In today’s post I am going to cover how to save money as a teenager. Not a lot of young kids in their teens think about saving money, but you reading this post makes you the rare few. If you find this information helpful then consider sending this post to a friend.
Find A Source Of Income
To even think about saving money fast at your age you must first find a way to obtain money. The first thing that every teenager does is ask their parents for money in exchange for some manual labor. Mowing the lawn, cleaning the house, or whatever you can do to make some money.
If that’s not what you feel like doing then maybe try selling chips or candy at school. Make sure that the stuff you sell has good profit margins (and no I’m not talking about selling illegal stuff). I’m pretty sure you can go on amazon or stores near you and compare prices on bulk chips or candy.
You can also go on a little entrepreneurial route and make YouTube videos (gaming, vlogs,etc), sell your services on fiverr, or whatever you can do that doesn’t require any upfront cost (maybe a little bit). I know the goal is to make money but sometimes it takes money to jumpstart what you’re pursuing.
Now if you are not into anything that I just wrote about in the last paragraph, then the next thing to do is save all your birthday money, christmas, and any other money you get for a whole year.
Open up a checking and savings account
The reason that I am suggesting you do both is because putting all your money into just savings account is easy. The hard part is keeping money also in your checking and understanding the value of spending limits. What I mean by that is say you want to go out with your friends and you are going to end up spending some money.
Well if you develop a good habit, you will only spend what you have in your checking because you wouldn’t want to dig into your savings. This will ultimately help you build a healthy habit of budgeting and you become more focus on saving.
If you follow everything that I have provided above then saving money really fast shouldn’t be a problem at all. It all starts with building a desire to save money and become more knowledgeable in personal finance. The younger that you learn about it the better you will be later in life.
I hope that you enjoyed reading this blog post and don’t forget to send it to a friend that would also benefit. I also highly suggest that you read more post that I have written below and start watching videos on investing and saving money. You’ll be thankful later on..