It’s safe to say that saving money as a teenager is significantly harder than as an adult. That’s because a teenager rarely makes money so the sense of saving isn’t there
But that doesn’t mean it’s impossible. Teenagers can learn a valuable life lesson if they started saving some percentage of their allowances. Even if teens have no real idea of how to do it, it can be done and in numerous ways.
So, to help you do just that, we’ve come up with 7 ways to save money as a teenager. This article is something of a guide that you can use whenever you need tips and tricks on the topic. We will include a couple of topical strategies, which will make this article THE 2023 guide.
So, without further ado, let’s begin.
1. Open A Savings Account
Chances are that most of you already have a savings account. But for those that don’t, a savings account is quite possibly the best way to save money as a teen.
It can be very hard to motivate yourself and put a proportion of your allowances in the savings account but do know it will come handy in the future.
Regardless if you’re putting $5 or $500, a savings account is a great way to save money.
2. Spend Less
You don’t even have to put a proportion of your allowances in a savings account to be financially smart with your money. All that it takes is to simply lessen your spending.
Spending less money on needless and pointless thing is a brilliant strategy when it comes to being financially smart as a teenager. And while it’s not expected of you to do that, it won’t hurt to acknowledge and recognize the benefits of spending less.
We fully understand that it can be tempting to buy the newest pair of Air Jordan’s or a cool sweater, but think about whether you need it.
Spending less on pointless things doesn’t require anything from you, and you can use the saved money on something more important.
3. Keep Track Of What You Purchase
Keeping track of what you purchase and where you spend your money is a strategy that neither asks you to invest, save, nor even lessen your spending.
It is a strategy that, if the name didn’t give it away, keeps a good record of how and where you spend your money.
Although teenagers rarely go on large shopping sprees or spend excess amounts online, a smart way to be organized with your money is to keep track of them.
This one asks very little of you, just to be honest and smart with every entry. After a week or a month of keeping track, reiterate, and determine how and where you spend most of your money.
This will give you a pretty good idea about the things that you can cut back on.
If you need more help on the topic, here is a great article from thrilld.com on money-saving tips and a great guide on how to save money.
4. Ask Your Parents For Help
If you have difficulties understanding any of this or simply cannot persuade yourself to save money, then maybe it’s time to ask your parents for help.
There are lots of ways of how your parents can help you become more financially smart with your allowances. For example, you could both agree that a small portion of your allowances goes into your savings account as opposed to giving you the entire amount.
There are countless other things to do, but the bottom line is that you can always turn to your parents for help.
5. Get a Summer Job
It’s already summertime and a great way for teens to make a few bucks a day. Since summers are usually boring throughout the day, what better way to start saving money then to take a job that will provide you with some income?
This is something that everyone does or has done it as a teenager, and it should also apply to you. Not only will you be learning work ethics, but you’ll get a taste of what it means to spend your own money.
Once that first paycheck comes around, we’re banking on the idea that you’ll be much more hesitant to spend all of your money earned.
6. Spend Smartly
If you have siblings then a real opportunity presents itself whenever needing to buy something that you can all share.
For example, if you and your siblings love reading comics, watching movies, and even playing with the latest gadgets and gimmicks, then why not share the cost as opposed to purchasing it for yourself?
This is a sound spending strategy that will drastically lower your monthly expenses. If you’ve saved up for the latest PS5, then how about you and your siblings buy it together as opposed to only you?
7. Discounts and Coupons
Discounts and coupons are synonymous with online shoppers, and teenagers are no strangers to it.
Teenagers are very tech-savvy which means only one thing, they will follow the trend of online shopping. But there are a few extra ways for you to significantly lessen the expenses when online shopping.
For example, one of the best things about online shopping is the fact that you can look for discounts to know off a pretty large chunk of the price.
Coupons are also a great way to save a ton of money when online shopping, and there are even websites and platforms that specialize in giving you these coupons.
The online world is full of tips and tricks on how to be financially smart with your money, and teenagers can benefit from these free resources.
While there are countless other tips on the topic, these were out 7 ones that we deemed best when it comes to saving money as a teen. Bottom line is that you should be smart with your money and use every opportunity that presents itself. Since you don’t have the necessary skills to be financially smart, this article is a great resource to provide you with those necessary skills.