If you’re a teen in today’s world, there are a lot of things you might want to start saving up for. Whether you’re pooling your summer job money to buy a car or you simply want to create a cushion for those university years so you have some money saved up, there are plenty of reasons you might need to think about saving your money as a teen. And whether you’re working part time, making minimum wage or just doing odd jobs around the house to make some extra cash here and there, saving money and budgeting can make a difference.
No matter what your experience with saving is, you can get started with saving as a teen wherever you are. Even a little bit counts, from saving a percentage of your paycheck to looking for ways to save when you’re out and about. Even if you don’t have a lot to save, here are some smart saving tips you can use throughout your teenage years.
1. Make a Budget
Budgeting is a great skill for anyone to have, no matter your age. But if you start budgeting at an early age, you can adjust to the idea of budgeting before you have too high of stakes resting on your budgeting skills. You can see how it works for you and adjust as necessary without things like rent or bills, all while saving some money in the mean time.
2. Practice Saving Even a Little
You might be thinking, “I don’t make that much money, so how can I save?” and the answer is, a little bit at a time. Whether you’re an adult with a lot of bills or a teen with a part-time job, even saving just a little bit of your paycheck can add up over time.
3. Use Budgeting Apps
Of course, you probably don’t have a car payment and a rent payment and a pile of bills, but you might still want to keep track of small purchases like going to the movies with your friends or going out to lunch every once in a while, and budgeting apps can help you keep track of those things.
4. Start a Saving’s Account
If you do happen to have a bit of cushion when it comes to your money, starting a saving’s account is one of the best ways to ensure that your savings don’t go anywhere. Not only can starting a savings account help you learn financial literacy and saving skills, but it can also function like the “out of sight, out of mind” principle so you don’t touch your money for anything other than the saving purpose.
5. Set Goals for Yourself
Speaking of saving purposes, setting goals for yourself and your money is a great way to motivate yourself to save money. Whether your goals are long-term and involve saving up for college, or they’re smaller goals like buying concert tickets or a new phone, having something to look forward to is one of the best ways to keep your savings goals on track. It’s all about that motivation!
6. Get a Part-Time Job
When it comes to actually acquiring that money, getting a part-time job is one of the best ways to do that. While doing odd jobs and saving your allowance can give you some money here and there, a part-time job can give you a much more consistent stream of income, which can allow you to save a bit more consistently.
7. Learn to Make Snacks at Home
This one is a bit of a quick tip, but it can work for people of all ages, teens included. While plenty of teens love grabbing snacks on the go and going out to eat with friends, learning to make snacks at home and bringing things on the go can keep you from spending lots of extra money on eating out. Plus, this is a skill you can take with you far into the future.
8. Find Free Activities to Do With Friends
Another way to save money in general and keep yourself from spending money frivolously is to find some favorite free activities to do with your friends. That way, you can keep on top of your spending goals.
9. Ask About Student Discounts
Another great saving tip is to ask about student discounts when you go places. Many food establishments, local businesses and retail stores offer discounts to those who show their student ID. This can be a great way to save money you would have been spending anyway.
10. Set Up Automated Savings
If you do have a steady stream of income like a part-time job, using the automated bill-pay feature on your bank account can deposit money directly into your savings without you having to worry about doing it yourself. This way, you won’t be tempted to spend.
Saving Money as a Teen
Saving money can be difficult, but the more you think critically, use tips and set savings goals, the better your habits will be. Financial literacy is a growing skill, and you can get started at any time, no matter where you are in life.