Advice for Saving Money as a Teen
Looking over all the possible ways of being responsible when it comes to saving money, it seems that you need lots of discipline. For example, instead of buying your 15th pair of jeans that you don’t need. Look in your closet and see if you really need them. While yes, sometimes you can get bored with your clothes, see if you can sell or donate before you buy a new pair. This can go for not only your jeans but clothes in general.
My second piece of advice would be to set a goal each month. For example, each month set an amount of money you want to save, for example, 200 dollars or more. While at first it may be tempting to spend this money, saving a short amount of money each time and building an emergency fund, or it can go towards funding your college tuition.
And lastly, with the economy right now, saving money can sometimes be hard, especially with everything twice as expensive as it used to be, which is something you can take into consideration when it seems like you don’t have enough money saved. But with this, it’s able to build good habits. For example, limiting yourself to getting fast food every day, while at first that 20-dollar meal seems nothing, now it can be a start to your savings. While at first, saving money may seem hard, it’s all about having consistency, and putting money aside can have a great impact on your future.
Saving your money can be hard, especially in high school. Even if you have a job, it can sometimes feel like you are constantly spending your money. From personal experience, going out to eat with friends is by far the most money-draining aspect of high school. With the ability to go off campus for lunch and students getting their licenses, everyone wants to go out to eat almost all the time. However, it doesn’t have to be this way. One piece of advice is not to eat out, or to limit yourself to a certain number of times per week or month. Even smaller differences add up, so not spending too much money can benefit you in the long run.
Another expensive aspect of high school is clothing. Every time the season changes, everyone wants to buy a whole new closet for school, but that is extremely unrealistic, despite what you see online. One way to be intentional about what you buy is to buy clothes you know you will wear, and that fit your budget. This will save money, which can be set aside for the future or for something more expensive you really want.
The last piece of advice for saving money in high school is to make a rule or budget for yourself to follow. For example, the 50/30/20 rule says to allocate 50% of the money you make towards needs/regular expenses (gas, clothes, beauty products), 30% for wants (food, social activities, other wants), and 20% for savings. This allows you to hold yourself accountable for your money and spending, and it will not just disappear by your next paycheck.