Tips To Saving Money (Teenagers)

In today's society, it is obviously becoming much harder to people to save money, especially for teenagers. Money is an important asset in the modern world, but so-called "necessities" are becoming much more expensive. Clothes, shoes, gaming devices, technology are all on the increase. Even basic necessities such as food and family needs are affecting a teenagers ability to save their money. Here are a few tips to saving money for teenagers.

  1. Save any change you receive. When you receive any change, save all of it. Put it in a money box so you can't get to it. When the box is full, take it to the bank and put it into an account. If you want, you can keep some small change, just in case.
  2. Do you really need it? Honestly, ask yourself this. If everyone else has it, do you really need it? The fashion or trend will die down in a few days and you will never want to wear it or use it again. It's become a waster of money. Only buy things that you know you will use a lot, or often in the near future.
  3. It's on sale!? This relates to the previous point. If it's on sale and you don't need it, don't buy it! Really, you aren't saving money because you have bought the item on sale. They have only made the price cheaper. Again, if you know you will use it, then buy it if you must. If you have been holding out for something special and you find it is on sale, then I am not going to stop you. Reward yourself.
  4. I need more! No, you don't. Fashion can be expensive, and going into the more expensive brand ranges can lead to a waste of money, especially on jewellery you will only wear once. Try going to a cheaper fashion store. Personally, some of those shops have better looking jewellery than the high end fashion stores.
  5. If you have a job, set aside a minimum amount of money. Having a job allows teenagers to make their own money, instead of always having to borrow from their parents. However, this also means they have access to more money and think they can always spend it all. Set aside a minimum amount of money to be put away and not touched. Any money not used at the end of the month can be added to the savings.
  6. Buy cheaper. That doesn't mean buying cheaper clothes all the time, but often, they are better quality and they even look better. This also goes for eating take-out or going out with friends. Try to find value meals, or buy food before heading to the movies. You can even share food with friends. You will find that you are not spending so much money when you go out.

Keeping these tips in mind, teenagers will be able to save more money. These savings can all be put to future use, and sometimes to reward themselves. Remember that savings are for important things, such as buying a first car or using it for rent. Savings doesn't mean you should go out and buy expensive clothing and jewellery you will wear once. On a side note, knowing that they have more money makes teenagers feel secure, both with their future and themselves.

Enjoy spending less!

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Comments 2 comments

tmheffernan profile image

tmheffernan 5 years ago from Middle East

In my days as a teenager there were more ways to make money and a lot less ways to spend it. I can only imagine how difficult it is these days. Interesting hub.

CapitolLights 5 years ago

Saving is great and all, but in all reality, what do you do with the money you saved? Most people will save it for a car, or an Xbox, or a PC, or something like that. Instead they need to learn money management skills, and how money reall works, and how they can use the money they have to make more money.

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