Hello friends! Being a teen seems really exciting when you are younger and see all of the “big kids” doing cool stuff, like going to concerts or driving up to the beach, but then you realize that you’ll need some moola to do those things. I realized this a few years ago and started saving up so I could have tons of fun in my high school years, while having a good amount of saving during college. Today I’m going to help you with something that I find myself very good at, saving money. Now, I’m talking more about how to budget and save responsibly, but I do also hit on how to save a few dollars when purchasing items. Either way, whether you’re saving up for a car, trip, or just in case, these tips will help you spend responsibly.
Use gift cards whenever possible
Always check to see if you have a gift card/certificate to any places you plan on visiting. Have some Visa gift cards lying around/ Great! Use them for online purchases because it gives you a limit. They’re also a great way to spend money without going through your cash. It’s often really easy to spend more than you should online because you can’t see yourself handing over bills, the same thing goes for debit/credit cards.
Be a smart shopper
Do your research – don’t settle just because you liked the first option you found. Let’s say you were going to buy bath bombs, so you go to google and type in “bath bombs.” There are almost 2 million results, which can feel a tad overwhelming. Now, you want to click on the first one you find appealing and read up on ingredients and reviews – are they good? How’s the price? Even if you love this option, keep searching, you can always go back, but you want to make sure that you didn’t spend more than you had too or that you didn’t find one that you absolutely loved. OH! If you are looking for a specific clothing time, you can head on over to Poshmark, or another second-hand website, and see if anyone is selling what you are looking for! Most of the time, you can find an item brand new with tags for 25% off or a gently used one for as much as 50% off of retail price!!
psst… you can get a $10 credit at poshmark when you use my code “MEGHAN_L_SELLS” when signing up!!!!
Track your money
Does anyone else think counting money is fun? I mean, sometimes it can be stressful when you come out with much less than you expected, but most of the time I find it therapeutic. Counting your money is the first step in tracking your finances. After you know how much you have, you can start to keep track of how much goes in or out. I’ve been using Roster Money for quite some time and I really like it! It’s a really simple app that helps you log your spending and earning. If you’re super creative, you can also make a cute spreadsheet to track your money on paper.
Opt for activities that don’t require spending
I am notorious for this one. My friends always suggest doing things that require spending money, and I am not here for it. If you aren’t in a position to spend money multiple times a week while out with friends, tell them! They will most likely understand and you can do other things with your time together, like having a picnic with some food from home, or just chilling in someone’s backyard.
Assign your earning to spending or saving
Designating money for spending and saving is crucial. A great thing to do is to always stash 50%, or really any amount that you find appropriate, of money that you make into savings. Doing this will ensure that you always have money in your savings, so when you want to go on a trip, or run out of gas money, you don’t have to panic. Consider putting the money that you deem as “savings” into a savings account so you don’t touch it until you need it.
Those are the top five tips that I think will help you save your money! They’ve worked really well for me, so much so that I could afford to pay for 75% of my trip to Europe at just 14 years old! (Thinking back, that really wasn’t the best decision financially, but what am I going to do about it now?) Anyway, let me know what you’re saving up for and how you spend/manage your money as a teen! Have a great day and happy savings!