It would be too much on your plate as a teenager to save money, especially for the first time. However, it is possible. All you need to do is learn how to save money as a teenager and start doing it. With a little plan, relentless efforts, and determination, you will get to your desired financial goals within no time.
Some teenagers are lucky enough to have parents who fully support them. Unfortunately, not every teen has such a privilege. However, you can start saving and earn your desired dream purchases without having to put more burden on your parents financially.
You may currently want to upgrade your phone, set off on a weekend trip, buy new clothes or even save for your first car. The crucial thing for you to do is start saving right now. Keep on reading for more tips on how to save money that will help you achieve your desired goals.
How to Save Money as A Teenager?
The ability to save money may be the indicator that you know (maybe for only a little) about money management. But that is fine. Because right now you are going to learn how to start saving money in your teenage years. Here are some tips you can suit to your best financial conditions:
1. Start Looking for the Right Bank Account
One of the crucial things in helping you build your savings is to find the appropriate type and bank account. Do some research to look for one that suits your condition best. You can also ask for recommendations from your parents or your trusted adult relatives.
Usually, a younger account holder i.e., under 18 years old may require a legal guardian for opening a new bank account. Your parents would be the perfect person to fill in, aside from they are being able to help motivate you more.
One of the best tips on how to save money as a teenager would be keeping away from the debit card to minimize the temptation of using it in time of need.
2. Set Your Target Savings
It will be much harder for you to do something without having an ultimate goal in mind. Thus, you need to set a specific goal for your savings. Make sure that your number is measurable and reasonable. Let’s say that you need $2,000 by the end of your high school.
All you have to do is break down those that number into smaller weekly, monthly, or even daily goals. This way, you will consider it is manageable. Once you have decided the number and term of achieving it, you just have to start doing it. Be strict with yourself on this matter for the best result.
3. Keeping Track of Your Money
This particular tip on how to make money as a teenager may seem a little bit petrifying. However, you can simply start doing it by writing every detail of your purchase over a certain period of time. Dividing them into different categories e.g food, entertainment, school or clothing would be great.
You can track your money down on a weekly or monthly basis. Either way, it will end up showing you which, when and how much do you spend more of your money. That information will let you set the budget limit and target to start savings and minimizing your expenses.
4. Find Ways to Earn Money
Being a teenager does not prevent you from getting your own income. Suits the need to your current living place and find out what type of jobs that suit you best. Here is a glimpse of alternatives on ways to earn money:
- Part-time job
There are many different part-time jobs you can choose that support your daily schedule. Be a helper in a diner, babysit, or become junior administration are among the common jobs you could try to fit in. Try local newspapers for more info on part-time jobs to match your quality and schedule.
- Make the most of Your Hobbies, Talents, and Gift
You can expand your hobbies and gifts into a job and earn money from it. Do you like to cook or bake? Sell your cooking and baking products. Are you gifted in drawing? Make some custom designs and sell them. Are you good at art and craft? Offers custom handmade gifts and makes money from them.
In fact, there are plenty of ways you can make the most of your hobbies, talents, and gifts. You just need some time to figure what is best for you and start doing it.
- Sell Unwanted Stuff
Search for your unwanted stuff which is still in a good condition and start selling it. In this case, tips on how to save money as a teenager is by opening a garage sale or selling them online to add up your savings.
5. Make The Most of Available Discounts
Other than spending your money wisely, you can also take advantage of every available discount for your own interest. Make sure that you only spend your money on something you need.
Hopefully, the above-mentioned tips will help you come up strong in deciding to save money from a younger age. Knows that when you are financially capable, you have laid a strong foundation into your adulthood.
So, why don’t you start those tips on how to save money as a teenager right now?