How To Save Money As A Teenager

It can be challenging to save money as a teenager, especially when your income is low. Keeping up with all of the newest trends and staying entertained is definitely an expensive task, no matter what age you are. As a teenager or young adult, it’s likely that you’ll have big aspirations and goals, often much bigger than you can currently afford. For most young people, they may focus on saving for their first car, or even something as small as buying a new pair of shoes. Even though you may have people around you to assist with your finances, it is important to learn along the way and start gaining the necessary financial skills for your future. Saving money is something that sticks with us throughout life; the stronger your saving and budgeting skills are, the stronger your overall financial skills will be.

Opening a Bank Account

Similarly to a child’s account, as a teenager, you can only open an account while being accompanied by a parent or legal guardian. However, once the teenager is 16 years old or older, they will not need a parent’s or guardian’s consent to apply for a debit card. Despite being very restricted in the features that come with a teen bank account, the concept of saving and spending money can teach very valuable lessons. Individuals will be able to shop both online and offline without having to carry around cash. As well, if needed, they can also get cash from an ATM using their card.

Asking Your Family

As a teenager is learning about the value of money and figuring out how the concept works, many families may choose to offer their kids some sort of weekly allowance. Others may award their children money for doing chores and jobs around the house as a thank-you for helping out. However, if you’re not already dealing with any of these, asking your family for a little bit of extra cash once in a while won’t hurt. On the other hand, asking your family for tips on how to save money can definitely help. As your family has analysed how you learned growing up, they might have a rough idea of which saving methods could work best for you and your skills.

As you become more aware of your finances and build your skills, you will soon understand the dangers of debt. Debt is a problem that millions of people around the world experience. Even though it isn’t as common for teenagers, it is still possible. Unfortunately, at this age, young individuals cannot opt for help elsewhere, such as payday or bad credit loans. However, once you pass the age of 18, if you find yourself in a financial emergency with no answers, perhaps this is a route you could consider.

Part Time Jobs

As we mentioned previously, keeping up with the latest trends is expensive. Whether you’re wanting the latest iPhone or a new wardrobe, the expenses can soon get way out of hand. Part-time jobs are a great way to boost your income, help you afford everything you want, or perhaps enable you to save for your future. If you don’t have plans for this upcoming summer and you’re old enough to become employed, this might be a path to consider. You can find jobs in your local area using notice boards, flyers and even online through websites like Snagajob.