In today’s age, It seems like there are more and more things that you might want as you grow older, but you may not have enough money to afford them. It might be a new phone, a video game, some nice clothes, a new makeup, or even some extra money for a movie or date. and of course, since things are getting a little bit more expensive as time goes by, It might be time to take matters into your own hands and start saving some money on your own especially if you are struggling to afford all the things that you want.
In order to start saving money, you don’t have to wait until you are an adult! As a teenager, you will begin to save money to pay for the stuff you want and to get a handle on your financial future.
Although some teenagers are fortunate enough to fund their expenses through their parents, not everyone has that luxury. There are many things your parents won’t pay for, from the new PlayStations to the latest and greatest gadgets that you might find in the market. You will, however, if you start saving money.
If you don’t know how, Don’t worry, you can save money as a teenager in many ways and in this article, I will guide you how.
First and foremost, As a teen, there are many reasons for starting to save money. For one, getting into it is a good habit, especially when you start your career. You learn about financial stability, on the other hand, which is something many people (even adults) don’t know very well. Saving money helps you to be more financially stable and you won’t even have to ask your parents anymore if you need any money.
Learn how to plan and set targets and learn how to deal with banks and learn banking terms like simple/compound interest.
Moreover, try to save up for bigger yet worthwhile purchases and investments instead of splurging on several smaller ones. for instance, do not always go on a vacation or purchasing the latest iPhone or a video game and instead save on tuition/expenses for college or school. Trust me! You will thank yourself later when you grew older.
So now that you know why saving money is necessary, I’ve come up with this quick guide to help you learn some simple ways of how you can start saving money as a teenager, and here’s how
- Pay yourself first
It can be SUPER tempting to head straight for the mall (or the online equivalent) when you get your first paycheck and begin to stock up. But if that is your first instinct, you will probably never meet your savings targets. You should always pay yourself first instead. By that, I mean transferring a fixed amount into your savings account, so you just leave the rest to spend before you get your next paycheck. That way, you’ll know for sure that that month before you have to spend a cent, you’ve met your savings objectives! And don’t touch your savings if at the end of the month you notice that things are a little tight.
- Get an Extra Mode of Income
In financial management, this is a classic step: to have dual revenue modes. You get to save more money in this way. Just get a second job if you can, though. Don’t compromise on your studies, extracurriculars, and other duties. Nearly everybody should do one thing: pick up a few extra chores around the house. Many parents don’t give as much money as they do but reward their hard work. You’ve got another source of income if you do that. There are plenty of options on the side to earn a modest income. To make easy money, you can use survey sites. This is not going to smash the bank, but every tiny sum helps.
- Set a Target for Savings
And that is to set a target for savings. This has a lot of fantastic advantages. Believe it, or you don’t. When you set a goal, it will not only help but motivate you. But it will help build a concrete timetable to ensure that you remain on track to accomplish that objective and whatever time period you have set. Now, a couple of different items could be your set goal. It might just be a wrong number, straight up. Let’s assume that by the time you turn 18, you want to save $5,000, it could be as much as a travel cost is going to be for you and your friends to go to Europe, for example, or it could be enough for the down payment you want on a dream vehicle. As a youth, both of these can serve as inspiration for you to save more money. More than ever before.
- Use Discounts Where You Can
When you’re investing, invest wisely. Instead of being full-price, purchase stuff at sales or thrift stores. Using coupons and buy-one-get-one-free deals as you can be more frugal by doing so. Even, to benefit from school discounts, you can use your student status. Many locations have student evenings, such as cafes and theater parks, making them better options for hang-outs. Don’t waste it on anything you don’t need, though. Without the new Kate Spade bag or MJ shoes, you can probably handle it. Saving for something big, like college, is easier. By simply signing up, these apps will give you free money.
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