5 ways to save money in your teen years so you can have more of it later.
Teens are known for splurging. Of the four major attitudes towards money, “spender” would fit the profile of the average teen. But that doesn’t have to be you. You can learn to have fun and save money at the same time.
So how does a teen save money? Here are five ways to get started:
- Make eating out special. Don’t listen to people who say “never eat out.” That’s extreme. My advice is to save eating out for special occasions and pack lunches during the week. Did you know that spending $10 a day costs you at least $200 a month? That’s $2400 per year. Ouch.
- Shop smart. You don’t need as many new clothes as you think, and when you do, they don’t have to be from the mall. Try visiting outlet locations of major clothing stores, sign up for member’s discounts, and shop local. You can even try going to the thrift stores located near affluent neighborhoods. A lot of people wear quality stuff once and give it away.
- Use YouTube and Netflix. I love going to the movies too, and no, I’m not going to tell you to stop. But I am going to tell you to invite your friends to your place and watch movies on YouTube or Netflix more often. It’s a lot cheaper and can be just as fun.
- Walk, don’t ride. If and whenever you can. You would be amazed how much bus fare adds up. Just $3 a day costs you $84 a month. What could you do with an extra 84 bucks?
- Invest. Invest. Invest. Put your money into something that will make you even more money over time. Start a business, or invest in someone else’s business on condition that you get a cut of the proceeds.