How to save money as a teenager? If you are between the age of 13 to 17 years, it is hard to find a chance to earn a lot of money. So, the best way for you now is to keep your money with you based on your pocket money from your parents. How can you do that? Do not be impatient; follow the article from Hanfincal (hanfincal.com) to find the most suitable way for you.
1. How to save money as a teenager?
1.1. Set a goal first
The important thing in your life is to set a goal, so that’s why we mention it first in our article. It will start your journey and keep it in line. Saving money is the same; you should create a primary goal and divide it into many simple pieces to complete. After all, you’ll see how incredible you get. Make a specific and measurable goal to make saving easier. You can choose a short-term or long-term goal depending on your need.
Do you want $1,000 to buy a new iPhone 13 Pro Max after graduating from high school or $10,000 to put down on your first home by the time you graduate? Divide those sums into smaller monthly or weekly goals to make savings seem more manageable.
1.2. Start a savings account
Saving money every day is not an easy task; you may feel conflicted or unmotivated to put money in your savings account if you are not making much money. But any amount, whether $5, $20, or $100, can help. Small things can have a significant impact. Looking forward to an account with no monthly fees or minimum balance requirement, as well as a high-interest rate.
Set savings goals for each day, week, and month and start saving from now on. A savings calculator will tell you how long it will take to reach your goal.
1.3. Separate spending money from savings
Perhaps you’re struggling with the temptation that you have money in your savings account but don’t have even one cent in your pocket. In that case, you might be tempted to think that you should spend the money now and save it for next month. No, stop that thought—don’t touch it!
Your savings are for necessities and emergencies, not for every day buying products like food and so on. It’s a bright idea to have a checking and direct deposit account that you can access whenever you want. You can always open a student checking account and deposit some of your money into it if you do not want to keep too much cash on you.
This way, your objectives will not be at odds. Savings accounts are designed for the long term, whereas this type of account is designed to meet your daily needs. Keep that in mind at all times.
1.4. Keep track of your purchases
Your purchases are strong evidence to prove your spending and prevent you from overspending. You can save money more quickly if you keep a record of these documents. That way, you’ll have a history of your spending and will know if you’ve been spending more than you should be. Keep all of your receipts, keep track of your spending to know whether you are overpaying your budget.
Always date your entries and categorize your money; these are your income and expenses. If you can’t track your cash for whatever reason, make a note of it and even write brief reviews of the items you bought. When you see some of the figures other than the items you bought, you may realize how ridiculous it was, and you will be more likely to be more watchful and selective in your spending.
You can even use some of the tools available through your bank’s own online programs. Many banks can categorize your spending and display it in simple charts and graphs. This enables you to view your bank account in real-time and gain a better understanding of how much money you’re spending.
By taking the time to check receipts and manually record purchases on your bank account, you will better understand where all of your money is going and will be more frugal with your spending.
1.5. Ask your parents
This is not a strange way at all. When trying to save money, it’s not a bad idea to ask your parents for assistance. You can request them to match your weekly or monthly savings by contributing to your account. If you set aside $20 per week for the month and show them that you’ve met your goal, you can ask them to contribute $100 at the end of the month. Once you’ve demonstrated that you’re serious about saving money, they’ll reach out and assist you.
1.6. Do housework for a fee
One more incredible idea is to earn more money from simple things. That is to turn something you don’t like into a moneymaker, offering to do more housework for more money when you have free time. Fold laundry, wash clothes, clean, and do anything else at home to exchange the remuneration from your parents – your options for household chores are endless.
Moreover, you can offer to go shopping at the grocery for your neighbors and help them around the house for a fee, such as mowing their lawns or shoveling their snow. Whenever possible, turn chores into a large sum of money.
1.7. Use your student ID
Perhaps you are unaware of the power of your student ID. It’s more valuable than just a card like you think. According to Seventeen Magazine, it can get you up to 10% off at Charlotte Russe, Urban Outfitters, and some of your other favorite retailers. Getting all of the discounts can make saving a lot easier and allows you to keep more of what you make in a safe place until you need it. It’s also a good idea to inquire about student discounts and deals wherever you go. Some businesses may not openly advertise student discounts, but they will gladly provide them if you ask.
1.8. Spend smart
A good spending strategy can help you save a lot of money. Consider splitting costs with your friends or siblings where possible, such as on magazines, books, trips, restaurant meals, and so on. Make the most of any shared interests you have with others by splitting up what you both want. In addition, manage your spending by having set aside. Stop buying new products that are not worth it to you. Consider carefully before buying and only using the remaining balance for purchasing.
Also, try to research and accumulate as many coupons and gift cards as possible. If you receive gift cards for items you do not wish to buy, you may resell them.
1.9. Get a summer job
If you are of working age and have a lot of free time during this holiday, getting a summer job can help you get extra cash. After that, you can save that extra money by putting it into your savings account.
If you don’t have any significant plans during your vacation, it could be an excellent opportunity to earn more money. It prevents you from making regrettable decisions with whatever allowance or a small amount of money you have.
Furthermore, this type of job is an excellent way to gain experience. They may help you get better jobs with higher pay in the future.
1.10. Use an app to help you save better
In today’s fast-paced world, a phone is hardly a strange object. Everyone has at least one phone, so why don’t we use it? There are numerous money apps available, such as Mint for budgeting and Tip Yourself, which allows you to reward yourself in the form of a tip to your savings account.
1.11. Start planning ahead and get motivated
One of the most exciting aspects of saving is imagining what those savings will become. Start planning ahead of time how you’ll use the money you’re saving and how to make the most of it.
Start learning about the costs of owning a vehicle, how to buy one, and which car is your favorite if you are saving for one.
And, if college savings is your goal, look into dual enrollment and Advanced Placement or International Baccalaureate classes to begin earning college credit while still in high school, which can help you save money for college.
Doing things right now to help you reach your savings goal will help you stay motivated as you begin to save. If you have the main goal in mind, you are more likely to put in the effort to keep it.
2. How to save money as a teenager without a job
Here are distinctive ways to help teenagers save amounts of money when they do not have a job:
- Make an agreement with your mom and dad on a stipend.
- Start your own business by selling something in person or online.
- Teenagers can find a need in their neighborhood and work out a payment plan with their family to meet that need (such as cleaning out the garage or being the laundry czar)
- Getting a job to increase your earnings. If someone in your family operates a business or you know someone who does, this might be a perfect place to start.
- Participating in a youth entrepreneur competition and winning cash prizes
- Providing a service to someone, such as babysitting (Mom-and-Dad Date Night Out service) or car washing
- The young should save any money you receive for a birthday, Christmas, graduation, or other special occasions.
- Asking to be in charge of your clothing budget for the upcoming school year, then find ways to cut costs (such as sales, coupons, and using last year’s backpack) and save the rest of the money
HanFincal (hanfincal.com) hopes these ways above in this article can help teens find the best way to the big question: How to save money as a teenager? Start saving as soon as possible, and it can bring you brilliant benefits. Everything starts with a minor step and develops day by day. Do not give up; keep your motivation always active, and then the best thing will come to you. Don’t forget to pay attention to the next sections, we are here to help!
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