Ready for a new iPhone or buying your first car? You’re going to need money, and a lot of it. If you’re spending money as soon as you get it, you’ll never be able to make these kinds of big purchases. The tips below will help you save money without leaving you feeling broke.
- 1. Open a savings account. If you’re under the age of 18, a savings account is one of the first bank accounts you are able to open without too much hassle. Depositing a couple bucks a month in a savings account can help you learn how to manage your money.
- Give yourself an allowance. Just because you’re saving money doesn’t mean you can’t spend any. It just means that you have to control your spending. Say you get $30 a week from doing chores around the house. You can set aside $10 of that $30 to save and use the other $20 to spend however you like. Splitting up the money you make into saving and spending helps you create a budget. The earlier in life you learn these skills, the better!
- Make more money. If you find yourself worried about money, think about other ways you can make more cash. Could you do some extra chores around the house? Do you have neighbors who could use some help around their house? There’s plenty of small jobs you could do to make a couple of extra bucks. Just be sure you put that extra dough into your savings account!
- Be smart about your spending. Tracking how you spend your money can reveal a lot of things you may have never realized. If you see that you’re spending the majority of your money on lunch, for example, maybe consider packing your lunch to save a few bucks. Keep an eye out for sales on items you need or opportunities for discounts. There are plenty of places who offer discounts for students, so that terrible student ID picture might be helpful after all!
- Don’t forget why you started saving. If you’re saving money for a really big item, like a car, it’s easy to forget why you started saving. Create a visual reminder for yourself (like a vision board) to keep you on the right track. Saving money is tough, but it’s not impossible!
Saving money for something you really want is tough. The key is to keep your goal in mind and focus on the small things you can do to achieve that goal. The skills you learn while saving money are called “financial literacy” skills. They’ll come in handy once you get a higher paying job (and start saving for those big purchases, like a house!).