Surprising Secrets To Save Money As A Teenager
Do you want to learn how to save money as a teenager? If you answered yes to this question, then this post is for you.
Saving money as a teenager is hard, especially when you have friends who are out buying new clothes and going on weekend trips. But it’s not impossible. Here’s how you can save money as a teenager.
Whether it’s a new iPhone, that trip you’ve had your heart set on, or bigger goals like buying your first car, you have big dreams as a teenager.
Your parents might help you get some of these things along the way, but saving your own money towards these goals makes achieving them more rewarding.
Start A Savings Account
Determine how much you need to save. Place a target and start a savings account towards that goal.
It doesn’t necessarily have to be a bank account. Although if you want some benefits that the banks offer you can open a bank account.
But you can also start a piggy bank for your goal.
Contributing to your account on a regular basis and following your targets establishes sound financial management and encourages better spending habits.
Sell stuff you don’t need
It doesn’t take much to accumulate stuff you no longer need or use.
The good news is that you can very quickly turn unwanted items into extra money by selling them.
You might choose to use an app, the web, or set up a good old-fashioned garage sale – it doesn’t matter – you may be better off having the cash (to deposit straight into your savings account, of course), and knowing that your old books are being read rather than taking up space on your shelf.
Don’t forget to ask a trusted adult for help if you need it.
Keep track of your purchases
You can save money easier if you keep a book of your purchases.
That way you have a record of your spending so you know whether you’ve been spending more than you should be.
Keep all your receipts and write down your spending totals.
Be more invested in your money because being less invested with your money means you’re less connected to it—and thus you may spend more.
By taking the time to track receipts and write down purchases manually, you will be well-informed where all of your dollars are going and will end up being more cautious with your spending.
A budget may sound a little scary. But keeping track of your money can be as simple as writing down everything (yes, everything!) that you spend money on over a week or a month.
Most of us tend to spend more money on the weekends, so you may find this is a useful place to start.
Do some house work for more money
If you’re like me and don’t like asking people for money or are too prideful to ask your parents for help and want to turn something you don’t like into a money maker, offer to do more chores around the house for more money.
Fold laundry, wash clothes, clean, all those things you’re not too fond of doing. You can also watch your little brother or sister at an hourly rate.
You can also offer to buy groceries for your neighbors and help them around their houses as well for a fee, as well as mow their lawns or shovel snow.
Turn chores into scores of cash over the while whenever you can.
Get a part time job
Generating your own income is the perfect way to help boost your savings, plus knowing how long it’s taken you to earn $50 might be enough to curb any compulsive spending (making you think about whether you really need those new sneakers).
If you’re old enough, getting a summer job will help you save some extra cash when necessary.
If you don’t have any significant plans during your summer vacation, why not make money?
It keeps you from making regrettable decisions with whatever allowance or little money you may have.
Plus, it allows you to keep replenishing your account(s) until it’s time to hit the books again.
Summer jobs are also an excellent opportunity to gain experience.
They can help you get better jobs in the future that offer higher pay.
Check your progress every couple weeks. If you’re not saving as quickly as you’d like, you might:
- Ask your supervisor about adding hours at your job.
- Offer to do more chores around the house or take on a big project at home, like getting the garden ready for a change of season or cleaning out the garage, in exchange for a bigger allowance.
- Look for a side gig, like pet-sitting or washing cars in your neighborhood.
Whatever your goal, reaching it will be sweeter because you figured out how to do it on your own.
Plus, you’ll have learned smart saving habits you can use for the rest of your life.
Save money as a teenager by transforming new behaviors into habits
Saving can feel a little overwhelming, especially if you’re setting goals and budgeting for the first time.
But remember, the beginning is the hardest part—studies show that on average it takes 66 days for new behaviors to become automatic habits.
The good news is, over time, each step will become a part of your day-to-day, and saving will become second-nature.
How to build healthy money habits
Not everyone makes it through the tough 66 days to form new habits.
Starting new behaviors around money, setting goals, regularly putting money aside, all require effort and consistency.
Below are additional tips to keep you on the right path:
- Start small.
Set an attainable savings goal that pushes you, but isn’t unrealistic.
If you’re making too many sacrifices, it’ll be harder to stick to your plan.
- Avoid perfectionism.
Nobody is perfect. Know that if you miss a goal or make an impulse purchase, it’s okay.
See these moments as bumps in the road, not failures.
Then, start again and get back on track by readjusting your goals and recommitting to your vision.
- Be accountable.
Tell friends and family about your goals—you’ll be surprised just how much this increases your desire to succeed.
Conclusion: Save Money As A Teenager
Saving money as a teenager is hard, especially if you haven’t yet developed the skills to make it in the working world.
It’s also tough when you have friends who are out buying new clothes and going on weekend trips.
But who said you need a wealth of experience to bring in wealth?
Improvising helps, as well as keeping distinct records tracking how much you spend.
There are also benefits as a student that you can use to your advantage, apps to help you access your accounts, and you can even turn your hobbies into revenue makers.
Sounds fun, doesn’t it?
Start saving towards your future while your future is way ahead of you!