Saving money and having control over your money is important as a teen because it builds character and not to mention wealth. It’s a way to get you so far ahead of the game that you’ll be able to basically purchase almost anything you want without having to depend on others.
I remember when I was a teenager trying to scrape together money to do the things that I wanted to do. The allowance that I received every week was almost always gone as soon as it came and I was finding myself asking my parents for the extra money I needed.
My parents always tried teaching me how to save my money, but there were things I always wanted, so saving wasn’t really a priority at the time. Now I understand what they meant.
Do You Manage Money Well?
Many times teenagers and money management seem not to mix well. It’s mostly because some teens are not taught how to manage their money and end up blowing it all on other things. Think about it. Have your parents ever tried talking to you about saving your money and you sort of blow off what they say? As soon as you get some extra money do you spend it right away?
If you answered yes to just one of those questions, you and money management don’t mix well. But that’s alright, because if you want to learn how to save money, you’re entire mindset is going to have to change. I’m here to assist you with that.
Think about whatever it is you’re saving money for. Whether it is a video game, a spring break trip or a birthday gift for someone, think about it. How important is it for you to save your money for that one thing? Are you dedicated to actually putting time forth into saving your money it? If not, then you have a long road ahead of you.
If what you’re saving for is not that important to you, you might find yourself putting saving aside and spending your money frivolously on other things. Then you’ll be back to square one and you don’t want that.
Save, Save, Save
Once you’re sure you want to begin saving, choose a spot where you can hold your savings. If you don’t have a savings account, I suggest you open one. A savings account is a great place for you to put your money because not only is it in a safe place, it can also grow interest there.
Now, any extra money you get put it all into your savings account. Any birthday money you have, your paycheck from work, allowance from mom or dad and additional money from side jobs can all go into your savings account.
Now, everything you make doesn’t have to necessarily go into your savings account if you need some of it to get by. All you have to do is set aside a certain amount that you would like to save if you don’t want to save every last penny. I mean saving just $20 every 2 weeks can add up quickly.
Now that you know of ways to save money, go ahead and get to saving. You’ll be amazed at how much money you have when it’s all said and done.