15 Ways On How To Save Money For Teenagers

ways on how to save money for teenagers fast and effectivelyTeenage years is the time where most of us had our best days of our life. We done things we never done before, and we also happen to make mistakes along the way. And I’m sure one of those mistakes is failure to save money for other reason besides buying something we want.

We’re now in a era where we spend our money faster than ever before. Most teenagers I know would just get there allowance, buy anything they want and ask more money to their parents. Do you think that they are doing the right thing?

Your parents wouldn’t be there to supply you money for the rest of your life, so learning how to value and save money as a teenager can really help you in the future.

Fortunately for you, I’ll be sharing some of the ways on how you can save money as a teenager the right way, so that you can avoid wasting your parent’s hard-earned money.

Ways To Save Money For Teenagers

  1. Know how much allowance you have and…
  2. Make and follow a budget
    Having a budget plan is a great thing to do in order to manage your finances well regardless of your age. Your parent/s may be doing it themselves, so why not ask them how to properly make a budget or you can read my previous post about making the perfect budget plan for you. A budget will help you determine if you’re using your allowance properly, so try to make one yourself as soon as possible.
  3. Live at home
    I know that you want to get out of your home and live on your own because you want to experience a life without any one giving you orders but sometimes you have to be patient and wait. Another 3, 4, 5 or so years, may not be that bad for you. There are couple of good things living with your parents until you graduate can do for you, first, you don’t have to pay for a rent and buy your own food every time. Second, you’ll be a better man and have a brighter future ahead of you because you’ll be monitored by your parents and I still believe that your parents know what is right for you better than any of your friends.
  4. Be discipline and learn to control yourself
  5. Bring your lunch to school
    Brown bagging your lunch can not only save you money but make yourself healthier as well. Studies show that eating fast food meals too much can badly affect your health, though, they can be tastier, they’re not as healthy as home-cooked meal.
  6. Avoid going to the mall
    Malls were built to steal your allowance out of your wallet, just kidding, but they will not give you money either, so I’ll just avoid them if I were you. You can’t even enjoy going to the mall without money, so if you really want to save money as a teenager, stay away from the malls. Invite your friends to your house instead and watch movies there, or you can just go at your friend’s house and hang out there. You’ll be saving a lot of money if you’ll consider this advice.
  7. Read books about finances, instead of wasting your time on computer games
  8. Be with frugal friends
    If you think you’re friends are making you spend more than what you have to, then maybe it’s time to make a change. You don’t want to lose all your allowance just to please them, right? Some of them may not even help you when you go bankrupt. Try to socialize with frugal people and maybe they could teach you some advice on how you can save more money as a teenager. You can still be friends with your former buddies, but try to avoid going out with them for a while.
  9. Know the difference between wants and needs
    It’s not that hard to distinguish one from the other. Just remember that the things you need are those you need to survive and thrive like food, water, a communication device and some knowledge as well, that’s why you’re studying. If you can differentiate your needs and wants, then I can assure you that you’ll be having a easier time saving money as a teenager.
  10. Don’t get a credit card YET
    Credit cards can get you in trouble, if you know what I mean. It gives you the power to spend money you don’t have and if you don’t have a steady and good-paying job, then you might want to study first before you get your first of these. You’re better off having a debit card instead in your high school and college years. You don’t want to mess your credit score while you’re still young, right?
  11. Learn to buy secondhand items
    Maybe you only want to buy brand new items  but you should learn today that buying or owning secondhand items can be better. The most obvious difference between the two is their price, used items are way cheaper than new ones and if you are looking for ways to save money, then you should do this. Some of the used things that has the same use but different value from brand new ones are books, cars and some gadgets as well.
  12. Look for a part-time job
    If you are really serious in building up your savings, then your allowance may not be enough. You could get a job that allows you to still attend your classes and at the same time earn. Tutoring, baby-sitting and car washing are just some of the ways other teenagers earn extra money today.
  13. Apply for a scholarship
    Getting a scholarship can not only be beneficial to you but to your parents as well. We all know how expensive education is nowadays and having a scholarship to finance your education can lessen the financial burden your parents are carrying. You can even have an increase in allowance when you’re a scholar, that means more money to spend save for yourself.
  14. Try to invest
    Maybe you’re wondering why in the heck will you invest try to invest such a very young age. Well, the first reason why you’re about to do this is to increase your savings. Second, is to take advantage of the time you have. You’re young and you can do things older investors can’t do, and that is to make mistakes. Mistakes are the best teacher, and as a teenager looking for ways to save their money, increasing that saved money of yours should be your next goal. By learning how to invest you’ll be a step ahead from other teenagers in your neighborhood.
  15. Read and subscribe to Think Rich. Be Free.

That’s about it when it comes to ways for saving money. But if you want to earn extra money from home, my friend Kyle from The Penny Hoarder has just compiled a huge list of 32 ways you can earn money from home.

Other article I have found that may be useful for you teenagers:

Photo Courtesy of 401(K)2013
About the Author

Hello! My name is Mark and I'm the one responsible for this website. I'm just a person with enough knowledge about finance-related stuffs. You can know more about me by liking my Facebook Page, following me on Twitter or by adding me in one of your circles on Google+.

Comments

  1. Thank you for the mention! I wanted to get out of the house and be independent so bad that I took many side jobs to make it a reality. I think it pushed me to control finances even though I would have saved money at home I would have made less.

    • You’re welcome Pauline! I think you have a very great mindset pushing yourself to earn more and a great site too. It sure wouldn’t be the last time I’ll mention one of your posts because I think they’re interesting and can teach me and my readers a lot.

  2. I definitely think teens could benefit from staying at home instead of moving out for at least a little longer. And of course getting a part time job while they are in school teaches a lot of discipline and money management skills.

  3. When I was a teen I was never a big fan of spending money. I never went out to dinner with friends but I started a few part time businesses.

  4. Great post…this is the first I’ve read here. Anyway, when I hit 18, I hit the ground running. I had no idea what I was going to do for money but, I did have a friend that let me move in! Bigggggg mistake! However, I don’t regret it. The hard times I went through as a result of leaving the nest early somewhat made me who I am today. So, I love the stay home comment! Thanks for the great read!

  5. Hi Mark

    Nice post (I always enjoy reading something that involves a list!).

    I wrote a piece some time back on the psychology of savings (http://www.rollingalpha.com/2013/05/20/the-psychology-of-savings/), and I think you might find it interesting? In a nutshell – I think that understanding the way that we think about saving is a great starting point for trying to work out how to implement some of your suggestions without feeling like you’re missing out on all the fun stuff!

    Thanks again for the post 🙂

  6. Haha #15 is my favorite. I teach the kids to make sure you save more than you spend but make sure you spend some. Its not rewarding to save every dime since the will hate saving if they are allow to do anything with it. I also have them calculate how many hours they would have worked to spend money on something. Most times they are like its not worth buying it. LOL

  7. Hi Mark,
    Teenagers are carefree, adventurous and can be too relaxed at times. What do these young people have to learn? Saving money should be one of their priorities.
    These are awesome tips for youngsters.

  8. Thanks Mark. I know a couple of teenagers who will be getting this article sent to them to check out.

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