Every person realizes they need money at some point in their lives. For most, that happens in our teenage years when we want to go out and have some fun. It is hard when you are depending on someone else to give you some cash, and the allowance our parents give us, is usually not enough. When you are a teen, it is hard to keep track of your money and it may seem even harder to save some.
Luckily for you, there are so many different ways you can save up some cash and buy that thing you’ve always wanted. No matter if it is the new phone, if you want to upgrade your computer or if you want a new jacket that your parents say it’s too expensive, you can do it on your own! Check out these tips we have for you and you will be able to achieve your goals in no time.
Get a part-time job
The easiest way to get some new cash flowing is to get a part-time job. There are a lot of things that you can do. If you are good at math, or history, you can help your peers pass their exam. You can also give some lessons to people younger than you. The great thing about this is that you decide when you are free and you decide how many people you want to tutor.
The same goes for babysitting. It is something easy you can do and you won’t need to spend too many hours doing that. Plus, you can get your books and when the kids are sleeping, you can spend that time doing your homework. It’s a win-win. You will get some extra money, plus you will finish your homework while someone else is paying for that.
It may seem like you are giving your freedom up, but in reality, if you spend just a few hours per day doing something, you will have more money and you will have bigger freedom.
Eat at home
When you realize how much money you are spending on food, you will be in awe. The things we have at home, we decide to get outside. If you want that huge burger that costs 20ish dollars, you can tell your parents to make and you will spend nothing on it.
And it is like that for every food. If you have a sweet tooth, you can make some cool candy bars at home and you can bring them with you to school. This way you will spend some quality time with your parents as they help you cook. You will spend nothing on that and you will still end up having the dessert you want without wasting any money.
When you switch to eating at home instead of eating out, you will realize that you can save more than 100 dollars per week without even trying. This does not mean that you will have to give up that delicious pizza or to stop ordering food. Just try to limit that to once or twice per week instead of every day.
Track your money
If your parents give you an allowance, or if you have a part-time job, then you need to track where that money is going.
Get an app on your phone or a program on your laptop that will help you learn how much money you are getting every week and what you are spending it on. As you can read more here, flowcharts are a great way to track expenses, they are easy to use and they look so clean.
If you get this habit now, it will help you a lot as an adult. You will find out where you spend the most and you will see if you really need those things. Going out with your friends every night may be fun, but it definitely takes a toll on your budget. Instead of going to a restaurant or a café, you can gather at someone’s home. That way you will save money and you will still be able to hang out with your friends.
When you track your money, you will see where you spend the most and you will find out how to cut those costs. If you spend the most on food, that’s easy! If you spend the most on transportation, continue reading to find out how to cut those costs. The same goes for games, tickets, and so on. Replace expensive hobbies with something that won’t cost that much. Also, why not try shopping around on your utilities, things like your cell phone provider are a great place to start and why not try tools like this calculator to see where you can save.
Don’t drive, walk!
In some places, public transport is free for teenagers, in some, it is not. If you live in a country where you have to pay for transport, choose to walk. The same goes if you are driving. The freedom you get when you get a car is amazing, but the costs are not. If you don’t want to give your car up, then talk with your friends and share the bill for petrol.
If you opt for walking to school or the mall, you will not only save some cash on gas, but you will also get some exercise. This way you won’t have to give extra money to go to the gym. Get a bike (they cost a lot less than a used car, and they don’t come with extra expenses), and ride it. You will get that perfect body for the prom and you will save so much doing that.
Before you start saving money, you need to write down why you want to do that. Is it because you want the new phone, is it because you want to save up to buy a car? You can ask your parents to meet you half-way and help you out with your goal. However, if you don’t want to do that, you can make a plan on how to save up on your own.
Start by writing out your goal and how much time you have to get the cash. Calculate how much you’d need to save per month to get the thing you want. It is actually not as hard as you think it is, and once you change your habits you will realize you are getting closer to the goal every day. Good luck!