It's hard to save money as a teenager, particularly when you have friends who are out on weekend trips and buying new clothes. But that isn't impossible. Here's how it can save kids.
The article is part of a series where adolescents are taught basic personal finance concepts. At Money Under 30 we agree that being financially responsible is never too early; we hope this series will be a good starting point.
You have big dreams as a kid, whether it's a new iPhone, the trip you've set your sights on, or bigger aspirations like buying your first car. Your parents may help you get some of these things along the way but saving your own money toward these goals makes it more satisfying to achieve them.
Here's how teens can save: Description 1. In This Post. Start a savings account As young YouTube fans like Emily Wass will tell you, if you're not earning much, you might feel conflicted or unmotivated to put money into your savings account. But it can benefit no matter if this is $10 or $100.

Set saving goals and stick to them, whether it's for each day, week or month. A Savings Calculator will give you an indication of how long your target will take.

Quick savings tracker Investment growth and interest savings. See how much you can save: Calculate by: Monthly Deposit Savings Target Once you've set targets, put the money you're planning to save into your account for that time. That will help to reduce any spending pressure. When you work part-time in your local supermarket, or just get a bonus, set some of it aside.



Contributing regularly to your account and meeting the goals provides sound financial discipline and encourages better spending habits.

For starters saving with Marcus would be the perfect bank. They currently offer an APY of 2.25% which is in the top 1% of all national banks and there is no minimum deposit needed to open the account. Beyond savings, Marcus also has a range of available CD's designed to get you everywhere you need to go.


There are no monthly maintenance costs for the Marcus savings account and your account balance will only rise.

2. Separate spending money from savings Although you've stashed the money you've made on a savings account, maybe you're tempted to think if you've run out of cash right? No — touche it not!

Your investments are for needs and emergencies, not for more simple expenses such as food, etc. The smart thing you have to do is have a check (or "transaction account" and a direct deposit account that you can access on request. If you don't want to keep too much cash on you, you can always start a student checking account and put some of your money in it.

That way, there won't be any tension with your goals. Savings accounts are designed for the long haul when account reviews tackle your everyday needs. Keep that in mind forever.

3. Keep track of your purchases By keeping a record of your purchases you can save money better. That way you've got a record of your expenses and you know if you've spent more than you should. Save all your receipts, and write down your total expenditure.

Label your entries also, and split your money into sections, i.e. your income and expenses. If there's cash for one cause or another that you can't track, make a note of it and even write small reviews of the items you've bought. When you see some of the figures besides things you've ordered, you may realize just how dumb it was. Whether it's a bad film you've watched, or a party that has bored you to death, your spending is more likely to be watchful and cautious.

If you're not writing stuff down in the old-school process, you should look at apps like YNAB, Good Budget and Mint to track your spending. For example, Mint lets you see how much you're spending and saving through charts, graphs, and other graphic illustrations. It will also allow you to track your account balance and even break down your spending into categories.

Also check: IOB Net Banking

You can even use some of the tools provided by the online programs that are your own bank. Most banks will categorize the expenses and show them in easy-to-read charts and graphs. It gives you the opportunity to see your bank account in real time and get a better idea of how much money you spend.

However, I'm going to warn you, being less involved with your money (pun intended) means you're less attached to it — and so you could spend more. In taking the time to carefully track receipts and write down transactions, you'll be well aware where all of your dollars are going and will end up being more careful about your spending.

4. Ask your parents Yes, you can hear the groan all-around while you are looking at this suggestion. Nevertheless, when trying to save a few bucks, it is not a bad thing to ask your parents for help.

If you add something to your account, you will ask your parents to match your weekly or monthly savings. You can ask them to donate $100 at the month-end if you put aside $25 a week for the month and show your parents that you've stuck to that goal. Once you have shown them you are serious about putting money aside, they will reach out and support. Asking them isn't ashamed.

5. Do housework If you're too proud to ask for help from your parents, and want to turn something you don't like into a money maker, offer to do more housework for more money. Fold sheets, wash dishes, vacuum, all those stuff that you don't really like to do. You can also take a regular look at your little brother or sister.

You can also give your neighbors to buy groceries and help them around their homes for a fee, as well as to mow their lawns or shovel snow. Convert the tasks to cash ratings, if possible.

6. Use your student ID Another concept that you may not have thought much about, your student ID can be so much more than just a card with a photo of yourself that is less than flattering. It can get you up to 10 per cent off at Urban Outfitters, Charlotte Russe, and some of your other favorite stores, as Seventeen Magazine suggests.

Using all the savings you can make it much easier to save and make sure you can put some of what you're doing in a safe place until you need it. It would also be a good idea to ask anywhere you go about the student discounts and offers. Many businesses may not advertise their student discounts freely but if you inquire, they would be more than happy to provide them.

7. Spend smart If you're investing it doesn't mean you have to spend on your own. Talk of sharing expenses wherever you can with your friends or family, whether on newspapers, holidays, books etc. Capitalize on any desires you share with individuals by dividing the items you want each.

Try collecting as many coupons and gift cards as you can too. If the gift cards you get are for items you do not want to purchase, feel free to re-sell them. Gift marketplaces such as Raise will be happy to flip them at a rate.

8. Get a summer job If you're old enough, having a summer job will help save some extra cash if need be.

If during your summer vacation you have no significant plans why not make money? This stops you from making regrettable choices with whatever budget you may have or with little income. Plus, it allows you to keep youraccount(s) replenished until it's time to hit the books again.

Summer jobs are a perfect opportunity to gain experience too. In the future they will help you get better jobs that offer higher salaries.

Overview It's hard to save money as a teenager particularly if you haven't developed the skills to make it into the working world. It's also difficult when you have friends who are out on weekend trips buying new clothes. But who said you need a wealth of experience in order to bring fortune?

Improvising helps, as well as keeping track of how much you spend on distinct records. There are also benefits you can use to your benefit as a student, apps to help you manage your accounts, and you can even turn your hobbies into revenue-makers.

Sounds funny, don't they? Start saving for your future while you are well ahead of your budget!

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