Well, the first thing that comes to a teen’s mind is how to save money as a teenager. A lot of them search for the steps on wikihow and various other websites. How to manage money as a teenager is one task that they all are always concerned about. Almost all the teenagers out there are without a job but still, everyone wants to save their money that they get from paychecks so as to fulfill their wants.
Even 13-year-olds nowadays have become aware and are trying to save money! Some are even trying to make money from decent side jobs and we applaud them for being hardworking. Well, when you are a student, it becomes quite difficult to manage the side job and studies side by side and after all, this when the money is not spent wisely, it hurts us a lot. THUS!
We have a curated a list of 10 ways to save money as a teenager.
Work on controlling yourself first
First things first, you need to tell yourself that saving money is important for you as well as a wise decision for you. Tell yourself that rather than throwing up all hard earned money on one single thing, you can buy something bigger for yourself afterward.
You can set a comfortable limit for yourself as in just set a feasible amount of money that you are entitled to spend in a month. For instance, If you are getting an amount of 50$ or so, just set a range of $40 that you can spend. The other $10 you can’t touch.
Ask someone you trust to become your piggy bank
Remember that, you need to give your money to someone who is trustworthy and honest. It can be your mommy, daddy or your very close friend. Set a date of deposit for every month. You can also ask them to open a bank account for your guardian.
Never waste on things you don’t need
You might want to have that quirky handbag when you already have one that is brand new and in use. Well, by this we want to convey that it is not a good idea to buy things that you already have while you are saving.
Get a Debit Card instead of Credit Card
Well, if your dad or mom has given you a card to spend from then consider asking them to give you a debit card instead of a credit card because there is a certain limit that you can spend from the debit card and thus that will control your spending factor.
You can take home tuitions
One way to make and save your money as a teenager is to take home tuitions and teach kids. Charge a reasonable tuition charge from them and not a hefty one. Well, you should opt for this for one if you genuinely are good in the subject that you are going to teach.
Buy small sachets and bottles instead of the life-size ones
We know how much you are inclined to that particular shampoo or moisturizer but instead of buying one big bottle for a whole year, you can instead make use of sachets and mini bottles which are reasonable.
Keep a record of what you are spending on
Maintain a diary where you write all your expenses and at the end of the month you can keep a check on what you spend on and revise your habits accordingly.
You can have a childlike piggy bank
Get back to your childhood memories and buy yourself a piggybank that you won’t be able to take money from it until you break it off. Put in it fixed amount of money at a fixed time.
Don’t binge on junk from outside
Control back your junk food eating habits and try and eat at home frequently. Lessening this habit will help you in saving a lot of money.