5 Money Saving Tips for Teens
Trying to save money when you are a teenager is not the easiest thing to do. First of all, there are countless things that you want and plenty of friends trying to goad you into getting them. Secondly, you probably don’t have a ton of income coming in to start with. This unique mixture of circumstances keeps most teens broke or close to it for most of their school years.
But it doesn’t have to be that way.
There are plenty of money saving tips for teens that can change that situation drastically. They work no matter how small your income might be and they will help you create good habits for the rest of your life.
Don’t spend for weekend fun every time
Teens spend money to do things on the weekend all the time and they simply don’t have to. Sure, the occasional movie is well worth the cash. Most of the time though, you can save that money and still have a great time. Head out to the local park, go play tennis or some other sport, or simply hang out at a favorite spot. There are countless things you can do without spending your small budget.
Carpool as much as possible
If you do decide to go anywhere, make sure you share expenses where rides are concerned. Gas money burns up cash quick these days and car repairs only add to that. Carpool wherever you go and be careful to share gas expenses as well.
Learn the power of buying used
Buying used is a huge savings and that goes for lots of things that teens buy. Clothes at the thrift store, used cars instead of new and used sports equipment all make a ton of sense when you are still learning to earn and save. Often, the used items are nicer than what you can afford new anyway. Why spend the extra money on something when you don’t have to?
Put back for retirement…yes, retirement
The one thing older people wish most often where money was concerned was that they wish they had saved money while they still lived at home. When you save for your retirement in the right kind of programs, your money has a ton of time to grow and compound interest explodes. Saving for your retirement as a teen could give you a wonderful head start towards being wealthy when you get a bit older.
Figure out your calling before college
Most teens wait until they get to college before they realize what they want to do. This means they end up switching things around and costing themselves even more cash towards student loans. Those student loans follow you for your entire life. The last thing you want to do is load them up and waste the cash. Figure out what you want to do ahead of time…attend some trade shows, visit businesses and ask to learn, volunteer to learn about different jobs and do some research. You will quickly start to see what interests you the most.
Check out this DVD from Dave Ramsey to help Teens!
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