Saving money is very important. Although it can be tough to allocate some of your money to a savings account, it will definitely be worth it. Why? because if you save money, you will have financial security and freedom and secures you in a financial emergency which will save you from distress. It is good to learn how to save money at an early age. Especially for teens who tend to spend more buying things they want. So if you’re a teen and you wanted to save money, here’s a saving tips for teens that may help you.
List of Saving Tips for Teens
Open a savings account
Opening a savings account is the first move you should do if you want to save. Every time you have extra money, you can put it in your savings account. No matter how small the amount is, as long as you deposit regularly and do not withdraw it, you will definitely accumulate a big amount after a few years of savings.
Monitor your purchases
Shopping is fun, but saving money is best. Monitoring your purchases will help you keep track of your spending habits. If you think that you’re buying something that isn’t useful for you, you may consider delaying that purchase and save the money. Buy things that are only necessary if it isn’t, do not.
Separate saving from your spending money
Allocate money for saving and daily expenses. It is better to put your extra money on your savings account as soon as you have it to ensure that you will not use it for other purposes.
Use your student ID
Your school ID can be useful in many things, including having discounts. Some establishments offer discounts to students. It includes restaurants and transportation. If you know that they are offering discounts for students, then don’t be shy to take advantage of it. Then, you can put the money you save in your savings account.
Get a sideline job
If you have a lot of free time, you may consider getting a sideline job. Then you can put the money that you will earn in your savings account. In addition, aside from earning money to save, you will also learn a piece of new knowledge and gain experience that you can use in the future.
READ: 5 Ways on How Students Can Earn Money
As a final point, saving money isn’t easy. However, if it will save you give you financial freedom then it will be worth it. There will be a time that you will be tempted to use your saving but just be reminded of your goal and focus on it. Remember that you have your parents, friends, and relatives that may help you in case you need some advice and guidance. Being able to save money at a young age is an achievement, so you better start it now.