Saving money is not a piece of cake, and it even becomes more and more difficult when you’re a teenager!
Watching your friends having the time of their lives spending all their pocket money on clothes, new AirPods, or taking weekend trips can also make the saving process more devastating. However, the sooner you start, the faster you’ll learn the ropes of being financially independent.
Why Is it Vital to Start Saving Money When You’re a Teen?!
I’m not unfamiliar with the feeling of satisfaction after you reach your goal with your own money! And it’s hard to ignore how it fosters your self-sufficiency and independence. Rather than that, money-saving is one of the most basic and essential financial skills. Getting into the habit of saving makes your “financial life” simpler when you’re older.
12 Killer Tips Helping you Throughout the Money-Saving Process
After determining its vital role in your life, you might wonder where to begin or how to start. But don’t sweat it because YounGo Money is here to save the day! Keep reading to learn all the tips and aspects of the saving process.
Open a Savings Account
Don’t feel unmotivated if you can only drop £1 in your saving jar! Regardless of the amount you make by doing house chores or summer jobs, consider having a savings account and set a goal for it. For instance, your target can be increasing your bank balance to £100 in a month. It’s up to you!
If you’re still doubtful about having a money pig at home or opening a savings bank account, we must point out that an account lessens the temptation of spending it and helps you learn the necessary financial terms faster.
Don’t Forget Your Saving Goals
As previously mentioned, the money you put aside is for emergencies and essentials. One of the chief factors in saving money is to avoid spending it the moment you’ve run out of cash.
Therefore, it’s better to consider opening another account for your spending aside from your savings. Doing so will prevent your goals from conflicting.
Have a detailed record of your spending
Cutting back on non-essential spending is a great way to have more money in hand for saving. Consider writing down all of your expenses. That way, you’ll be able to track and eliminate unnecessary ones.
Remember to date your list and divide it into categories based on your spending. Predictably, most of you will groan and think of it as tedious homework. Instead of writing, mobile applications can be a more convenient alternative. YounGo Money can be an excellent platform for you to have all of your spending and transactions under control!
Your Parents Can Help
I can imagine the look on your face when you read this title! But, I assure you that it’s not a horrible idea to ask your parents for assistance. If they see how determined you are about saving money, they’ll be OK to add some extra pounds to your monthly allowance.
Do Some Extra Chores
If you don’t like to ask for money, you can offer to do some extra chores like washing the dishes or folding the laundry for more money. There are dozens of housework no one expects you to do. Shovelling snow, watching over your younger sister, or going grocery shopping are good examples of the tasks you can turn into cash!
Student ID, a lesser-known Magic Card!
There are tons of museums, shopping centres, cinemas, etc., that offer a discount to high school or college students. So next time you want to go on a date or spend a fun evening with your besties, you can go to places that accept your ID and enjoy your day at a lower price.
Change Your Screen Saver!
Put a picture of your goals on your phone’s lock screen. Whether it’s an iPhone 13, a brand-new headphone, or an adventure to Paris, seeing their pictures every day motivates you to stick to your goals.
A Three-day Thinking Phase
Before buying anything, take your time and deeply think about it to make a rational decision. You can make a ‘pros and cons’ list or consult it with someone.
Food Costs more than You Can Imagine!
Packing your lunch and snack from home will help you save around £3 per day! It may not seem that much, but the number goes higher if you imagine paying this £3 every day!
Look for Coupons Online
Some stores offer discount coupons for certain holidays like Christmas, Memorial day, etc. You can never know if you don’t search. Simply use Google to find them! Even if it’s not a huge discount, it’s worth it as it may reduce the tax or shipping payment.
Share Your Food!!
“Good food is all the sweeter when shared with good friends.
” Well, in addition to being sweeter, it’s cheaper! I know it may sound odd. But in fact, sharing your coffee, cake, or food with your friends will help you save more money. And if you can’t find anyone to share your food with, you can always choose from the Kids menu! It’s more cost-effective, and you won’t waste food.
Reusing is a top-notch way to avoid wasting money on new clothes or expensive decoration pieces.
Nowadays, lots of YouTube or TikTok videos are out there showing you how to turn your old jeans into cute shorts or plastic spoons into a table lamp! Remodel your old stuff to avoid unnecessary expenses.
As previously mentioned, starting to save money when you’re a teenager can benefit you more than you can imagine! Set a goal, follow these 12 steps, and I guarantee you’ll reach your goal!
If you could think of other saving methods that we didn’t mention, be sure to leave a comment to help us update our list!