Saving money as a teenager is no easy task. I vividly remember seeing all my teenage friends going out to parties, buying new shoes, and going on fun weekend trips. Sure, itâs important to participate in some of these things, but itâs also just as important to save money.
If youâre a teenager, and you want to save money, you probably want to do it for a specific reason. Whether itâs saving up to buy your first car, or maybe itâs to get that brand new iPhone, all it takes is a little saving.
Sure, your parents could help you to buy that thing you want, but maybe you want to do this all on your own! Kudos! Today I will show you super easy ways to save money as a teenager.
1. Avoid FOMO
FOMO means fear of missing out. With the advent of apps like Instagram, itâs easy to think that everyone is having much more fun than you. You start wanting to live life just as fun and lavish as you see on social media. This is where you need to control your wants, and instead focus on the goal!
I promise you, years down the line, all those parties you see on social media wonât matter one bit. As a teenager trying to save money, this is your kryptonite! In the future, all the fun other teenagers are having wonât pay for bills, it wonât prevent you from getting into debt, and it wonât fund your retirement. I know, this all sounds so boring and so far into the future, but the earlier you start the better off you will be!
2. Use your student ID
I know, how could that flimsy plastic with a bad photo of you help you save money? Well, something you might not realize is that to you get pretty awesome discounts because youâre a student.
Getting discounts from places you were going to spend money anyway leave more money in your pocket. This makes saving up for anything that much easier. So whenever youâre in a store, make sure you ask if they offer student discounts. I know websites like studentuniverse give Airline discounts to students.
Most places probably donât advertise that they offer student discounts, so make sure that you speak up and ask if they do. Give nothing to lose, but cash to gain đ
3. Open a savings account
If you donât have one already, then this might be the time you open one. Always look for high-interest rates. This is basically money you earn from keeping money in the bank. Literally free money.
When youâre looking for a savings account, make sure to avoid those that have a monthly fee. In this day and age, it makes no sense to pay a monthly fee on your savings account. They are so many free alternatives out there.
You probably need some kind of identification when opening a new account. If you donât have that yet, they might accept your school ID. Your parents might have to accompany you if you are under 18.
4. Get a summer job
if youâre old enough, then getting a summer job is an awesome way to earn extra cash!
Unless you have a family trip or other important engagements over your summer break, this is the perfect time to get yourself a summer job. If youâve never gotten a summer job before, and this would be a great time to start!
Not only will having a summer job help you gain experience, but it will help you in the future by having some kind of work experience. Oh, and did I mention youâll be getting a paycheck? Oh yes, more money that you can save!
5. The 30 day rule
Once youâve saved your first hundred or even thousand dollars, itâs very tempting to just go somewhere and spend it. Instead, try doing the 30-day rule whenever you want to buy something.
The 30-day rule is simple. It means that, before you buy anything, like a Brand New Pair of Shoes, give yourself 30 days to think about it. If after those 30 days you still want that pair of shoes, then go ahead and buy them. By giving yourself some time to think it over, you might realize itâs not worth it.
This, my friend, itâs called delayed gratification. Instead of recklessly spending on things, you give yourself some time to think. This is the secret weapon for saving as much money as possible!
6. Get financially educated
chances are you probably arenât getting any Financial education at school. If you are, then well done! Majority of teenagers out there are probably not getting any kind of financial education. Very unfrotunate.
Take this time to educate yourself about money. Not only about saving, but about investing and your retirement. I was a teenager once. I know exactly how youâre probably feeling. Youâre probably thinking to yourself â oh itâs so far away, Iâll worry about it later.â this is exactly what most people nearing retirement thought about, but itâs now too late.
Itâs not too late for you though! You have the internet, you have this website, and you have unlimited resources where you can learn amazing things about money.
Another great resource is talking to your parents about money. I donât know when itâs became taboo to talk about money at home. Money is such an awkward topic to talk about. Give it a shot. Ask your parents about Bank balances, investing, and preparing for retirement. If they are uncomfortable, then give them a little time. Thatâs for yourself, always learn!
Heck, youâre already on a financial website! All these articles Iâve written I intended to help everyone at whatever age to figure out money. You might as well sign up for the email newsletter to get awesome resources straight to your email. Get started now đ
7. Time is on your side
You know what the best part is? The fact that you are a teenager, and are researching how you can best save money means that you are going to have a bright financial future.
Do you know what the biggest financial regret for most people is? Itâs wishing that they had started being serious about their money at an early age. This is simply because itâs so much harder to start later on in life.
Imagine having a mortgage, a car payment, daycare, food to put on the table, and utilities to pay. Itâs much harder to do then build up Good Financial habits this much later on in your life. So well done for starting early!
