Teaching about saving money for teens can be a valuable asset for your teenager. Here is a guide on how to save money as a teenager. Saving money will help you to invest it and grow it multiple times.
And if you respect money, then money will respect you. If you want to be financially stable in your early twenties or thirties, then make sure you save money to invest.
If you don’t know how to save money, this guide will take you step by step through how to save your money as a teenager.
There may be things to save for as a teenager, like buying your dream car, having a luxurious vacation, a holiday package, or any gift to your loved ones. In all cases, saving money will help you to feel better.
We have shared 15 practical tips and ways for teenagers to save money with (or Without a job ).
So, let’s start with how to save money as a teenager-
How to save money as a teenager?
Here are endless ways to save money. But you don’t know which one works for you. Don’t worry tips we have shared here are the kind of laws that works for everyone very well. You can try any of them to save a significant amount of money over time.
Before starting your saving journey, you need some things which are essential for that. Let’s have a look at that.
Start a saving account-
Having your saving account helps you to secure your money. And having a saving account makes you disciplined to save money every day, month, and year by year.
If you are below 18, take your parents’ help to get a saving account. Here, my point is saving accounts will help you to save money subconsciously. You always remember that you have a saving account.
And I advised you to deposit any amount of at least $1 every month in this saving account. Slowly you will be saving more than it. And you can open a saving account in any credit union.
But I recommend you open a saving account in a bank that charges the minimum fee and provides you with low maintenance and allows you to keep a low balance. And for that, you can discuss with your parents which bank they use.
Get a job-
To save money, you need to have cash or any earning medium that pays you some money.
If you don’t get sufficient spending money, you can get a job or make money with passive income apps. There are many types of easy employment you can do as a teenager that also don’t require special skills and knowledge or any degree.
Even there are jobs for 12-year-olds to make a living.
If you are retired then, there are legit and low-stress jobs after retirement to make $2000/month easily.
If you feel unmotivated for a job, there are the best high-paying jobs for unmotivated people.
Must read- How to make money fast as a kid? 40 best ways to make $2000/month
Do housework-
You can do housework in your house and get paid for it. Or you can do housework in your neighborhood to make some money and start saving today.
Sell online-
Selling online can make you real money every day. If you wonder where to sell then, you can sell on sites like eBay, amazon.
There are 30+ best things to sell on eBay for profit to skyrocket your income.
People are now selling feet pics online.
Now, what else do you need? You can sell feet pics on craigslist. Also, you can do a side hustle for some income.
There are impressive side hustle ideas for moms for side income.
You can also sell short stories on Amazon If you are good at writing.
Find a part-time job-
If you don’t want to work full-time, then part-time jobs better suit you. You can find part-time jobs in your nearby local areas, like any shop, showroom, restaurant, or cafeteria.
There are freelancing websites like Fiverr where you can get freelancing jobs and take a part-time job.
Start working today and start saving today onwards for a better tomorrow.
There are 60 ways to make money without a job as a teenager.
You can also try copy-paste jobs without investment.
Set a goal-
Having a purpose in your saving journey is a must. You must know how much you need to save from this month and by the end of this year.
Your route plan for saving must be clear and achievable.
If you don’t have a saving goal for yourself, it’s like you are continuously walking but don’t know where you are going or where you need to go.
Having a plan makes you alienated from it and helps you become better discipline in financial situations.
Must read- 15 Best Ways To Get Paid To Watch Videos Make $1000 /month Easily
How to save money as a teenager without a job
Create a vision board or wallpaper–
A vision board or wallpaper always reminds you about your saving journey. I advised you to keep your vision board in your wallet, where you sit, live, and sleep.
So, every moment it reminds you of saving money and helps you stay strict to achieve your saving goal as earliest as possible.
Start a savings account–
As I mentioned earlier, start a saving account. Saving accounts are a must for you. In my opinion, keep your saving aside from everything.
If you are not eligible now, start a saving account with your parent’s document and start depositing in it.
Explore platforms that let you buy and sell second-hand items –
Being on a saving journey and saving money, you can prefer a platform that allows you to buy or sell second-hand items. Suppose you have some things which are not of much use to you.
Then sell them and save some space and money. Or if you want to buy something, try to find an excellent second-hand item and use it. You can save at least 40 to 70 % of item costs.
Separate spending money from savings–
This habit will lead you to significant differences. You must keep your savings in different accounts.
Suppose you are a salaried person. You get a paycheck of $5000 per month as a salary.
And you save 20% of your monthly income, then as soon as you get your paycheck first, save $1000. After saving then, you live on the rest of the amount.
Use your student ID–
As a teenager, you get many advantages, like some websites, apps, and places give discounts to students.
So, if you are in school or college, use your student id to save money on the same thing, which can be higher in costs.
Use a coupon code extension for your browser.
To save more money, you should search for coupons and extensions for any product online. Whatever you want to buy online, there are many product coupons.
So, before purchasing anything, you should search for its coupons; this way, you can save a lot of money.
Many coupon sites provide 10 to 40% direct off. The same product will cost you lower than its actual price. And the saved money can be used for anything you want.
Must read-Top 37 Amazing Side Hustles For Retirees To Make Money
Top 10 money-saving tips for teens
Ask your parents–
My first tip to save money as a teenager is to ask your parents how to save money. Yes, it works 100%.
Your parents are more knowledgeable and experienced with things they can guide you where you can save your money.
You can ask your parents where to invest, how to save money, what are the ways to make money, where you can get a job, and which career is best suitable for you.
So, ask your parents and start saving money from today onwards.
Take surveys or join focus groups–
When it comes to saving money, many studies show how you can save more money with less spending.
As human beings, everyone buys things getting attracted to them. And at last, we ended up buying many things even which are not that essential for us today.
So, joining a focus group or survey will help you analyze your spending. And you will also understand how marketing works. You will be able to detect yourself for buying many unwanted tins.
Must read 20 best survey sites to make money online in 2022
Take advantage of student discounts–
Being a student, it is your right to take advantage of students. There are many places and sites where students get extra off. So, start taking these advances also.
Spend smart-
Spending smart means spending your money on essential things or on things that are important to buy.
So, I advise you to make a shopping list always. This way, you will quickly understand which containers you need to buy for survival. Always have a look at your shopping list, whether online or offline shopping.
Pick a Budget Buddy–
Budget buddy is a tracker which tracks all your spending, investments, and savings. It will help you to look at your finance in one place.
There are many budgeting apps in the market. You can download any one of them and start budgeting yourself.
The more accurate your budget will be, the more money you save, so the budgeting app will help you a lot more.
I always recommend the M1 finance app to invest money.
Hide your debit/credit card and use cash–
Hiding your debit or credit cards will help you to save more money. No, I’m not kidding you. It’s a psychical pattern.
When we use a debit or credit card for shopping, we don’t realize that we are running out of money. While using cash for shopping gives you that feeling.
When you use something with cash, you take your money out of your pocket and give it to the seller.
Then you always have a look at your money. And you know that you have that amount of money now.
It gives you a running out of your-budget feeling. And this way you will be able to save more. And subconsciously, you will buy the required items.
Find out when to splurge–
Sometimes splurging can save some percent of your money, but you must know where to splurge. It means you can go to such a marketplace and buy such products at low prices with splurging.
Must read- Easy way to get paid to be an online friend- ($50 per hour)
Track your spending–
Tracking your spending means knowing where you spend your money, like groceries, clothing, mobile, dining, or outside.
To track your spending and you will come to know that or feel you spend your money on things that are not required much crucial at this moment for you.
So, tracking can be a milestone for your saving journey.
Wait for some days before buying-
It means whenever you want to buy something, stop yourself for at least 15 days, or you can stop for 30 days, then you will realize whether it is a necessity for me or just another spending money habit.
Sometimes we buy things just for enjoyment or fun. But once you stop yourself for 30 days, you realize the importance of that thing in your life. So, stop spending unnecessary money on habitual containers.
Use the 50/30/20 rule-
If you genuinely want to save your money, then this 50/30/20 rule can be beneficial for you to save your money as a teenager. This rule explains below mentioned-
50% of your income for your essential things like rent, dining, or other necessary things
30% of your income for your want like travel, buying a new iPhone, or going on a date
20% of your income for your saving or investments
This is the base level to save more if your monthly earnings are enough. You can adjust as per your requirements, like 20% for living, 30% for wants, and 50% for investments or savings.
But make sure you at least follow the baseline for this rule.
Summary-
Well, many teenagers wonder if saving money for teens is not a possible or a hard thing to do. But in our this guide has mentioned many money-saving tips for teens.
Every money-saving information is the best way to save money as a teenager. And there are many things to save money for as a teenager, like going to favorite restaurants, dates, vacations, favorite travel, visits, or it may be anything for you.
I hope our guide covered how to save money your money as a teenager query properly.