The teenage years are a time for learning and growing as an individual. It is also the time when we start to take on responsibility, financial or otherwise.
The problems begin when we grow up in a family with no understanding of money at all. We do not know either, so it can be tough to understand things such as budgeting and financial planning.
This can lead to us making bad decisions and spending money… and lots of it! However, we do not have to allow this to happen. We can learn how to manage our money responsibly without breaking the bank in the process.
Here are 5 ways to save money as a teenager without a job
1: Have a Goal
If there is something that you really want to buy, be it an Xbox game or a new pair of trainers for PE class, agree with your parents on how long it will take you to save up for this.
For example, if it costs $50 and you get $20 pocket money each week, it will take you 10 weeks to save up for it. If you decide on a goal like this with your parents, they are more likely to give you extra pocket money so that you can reach this goal sooner.
2: Make a List
Write out a list of things that need regularly doing – such as changing the car oil, the oven element, or servicing the car.
Now work out how much everything costs and multiply this by how many times you do it in one year. For example, if your car needs an oil change every 3 months and each time it costs $50… well, you do not need me to tell you that will be $300 a year!
Look for ways of doing these jobs yourself that will save you money on labor costs.
3: Understand Your Bank Account
When you first receive your own bank account, ask your parents to explain all of the fees associated with different kinds of accounts. If their explanation is too confusing, call up your local bank branch, and they will be able to walk you through it.
Find out if there are any bank accounts for teenagers. These usually come with no minimum balances, free transactions, and better interest rates than regular accounts.
4: Shop Around
If you do need to buy something, make sure that you look around the shops first to get an idea of how much it costs everywhere else. You can save money by buying in bulk too, but just remember that this may not be suitable for everything!
If you know where to buy things cheaply, then you can save a lot of money without even realizing it until next year’s Christmas comes around again.
5: Use Coupons & Discount Codes
Sites like RetailMeNot often have coupon codes available, saving you a lot of money when you shop online.
You can also find discount codes for department stores and high street retailers in the local newspaper and on flyers that come through your door.
Finally, use your mobile phone to scan barcodes in shops. This will bring up a list of other places where it is cheaper to buy this particular item! Not only will you save money, but you will also learn more about how our modern economy works.
Thank you for reading my article. If any teenagers out there would like to add their own thoughts or advice, please feel free to do so in the comments section below…