the savings wisely later.
What Things Do Teenagers Most Often Save Money On?
Desires are different, just like people. Yet, when it comes to the teenage population – some things represent a common denominator. Most teens want to save some money for better technical devices – such as a cell phone or computer. They are also interested in music devices – but even used cars or mopeds as well. When it comes to the female part of the teenage population – we can say that they like the same things. However, they also save for clothes, make-up, or jewelry. We should keep in mind that some of these things really cost a lot. Therefore, if you want to provide them to yourself – start saving money as soon as possible.
5 Ways To Save Money As A Teenager
So you decided to save some money? It is a good and smart decision. However, like most teenagers, you encounter typical obstacles that make this job harder than it seems. We assume that according to your age, you are still not employed. Moreover, you are probably still going to school. So how do you save money on the much-needed little things you want so much? It’s possible. Here are our 5 suggestions on how to do it.
1. Set aside one part of the allowance for saving
Your parents probably give you some money every month. So you have what we call allowance. Depending on the situation, this amount is sometimes smaller – and sometimes it can be significant. In any case, there is a good chance that you do not need all that money – so consider whether you can set aside a certain amount. Therefore, try to save everything that is left of your allowance. The truth is, this is not always easy – but it is possible. You may not have to go out with friends too often. You can, for example, invite them to hang out at home – and in that way set aside a part of your pocket money for savings.
2. Set yourself a realistic goal
If, for example, you want to save for the driving test or maybe you want an expensive prom night dress – the only solution is to save money. When you set a goal like that, everything changes. That way, saving is no longer a renunciation – but a pleasure because you are going towards what you want.
3. Make a savings plan
This is important for both teenagers and adults who want to save. There is no big difference, except in the amounts. According to loved.com, a savings plan is something you can’t do without. As with any mathematical calculus, set the equation. For example, if you need money for a driving test – calculate how much time you have until then and how much money you have to set aside for it monthly. It is something like a monthly installment at the bank. Then, make a plan to set aside the required amount each month – so that the money is collected by the deadline when you have a driving test. This requires good organization, but also consistency. Don’t let anything else distract you from the original plan – and don’t spend that money on unnecessary things.
4. Set spending limits
Saving something out of a small allowance is not easy. However, it is still achievable. Drink less coffee or juice, don’t lightly reach for shoes you won’t like tomorrow – or skip ice cream or chocolate. There are plenty of opportunities for small but important savings, every day.
5. Try to find ways to make some extra money
If you want to have some extra money – you can find a job. This is not about the real 8-hour job – it’s about some little chores you can do for someone. If you need to help a neighbor paint a fence and he decides to pay you – then do it. You can also cash in on your talents such as painting, making jewelry, sewing cool clothes, giving instructions, etc. There are also various jobs on the internet, tutoring – as well as many other jobs that you can do.
These were just some of the ways that teenagers can save money. Depending on what you’re saving for – you may not have to sacrifice too much. Where the biggest trap lurks – is consistency. You need to be consistent in raising money for what you are saving for. This is sometimes not easy. So try another tactic. Save your money from yourself. How? If you really no longer know how to prevent yourself from spending your allowance – ask your parents to help you with that. They will always jump in, and they will be glad to see that you are aware of what you are doing – and that you need help in better disposing of money.