☆How to Save Money as a Teen☆

As a teen, it can be difficult to save money, especially when there are so many tempting products and activities available. However, saving money is an important part of preparing for your future, and there are some simple steps you can take to get started.

First, set a clear savings goal. Decide how much you want to save, and in what timeframe. This will give you a clear target and help keep you motivated. So, if you want to make at least 96k a year, you need to make sure you’re making at least $8,000 a month. To calculate your money, open up the calculator app and multiply 12 (there are 12 months in a year) and the amount that you make a month to get your yearly income! There are many books on money making and saving for teens! Just check out your local library or Amazon!

Next, create a budget. Start by listing all your sources of income, such as a part-time job or allowance. Then, list all your expenses, such as food, clothing, entertainment, and transportation. Make sure to factor in all your expenses, so you can get an accurate picture of where your money is going. You can out aside 10% from every paycheck to your savings!

Once you have a good overview of your finances, look for ways to reduce your spending. Consider cutting back on activities and purchases that are not essential. You may be surprised at how much money you can save by making small changes. Instead of eating out all the time, make a meal at home. Instead of shopping for new clothes, make outfits with the ones you have in your closet! You can still buy things just try to spend and save your money wisely.

Finally, set up a savings plan. Open a bank account specifically for saving money and set up automatic transfers or deposits on a regular basis to help you reach your goal. You can also look into options such as high-interest savings accounts or investment funds. I like to set aside money from my income for savings! I actually got this idea from one of my column writers, Belle! She likes to set aside any bills that are less than $10. What a great idea!

By following these steps, you can start saving money as a teen and get closer to achieving your financial goals.

Thanks for Reading!!

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