Save Money for Teenagers
A lot of teens want to save money these days, whether it's for a computer, video games, a new phone, or that new name-brand luxury purse, we have all wanted something at one point. If you get money or an allowance, all that's left to do is save it!
Steps
- Figure out what money you'll have coming in. Find out your allowance or payment (if you have a job) and calculate how much you make per (week, month).
- Assess your spending. Find out a reasonable guess of the amount of money you spend per (week, month) and find the difference.
- Seek opportunities to make money. Ask to mow lawns, do the dishes, or tutor your neighbor. Try selling old junk to others. If you're old enough, consider getting a job.
- Find out how much time you have to do those extra things. If you get a schedule worked out for something your doing for extra money (mowing, cleaning, etc.), it will make you and your customers' lives easier.
- Make a budget. Give yourself amounts that you're willing to spend each month on desired items, but then stick to the budget. Don't buy things that go above and beyond your allotted spending, so that you can still save the difference.
- You can also offer to walk dogs for family, friends and neighbors (for a price). You could wash cars too.
- Get a job, as a barista, a paper boy/girl, or whatever you come across.
- Put all the money you save into a bank or container. Make sure you are never tempted to waste the money on useless things. Try taping it shut with heavy duty tape so you can't get into it. Also, bank accounts are a great way to save up.
- Go buy whatever it is you want! Happy savings!
Tips
- You might want to save a little more than what the product you want costs, so you still have a little cash reward leftover
- Have patience. You won't save $1000 in a month as a teen!
- Ask parents for help, they can ask their friends if you can do anything for them.
- Never beg for money. It will make you look desperate and nobody will want to employ you.
- If you are really willing to take a risk and your parents will help, join the stock market frenzy. It is a risk, especially in the current economy, but it could also end up to be your financial turning point.
- If you want to accumulate money without saving just dollar bills, save and roll all of your loose change and over time you can watch the amount increase!
- In some cases, the 30 day rule works well. Once you determine you want something, wait 30 days before buying, then decide if you really want it. This is better than buying and then growing bored of it.
Warnings
- Never waste money on things you don't need.
- Search for the cheapest deal on your product. Sometimes people get so excited that they buy it in the first store they find it in, only to realize it was on sale at another store nearby.
- Don't get sucked in to new products while you're saving. Finish what you started. If you buy the new product you'll regret not having the thing you originally wanted.
- Try to avoid being sucked in by the gum and mints they have in the cashier/check-out line. Those are most of the time overpriced.
Things You'll Need
- Allowance/job
- Container (to put the money in)
Related Articles
- Save Money for Something Big As a Teen
- Save Money (for Preteens)
- Save Money as a Kid
- Manage Your Money (for Teenagers)
- Save Money by Sharing Clothes (Teens)
