Money Saving Tips For Teenagers- It Takes This Long To Save A Million Dollars
Saving Tips For Teens
Teenager Money Saving
I don't know if your aware this exciting new but when you begin to make money as a teenager your at an avantage that no adults have and would trade you dearly for it if they can. Your advantage is time! If you are really smart and proactive you will begin to save money that you will not touch at any point for anything.
If your 15 years old you have 55 years to save for retirement. A 45 year old with bills have only 20 years. Now imagine that 45 year old with children in college! Now that's scary!! You have the time to save more money for a longer period of time.
Saving Tips For Teens
This untouched money will be accumulating over time and will work harder and smarter than you could ever work.
- College Savings Fund - Having money for your tuition,college books and possibly new car.
- Fund for Personal Items - Movies with friends, personal needs items.
- Weekly Spending Budget Fund - Never go over your weekly budget. When it's gone don't buy anything until the next week.
- Rainy (emergency) Day Fund - Never touch this fund unless an extreme emergency occurs. Maybe your golf cleaning machine has to be replaced.
Of course a person with finance experience will help you put your funds where you can have the safest and most growth. You can talk to your neighborhood banker for advice. People without money can not teach you what to do with your money long term. Every bank can give you savings alternatives.
How Long Does It Take To Save A Million Dollars?
At 15 years old. If you saved $30 a week at 10% interest you will be a millionaire at 59 years old. Courtesy of the Millionaire Calculator. Okay I know 10% is high but this is for motivational purposes!! Teens when you accumulate a large sum of money you can be advise how to get better growth. You can have your money go into your college fund and as adults you will be able to move a portion of your paycheck into a Roth IRA savings.
Don't worry parents, this is the perfect time for children to learn the facts about money!
There are people that are suffering for not preparing for their adult and senior years when you have the luxury to begin now and live great later! , Montley Fool are trusted and famous financial advisors. They have written books for teens, women and men on the subject of saving money and investing it in where it can work hard for you. Suzy Orman
You can look around and see that working and saving is not enough if you don't know what to do with the money you saved! The banks already know what to do, you be sure you learn!!
Making money as a teenager is not complete if you blow the money you worked so hard for without planting it where it can grow. Learn to respect that money can work as hard if not harder than you in the right situation!
I'm Not Good Saving Money
If your not saving money your spending and if your just spending your wasting your time and not advancing your life and will always be broke. Not being good at saving money is not an option.
Learn how to advance in life and afford everything life has to offer the smart way. You can work at a fastfood restaurant and live better saving money than a secretary that buys clothe and smokes every week. The saver will retire better and the spender will need assistance or retire poorly. Make money the smart way. By the way read Money Making Idea's For Teenagers!