Whether you’re a parent or a teenager, it’s worth considering how to save money as a teen.
Because if you are a parent, you can teach your child about financial intelligence. If you are a teenager, you will have more opportunities to get rich in the future if you save money now
Being a teenager can be both exciting and expensive. From clothes and entertainment to gas and car insurance, it’s easy to feel like your money is disappearing quickly.
However, there are many ways to save money and live frugally as a teenager. Here are some tips and tricks to help you stretch your dollars further:
DETAILED BUDGET IS A SURVIVAL FACTOR
The first step in saving money is to create a budget. Start by listing all of your income sources, such as allowance, part-time job earnings, or gifts.
Then, list all of your expenses, including gas, food, clothes, and entertainment. Subtract your expenses from your income to determine how much money you have left over each month. This will help you keep track of your spending and identify areas where you can cut back.
MINIMAL LIFE AND CUT COSTS NOT REALLY NEEDED
Once you have a budget, you can start to look for ways to cut back on unnecessary expenses. For example, you might try eating out less, buying generic brands instead of name brands, or carpooling to save on gas.
You can also save money on entertainment by finding free activities or subscribing to free streaming services instead of paying for cable.
- Related article: How to make money as a teenager (combining both traditional and online ways)
TAKE ADVANTAGE, SEARCH FOR DISCOUNT CODE
Look for deals and coupons when shopping for clothes, food, or entertainment. For example, you might find a discount on a movie ticket or save money on a restaurant meal with a coupon.
You can also search for deals online or sign up for loyalty programs to receive special offers and discounts.
FIND A PARTY-TIME WORK
Working part-time can be a great way to earn extra money and pay for some of your expenses. Look for a job that fits your schedule and interests, such as working at a local store or restaurant, or offering pet-sitting or babysitting services.
In addition, along with the development of the internet, many professions can work online. If you have a skill that can help people, try going to Fiverr and see if there is a need they need your help with.
In fact, this is not considered a way to save money, but if you make the most of your downtime to make money, you are saving money for the future.
BUY THINGS REALLY NEEDED AND USE YOUR REASON TO ACT
Make smart purchases by comparing prices at different stores and online before buying. Utilize coupons and discount codes for added savings.
In fact, many studies have shown that most people buy emotionally. You just need to master your mind and you can save a lot of money on buying things you don’t really need.
The simple example shows: Have you ever looked back at your wardrobe. I’m sure 80% of the clothes in that closet you rarely use or never wear at all, right?
That’s it. That’s my money flowing out of my pocket.
Avoid Impulse Buying
Wait a day or two before making a purchase to reflect on its necessity and avoid unnecessary expenses.
This is the time for you to know if you really need the item or not. If in 1 or 2 days later you have forgotten to buy it, it proves that the item is not really necessary for you to detail. So in your teens, you’ve already saved a lot of money, right?
TRAVEL BY PUBLIC TRANSPORTATION
Choose public transport instead of buying a bicycle or electric scooter. If you live far from work or where you study, you should take advantage of the best means of transportation. If your parents have to pick you up by car, there’s also a maintenance fee and gas money.
GO TO THE SUPERMARKET AND COOK YOURSELF
Eating at home instead of eating out is cheaper and you can use ingredients from your local grocery store or supermarket.
Of course, for many teenagers, cooking for themselves is quite a challenge. However, if you want to save money as a teenager, you have to know how to do a lot of things for yourself (including cooking for yourself).
Try a simple math problem with every meal you save 1 dollar. So a month you will save $90 for three meals/day
Pro Tip: Saving money is a journey that takes persistence and consistency. So you always have to set goals and detailed budgets that are easier to manage.
Maybe this you think is not very important. But the reality is, have you ever counted how many electrical appliances are in your room or home?
If you are still a teenager, but you still live with your parents, ask your parents to let you manage the monthly electricity and water bills. Let’s say your family consumes about $400 on electricity and water each month on average. And every month your parents give you that 400 dollars to pay for electricity and water.
IT IS DONE!
You’ll then reduce energy consumption by turning off lights when you leave the room, unplugging electronics, and showering for less time. Limit light bulbs when not in use. Encourage family members to go to bed early to save electricity for lighting.
As for water, you should also regularly remind people to use water sparingly.
I assure you if you act as a supervisor in the house with those electrical and water appliances you will have a considerable amount of extra money each month.
SELL UNNECESSARY ITEMS
Declutter your space and make extra cash by selling clothes, electronics or other items you no longer need or want.
Like I said, the majority of your wardrobe will have 80% of it being little used or never used. In addition to those things can also be books. You should also resell your read or used books to used bookstores.
By doing these things, you can both clean up your living space and save money.
Many people will think that those things are not worth much. Maybe they will throw it away or give it to someone else because it takes a lot of time to clean it up and sell it. But if you are a little more meticulous and have a monthly cleaning schedule, this will work out very quickly.
And there are also many classifieds sites that sell second-hand items you can take advantage of to save more time.
Take advantage of free events in your community, spend time outdoors or have a movie night with friends for low-cost fun.
START SAVE NOW
Finally, it’s important to start saving as early as possible. You might consider opening a savings account, or setting aside a portion of your income each month for an emergency fund or future expenses. By saving now, you’ll be building a strong financial foundation for the future.
In conclusion, saving money as a teenager is achievable with a little effort and planning.
By creating a budget, cutting back on unnecessary expenses, taking advantage of deals and coupons, finding a part-time job, and starting to save, you can live a frugal and fulfilling life while building a solid financial foundation.
And here’s how to save money as a teenager