It’s hard to save money for teenagers! Between all of the new movies coming out, the change in fashions from Spring to Summer, and doing fun things with your friends, it can seem like you always end up asking Mom and Dad for cash. If you’re tired of depending on your parents (and trust me, they are too) use these money saving tips and tricks to get your finances in order so you can save more money in the long run.
This one doesn’t just apply to teenagers! Tracking your spending is a really great way to save money because you can finally see what you are spending the most amount of money on. For example, my husband and I tracked our spending for a month and realized that we were spending over $100 on subscription services. Realizing this allowed us to cancel the services we don’t use, saving us money in the long run. Additionally, tracking your spending will better allow you to develop and build a budget based on your spending habits and needs. Apps like Mint can help you track things easier because you can set it up so your bank transactions sync with the app.
It’s never to early to start building credit. Discuss what credit means and good credit habits with your kids before entrusting them with their own credit card. Building credit early can help teens later on as they attempt to buy their first car (at a lower monthly rate!), go to college, or even sign a lease on their first apartment. In some cases, establishing credit can even help teens to make money because many credit providers have rewards programs of some sort. Again, make sure your children know the risks involved with having credit, so they aren’t struggling to make payments over the long term.
Before you spend your hard earned money, check first to see if there is a student discount available. Many fast food restaurants, as well as local and chain stores have student discounts available for college and high-school aged kids. Simply display your student ID upon checkout. Additionally, this is a great resource to see which stores offer student discounts.
Now is also the perfect time to encourage your kids to start saving. Discuss the importance of a savings account (particularly one that provides the account owner with interest back) in case a problem should arise. Encourage your kids to save at least 5-10 percent of their weekly allowance or job earnings. Additionally, introduce your kids to the money-saving envelope system, as explained by Voila Moola.