Do you want money in your pocket? Forget about that, do want to be rolling in money in the future? Well, there is a way for teenagers to start early. No need to wait any longer when you can learn to save and get that coin.
Most teens don’t realize that they can start saving money at a very young age; you don’t have to be in your thirties to have good credit and an awesome savings account.
It may sound boring thinking of your financial gain at such a young age, and most teens would rather think about what's trending on Twitter or Instagram; however, none of these apps will help you in the long run.
There are plenty of ways to save, so here are some tips to help you out.
This may sound comical, but get in the habit of saving money. It's something that will teach you early on to put money away in the future. Think of it like this: if you start the habit of saving money now, that habit will always be with you. Every dollar you get, whether it’s a gift, an allowance or pay from a job, get into the habit of saving a portion of it.
Saving half of it would be ideal, and now is the time to start because you don’t have a lot of expenses. The older you get, the harder it can seem to save even 10 percent of your money, but if you started saving much more than that at an early age, it wouldn’t seem as difficult to you because it’s just a habit.
Next, it would be a good idea to track your spending.
One thing that can help contribute is to always separate your money. Money that should be saved tends to disappear when it’s mixed around with money that gets spent.You can get a debit card for your checking account to help with this. Current technology makes it even easier, as you can spend money via your debit card rather than cash so you can easily track your spending.
Another way to save money that most teens don’t know, or have yet to find out, is that your student ID holds many discounts behind the school picture represented.
Somethings you can use your ID for are: Amazon Prime, concerts, sporting events, restaurants, groceries, movies and clothing.
Using your student ID to get discounts makes saving a whole lot easier and ensures that you can put more of what you make in a safe place until you need it. It would also be a good idea to ask about student discounts and deals everywhere you go, so don’t be shy to ask if you’re out splurging.
Following these steps will have your future self thanking you. Let's say if you’re going to college: there will already be cash saved up from while you were in high school, effectively easing your mind.
“If you ask people older than you what their biggest financial regret is, a lot of them will tell you that they wished they had started getting serious about money much earlier than they did. Because doing it only gets harder the older you get” said Investopedia .
This just shows that it's never too early to start saving.
This generation always talks about securing the bag, but do they ever teach you how? Using these tips is just one of the simple ways to make sure you have coin in your pocket. Don’t forget though, while saving can help you in the future, it's okay to treat yourself with the money you earned.