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4 Ways For Teens To Save Money

Updated on November 10, 2012

When it comes to money, teens are constantly spending. The problem with this habit arises when you are looking to make a big purchase. In my case I am saving up for a computer, it costs just under $1,500 and I want it in four months. I work and make a decent income but I am always spending my paycheck, how do I save money? It is very easy and in these steps I will show you how to keep your money.

1. Put Some Aside- Well this is obvious. When you get money, gifts or earnings, put some aside. Before starting consider the amount of money you make, how much you spend and how much do you need to save. When you receive your next payment, keep enough money to last you until your next one and deposit the rest into the bank, you can save all if you want. A good fraction is about 1/2, deposit half and keep half.

2. Keep the Change- This will very well compliment the first method saving portions of your spending money. It's almost inevitable to go shopping for a day and return with tons of change. Instead of scraping the money together to by something of the dollar menu, keep it until you get home and save it in a jar. I usually return home with 2-5 dollars solely in coins in which I put into my home-made piggy bank. If you go to the mall twice a month, you can save 2-10 dollars and even more (if you buy a lot of food which is almost always not to the nearest dollar).

3. Leave The House With Less Money- So simple yet tremendous savings. When going anywhere, take less money. No need to take $50 to school, yet so many of my friends are guilty of this. Carrying less money is a good way to discipline yourself as it will encourage you to stretch your dollar. For example, when buying lunch you will have less money to spend so you look for a way to fill yourself up with less money, naturally. If you really have to save money, don't take any at all as the temptations will go once you realize you can't buy it.

4. Only Spend Bills- A great way to save money and in a way relates to number 2, only use dollar bills. That way your change will stay safe , wherever you are and saves the embarrassment when you get to the front of the line and your looking for enough money to get what you want :D.

Saving money now as a teen will not only have it's material rewards but it teaches us responsibility that can be carried into adulthood. So happy savings and please return. You can follow this blog to the right and share this with your friends below. See you soon.


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    • Ryan-Palmsy profile image

      Ryan Palmer 4 years ago from In a Galaxy far, far away

      Whilst I was a teenager I really needed to start saving, and I knew it. So I put a bit aside every single week, and less than a year later used all the money I had saved (about £900) to buy a car. I found that the longer I was saving money, the more I began to actually enjoy it and feel proud of my achievements.

      Saving money is hard to start doing, but feels great when you get the ball rolling!

      Here's an additional tip - When something has worn out or broken completely, don't replace it with a brand new item where possible. If you can, buy a used version that has plenty of life left, or fix the item that has broken.

      You'll find that this helps money go that extra bit further!

      When my laptop screen broke I chose not to replace my laptop (Although I wanted to), but instead replaced my screen with a spare-part. The fix made it work perfectly and it cost no more than £20, much cheaper than £200 to replace the Laptop!