Who said that teenagers don’t need to save? Actually, being able to save when you earn is only possible if you have started doing it early.
While not every teenager has the luxury to afford any expense they want, saving their money can help them in managing things right.
There is a lot of stuff teenagers yearn to get because this is what their age demands. Gaming consoles, new phones, cool watches and shoes are some of those things every teenager will crave for.
Don’t worry if your parents can’t afford such things. You can buy them by yourself if only you know the right ways to save. Whether it is about buying a new phone or planning to get a car in the near future you can make it possible!
7 smart ways to save money as a teenager
We have brought some easy-peasy tips for young teenagers to up their saving game for a bright and successful life ahead. These 7 ways to save money will not help you in your teenage years, but also in your earning years.
Consider your need for saving
Before starting to save money, think about why you need to save on in the first place. Apart from being a healthy habit, saving needs to be planned. There can be many reasons why teenagers want to save.
You will become more independent if you have enough savings for fulfilling your side expenses. You can save for your college fee, trips, new phone, or anything you need to get. Focus on why you are trying to save, and it will help you become more focused on your goal.
Get yourself a savings account
If you pay close attention to the benefits of having a savings account at this age, you’ll never get awkward with it. You don’t need to put all your pocket money or extra earnings in that account.
Just put aside a small amount from your monthly or weekly pocket money and add them to your account. You can also install a saving calculator app on your account and get notification about your growing saving scale. This will surely motivate you to put more in your account.
Keep a track of your spendings
Why don’t you try keeping a record book of all your income and expenses? It will help you organize your savings better. Keep a booklet with you and add the money you get every month.
Make a track record by listing down everything you buy along with its price. Keep a check on the things you are spending on. To make sure you are not wasting your money on the things you don’t need or already have, you can check your record book.
Your parents can help!
No matter how much you try to be independent, you should never forget that your parents will always have your back. Don’t hold back your urge to ask them for help.
You can ask them to contribute in adding to your savings account. Tell them what you are planning and what your goals are. They will surely encourage you to save more by contributing a small amount in your account.
Contribute to household tasks
If you need your parents to contribute more, then you can also earn it by helping them. There are a lot of household chores that you might have seen your parents doing. You can help your dad in washing his car and mowing the lawn.
You can also offer help to your mom for drying the laundry, cleaning dishes, and cleaning the basement with her. Such simple tasks can earn you enough money that you can put in your account. You can also offer these services in your neighborhood to get some extra cash.
Get the most of your student card
Did you know how much your student card is worth? Well now you’ll know. You can save a lot on your shopping ventures with the help of your student card.
Almost all the retailer brands offer student discounts up to 10 to 15% on their items. Along with that you can also travel for free by showing your card. With this information, saving gets a lot easier for you as a teenager
Spend your summers productively
The summer breaks are a great time to boost your savings by participating in activities that pays you.You can start online tutoring, baby sitting, or blogging. You can also take part in online paid surveys, play online playing games, and become a secret shopper.
As a teenager, saving for you will not be as easy as for the people who are earning enough. This is the age where developing the skill to save is more important than saving itself.
All you have to do is start at a smaller scale. Once you have built up this skill as a habit, there is no going back to being broke again.