Ways to Save Money for Teenagers

Teenagers have a lot of short term goals like buying the latest gadgets, clothes, pair of shoes, luxury bags and other trendy stuffs. Being a teenager it is very challenging to save money since theres a lot of temptations like going to the clubs and other vices. Spending now is way easier than the previous era in just one click online we can buy stuff.

It is essential that at a very young age we must know how to save money and be responsible with our personal finances. I will round up the best ways to save money for teenagers. 

ways to save money for teenagers


1. Create a budget. One of the best way to save is to create a monthly or weekly budget as you can monitor all your expenses and eliminate or lessen it as soon as possible.

Ways to Save Money for Teenagers
2. If possible live at home. If your house is near to university then better live at your house as everything is free like foods and other necessities. After you finish studying then you can already live alone.

3. Avoid going to malls. Going to malls is one of the traps teenagers can't hardly avoid. Decide to go to the mall if you have something important to buy and make sure that you list them out in order to locate it easily and avoid impulse purchases.

4. Develop financial discipline. This is the best time to develop financial discipline. This is the time to learn how to be financially aware so that when you live by yourself you can handle your finances wisely.

5.Bring snacks and pack lunch to school. As you notice snacks and lunch at school canteens are a bit pricey so its better to bring with you some snacks and lunch.

6. Be with frugal friends. Most of the time we are with our friends so if we are socializing with frugal people then most likely we will be one of them too. They can also teach us some ways to save money as a teenager.

7. Know the difference between wants and needs. If you know what the difference between wants and needs then more likely you can save more money. It is like knowing our priorities.

8. Save atleast 10% of your allowance. I know it is very hard to start saving but 10% percent of your allowance will not hurt you. This is also the start of making savings a habit.

9. Apply for scholarship.There are a lot of scholarships available, look for one you think you are qualified and apply.

10. Buy secondhand items. Learning to buy secondhand items will save you alot. Go to sites like Craigslist and eBay and find good deals. You can but secondhand textbooks which sometimes costs half of the original price.

11. Look for part time jobs. For you to save more then consider looking for a part time job. If you can't save on your allowance then increase the cash flow.
 Related: Best Part-time Jobs for Students  
12. Educate Yourself. Try reading financial books, you can find it online. There are lots of useful financial blogs worth reading.

13. Take Advantage of Discounts. There are some services and products that offer students discount. Look for shops that have at-least 10% discounts for students.

14.  Get a Piggy Bank - I know this is very classic but very effective in terms of disciplining yourself  to save as well as keeper of your excess coins throughout the day.

15. Use your time wisely. Make every minute of your life productive or simply practice time management.

Photo Courtesy: 401kcalculator.org