7 Tips to Save Money for Teenagers

Being young doesn’t excuse anybody from saving. The younger you start, the farther you’ll go. You have more time to spend, more energy to use, more enthusiasm and optimism to strive harder, and more active to look for more opportunities to stash whatever you can. Teenagers nowadays simply do not run of any reasons to spend whatever money they can hold on to, the same reason why saving is a priority, much like your boyfriend or girlfriend.

Consider the possibilities and find all the opportunities. Saving from your mere allowance won’t allow you to gain full financial independence by the time you reach college. That is unless daddy ranks higher in the corporate ladder that money matter doesn’t even make sense at home. Here are seven tips to teach teenagers how to save money.

Being young is not an excuse to not save money
(Photo courtesy of www.freedigitalphotos.net)

1. Open an account

Banks offer a specific type of bank account for teenagers, and even kids. It usually has lower maintaining balance and allows deposits of any amounts. Some banks even give freebies, like free pass to exclusive parties or concerts meant for teenagers, and other vouchers. They serve as good motivation to continue saving up. Later on, you will be impressed at how productive you have become in the course of your frugal days.

2. Use your time productively to make money

For example, you can earn when you are not in school by babysitting your neighbor’s kids. You can also have your own little source of income by using your talent to create items that will generate income. Rather than go shopping with your friends, it is best to wisely use your idle hours in more productive and lucrative ventures, which is a great idea if you have talent for the arts. You can draw, paint, crochet, sculpt, and whatever and wherever your creative mind sways you, and sell it afterwards on eBay or Etsy. Etsy is a new hot place for selling crafts and artsy stuff.

There are successful jewelry designers who started by learning through kiddie DIY bead making books. Why can't you do the same? Youtube tutorials are also very helpful. You can find anything you need, from step-by-step tutorials on how to make accessories, to cooking or baking easy-to-do pastries.

Don’t be ashamed of productive activities that are not exactly considered fun by your peers. Jensen Ackles of the Supernatural fame started doing commercials and print ad campaigns as a teenager, only to be bullied by his schoolmates for his appearances. Guess who came home laughing when his schoolmates ogled in envy as he drove to school in a new car one day?

3. Just stop using credit card

At an early age, teenagers should be taught how to be responsible with their own spending habits. It might be enjoyable to have your daddy let you swipe extension card as you hunt for the new fashion craze, but let’s be realistic, you know that sooner or later, you have to stop depending on your parents’ paycheck. The best way for teenagers to learn how to save money is to learn how to control spending. And spending here only refers to actual cash, not credit.

Credit card is a ticket to financial breakdown. Discipline is essential in using it the right way, but Amazon and eBay just make it so hard to do. Stay on the safe side, will you? Just say no to credit cards until you can pay them on your own.

4. Bring the right amount of money with you

I don’t see any reason for a high school student to bring too much at school, like he’s about to pay the utility bills or pass by the grocery store for household needs. If you are serious about saving money, save yourself from the temptation of spending too much by not having anything to spend for what’s not necessary. This way, you know that you’re safe in spite of passing by your favorite boutique.

5. Do garage sales

Teenagers love to stash—old DVDs, old toys, old clothes and costumes, old skateboards, anything. You can open a savings account from selling old items that you no longer need. There shouldn’t be any problem unless you are a hoarder or too emotionally attach to let go of anything from your past. Don’t be too mushy over childhood memories for you to move on and fully grow. Your mom will probably throw away most of your things anyway as soon as you leave for college or move out with your boyfriend or girlfriend. Start a garage sale and who knows, you might fall in love with the job and become a professional garage sale manager.

You can learn more about being a professional garage sale manager here.

6. Join school clubs and grab a scholarship

Study hard for a grade worthy of a scholarship. If academics is not your thing, try athletics, arts, performing arts, journalism, or anything that will actually give you scholarship. Your parents or student loan might be able to pay your tuition, but you can always allot the budget for something else if you have other means to go to school. In the process, you can save thousands of dollars just by studying hard.

7. Start a blog and monetize it

Since teenagers have a lot in their head—premature love life, peer pressure, overwhelming school requirements, family issues, acne, virginity and raging hormones—you also have a lot of things to write about. Other teenagers love to read blogs that they can relate with, and you might be an instant hit in your community, with a chance to earn of course. Attracting huge traffic is the first step in monetizing your blog. It might not earn you a cent in the first few weeks or months, but just continue building your content and readership, and you might wake up one morning earning $500 a month. Not bad for a hobby, right?

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