Are you a teen and you haven’t started thinking or educating yourself about savings?Teenage years comes with a lot of freedom, hopes, aspirations and most importantly the feeling of having a lot of years behind. During this period, we find it hard to save because we don’t have financial responsibility hanging on our neck and if care is not taken, we can easily forget about the crucial things in life. Some of us are neither expose to how to make money nor to even think about savings. The habit of saving early in life won’t just fall on your laps without putting in some effort.
Starting your savings journey as a teenager is one of the most important decisions you can make in life. Most of your bills as a teenager will be taken care of by your parents. This is a good opportunity to start learning and practicing how to save because you have few to no bills to cater for. Failure to inculcate savings culture in our lives as we grow up can affect our financial life negatively. As a teenager, you can focus on saving for your future goals without pressure.
Most adults find it difficult to save because they failed to learn the importance of saving while growing up. The act of saving early as a teen can put you ahead of your peers in future. Just picture yourself learning the nitty gritty of cutting down your expenses for the next 10 years. By the time you roll into the third decade of your life, you will be launching yourself into unstoppable wealth. In this article, we will be discussing ways to save money as a teenager;
10 Ways to Start Saving Money as a teenager;
1. Assume financial responsibility. Being responsible for your finance early in life will nudge you towards saving. I mean you won’t like to spend all your hard earned money on outings that will probably cost more money in the long run. Early awareness of your total income in your teens will help you to be mindful of how you are spending and will definitely encourage you to save more.
2. Work when you have free time. As a teenager you have the opportunity of having a lot of free time on your hands. Start learning a skill you can set up as a side gig to make more money. Fiverr is one of the free freelance sites you can register with to make money with your skill. You can pick less demanding jobs like scanning groceries for companies, use your time to document how your peers can get better grades on some subjects, sell things most teenagers love to wear at cheaper prices.
3. Maximize income budget apps early. Take advantage of income budgeting apps available for almost everyone interested. Start budgeting your expenses with these apps to give you a clearer picture of your total income for the month or year.
4. Convert your passion to savings. Teenager years exposes us to our passion discovery, you might be passionate about photography, writing, graphics designing, digital marketing, website and a whole lot. Some people are eager to learn what we do with ease as a skill or hobby. Some are even looking for experts to help them with their goals. These set of passion able skills you might have exhibited naturally can be turned to lifelong careers you can earn and save money on.
5. Reduce the money you spend on junk foods. Curb your cravings for junk food, avoid places that makes you spend more on junk foods. Teenage years comes with a lot of free time that can be maximized well. Pick up some cooking skills to cut down on expenses. Adjust your time to start eating home cooked meals.
6. Avoid places that makes you spend more. Control your excess energy that want you to always go to places that puts a lot of strain on your finances. Learn to always invest your time on something productive that has a pointer towards your future goal.
7. Read financial education books. Lay your hands on financial education books as early as possible. Some websites have variety of books you can invest in to learn how to save as you progress in life. Start honing your skills on financial literacy, this particular skill will help you make better and informed decisions about financial resources.
8. Have a savings plan. Start mapping out your savings with your current financial state. Learn to start saving with the amount what you are comfortable with, maybe you are used to buying 5 wraps of chocolate every week, start reducing it to 3 wraps and save the money for 2 wraps, check other similar places you have been spending this way, start reducing your expenses and increase your savings.
9.Take advantage of your teenage years. When I was in my teens, I couldn’t focus on something I was passionate about because I wasn’t looking within. Don’t take your teenage years for granted, use it to locate a skill you are passionate about. Build on it and start making money with it as early as possible. The earlier you start making money in life, the sooner you will start thinking about saving money.
10. Use your spare time to create something new. You can start creating and inventing new things that can help the world. You can also pick up extra jobs to earn more money that can be converted toward your savings. Start stretching your mind on various ways to be financially free even in your teenage years.
We hope you love this article, check out more tips on how to start saving money as a teenager. Don’t forget to share with family and friends.