5 Money Saving Ideas for Teenagers

Looking for money saving ideas for teenagers and college students? Learn how teenagers can save a lot of money effectively using these saving money ideas written at InvestmentTotal.com. Some reasons why you can’t save money as a teenager is because you are not well motivated and well disciplined in doing it. Saving money is just easy, but doing consistently? It requires you patience and discipline.

See Also: How to Save Money: A Definitive Guide

For the teenagers out there who are reading this short simple article about money saving idea, please do this for your own sake, for your future. If you want to have your first million dollars, be willing to learn how to save your first dollar. Remember, being hard working man can’t guarantee you to become rich, but being a money conscious man can help you succeed financially.

What do I mean by money conscious? Well, take a look of your expenses everyday, where does your money (allowances) spent most of the time? Isn’t it for the things that you only want? What if I will tell you today, that you need to save money for your future to live a life comfortably? What would be your reactions?

As a teenager, your hobbies and interest are not on “money”, few teenagers focus their attention on trends and go with the flow such as playing online games, dating, watching movies, going to dance parties, going to any amusement, drink and doing many things that they will make their life enjoyable.

However, they are not thinking what would happen tomorrow? The sad thing is what you are doing today is your future. Only few teenagers has interest on saving and investing money for their future, if you are one of these teenagers, these money saving ideas can help you to plan your financial future. Keep on reading further.

If Teenagers Will Start Saving Money

There are lots of benefits you can get if you will save money at your young age. I am talking to the teenagers. Saving money will really change your life. You will surpass the outstanding students in your school if you will do these tips. Why do you and other teenagers go to school? Isn’t it because you want to have a good job someday? Why you want a good job? Isn’t it because you want to earn a decent living? Why do you want to earn money? Isn’t it because you want to get rich?

Do you know, in order for you to get rich, you need to train yourself in saving money. The amount of money you save every day or every week or even every month doesn’t matter, the money saving habit does really matter. Train yourself to save money and soon you will become a money smart guy, because from the habit of saving, you will easily train yourself about investing money.

Investing money can help you achieve financial freedom. Someday you will realize that your money is working for you because you invest money at a young age. And you will observe the outstanding students of your high school days, they are still working for money. Isn’t it great to have your money work for you?

You will make your parents to become very proud of you. Believe me they will tell anyone that they have a money smart kid – it’s you.

Things Needed

You need to have a jar or a box, piggy bank and a bank savings account.  If you are below 18 year old teenager, kindly ask your parents to open an “in-trust-for” savings account for you. Some banks call the savings account for teenagers as “junior savings account”

5 Money Saving Ideas for Teenagers

1. Every time you received your school allowances, put a small amount of money in your  jar/box everyday. Put also some money in your piggy bank. And every month, get the money in the jar/box and deposit the money in your savings account.

2. Try to excel in everything. Your parents will love you in making excellent achievements such as in school academics or sports activities. When your parents ask you for what reward do you want to receive for your achievements, instead of asking a Nintendo, new smartphones, laptop, or even a shoes, just tell your parents to give you cash. And put that cash in your savings account.

3. Be productive, at a young age, train yourself to become an entrepreneur. The entrepreneurs are the one who produces jobs not looking for job. As I have said awhile ago, the outstanding students in your school will be surpassed by you because when these students finish college, they will only look for a job. And you as a young entrepreneur, you are providing jobs. It means you are the boss.

4. When you’re making extra income as a teenager, put your earned money in your jar/box, piggy bank and savings account. Sooner, when you want a big amount of money to use as a business capital, you don’t need to borrow money.

5. When you have trained yourself about saving money for your business. Try to take risk, as high risk as you can to maximize the growth of your invested capital, you are too young, therefore you are taking advantages with time and compound interest. Start saving money when you are still a teenager and invest your savings in a business or in different types of investments when you hit the age 20 and keep investing until you reached your retirement age (65).

Imagine if you save $50,000 and invest it, read carefully and study the data to motivate yourself to save and invest at a young age, the article entitled – how much the $50,000 investment after few years?

It also advisable, that you have to be familiar with the different types of investments. So that someday, you are knowledgeable enough on how investing in a particular investment vehicle works.

Financial Tips & Warnings

As a teenager, you have to not only focus your attentions on gimmicks and enjoyments while you are still young. Have some time to learn financial education. Do not believe that if you fail in school you will also fail in the real world. Train yourself while you are a teenager to excel in the real world, in school, money is not the subject matter but in the real world money is always the subject matter.

When you are a married man, try to give your spouse your school diploma when she needs to pay the household bills or tuition fees of your child. What would be your spouse reaction? Now you know, money is always the subject matter in the real world.

Learn Financial Education

Get knowledge and skills about money such as making money, budgeting, money management, money saving tips and investing. Do not rely on savings and working hard. Although working hard is essential to succeed to earn money. However, working hard is not enough to make yourself rich. Try to work smarter by investing your hard earned money so that someday, your money will work hard for you.

So, what can you say about these money saving ideas for teenagers? Are they suitable or effective? Share this with your friends and do not forget to share other ways to save money in the comment box below.