7 Ways to Save Money as a Teenager

Saving money as a teenager is tough, particularly when you have friends who are shopping maniacs or love to go on weekend outings. However, it isn’t impossible. You know that money isn’t everything and it is surely not at the foundation of all pleasure. Then again, when routine expenses are due or when unforeseen overheads hit, you feel like the whole world is sitting on your shoulders. Shockingly, more than 80% of teenagers are unaware of how to manage money. Money management starts when you know the proper time to start saving money. Don’t wait until you become an adult to begin saving. Start saving money as a teenager and get a grip on your financial future.

There are several reasons to start saving money during your teen years. Firstly, saving money is a good habit to get into, especially when you start your career. Secondly, you learn about financial security which is something many (even adults) do not know very well. Thirdly, it helps you to be financially independent. Fourthly, it allows you to save for bigger spending such as going on a trip or buying a smartphone or a video game. Fifthly, it supports your college expenses or tuition fees. Last but not the least, it teaches you how to deal with banks and learn banking terms.

Here are seven ways in which you can make an attempt to save money:

Think about what you want to do with your money

Many people do not attain their financial objectives or are incapable of saving money. The main reason for this is that they do not know what they want to do with the money. Do you want to save for college expenses or to purchase your own laptop or buy a vehicle?

Cover of the May 2022 issue of The Teenager Today featuring Rohan Singhal

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Shivanand Pandit, based in Goa, is a tax specialist, financial adviser, guest faculty and public speaker.

Shivanand Pandit

Shivanand Pandit, based in Goa, is a tax specialist, financial adviser, guest faculty and public speaker.