How to Save Money as a Teen

I am what you could say a save-a-holic! I love to save my money! I guess you could say its a lot better than the alternative, but when I have gift cards from my 10th birthday and I am 13 you could say I am a little crazy about saving! But I do know a lot of people my age that cannot save money at all, they will spend everything they have. So today I am going to share some tips to help you start saving more money!

Budget how much you want to spend for certain things. The way I do this is I have envelopes with different labels on them(ex. New phone, spending, offering, and etc.) and when ever I get money I add to my envelopes. I don't divide my money equally into the envelopes, I just add to each one based on how much money I need to spend for that category. For example with school coming up, I added more money to my shopping envelope so I would have more money for clothes.

Allow yourself to spend some money. This one might sound ridiculous because I am sharing tips about how to save money but I'm telling you to spend it, but it really is true. If you allow yourself just a tad bit of spending money in a week or month, it will allow you to get something you want or need but at the same time you still have some money saved up.

Put a certain percent of everything you earn into to a savings account you cannot touch. For example, I put 25% of everything I earn into a savings account in which I cannot touch. Your percent can be lower or higher than this, what ever works best in budget.

Don't go spend it right away. I know this is pretty obvious but don't earn $5 for taking out the trash and them go ask your mom to take you to the store!

Thats all I have for you today. Now, if you have any tips on making money, feel free to let me know! I still haven't figured that one out yet! So I hope y'all found these tips helpful! Leave down in the comments what y'all do to save your money! Thanks so much for reading, have a great week!

xo, Jordan

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1 comment:

  1. Congrats! It's amazing how being so young you have tips to save, when i was your age I spent every dollar i received lol... now with double of your age i can say i do the same envelopes thing! For me works perfect too :)


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