I'm a teenager and i want to learn how to save some money?

Question

Well i want to save some money every week to help start paying on my car and for some new clothes when school roles around. What should i do.?

Answer 1

The number one rule for saving money is to spend less than you earn. Some people do this without any trouble. Some people need to make up a budget to stick to, making sure that "paying yourself" is near the top of the list, i.e. put money in savings before taking care of non-essential items.

Earning more can help, but even that won't help without the self discipline to not spend everything in the bank account and more. So controling spending is the real key.

Answer 2

Before you can save money, you have to earn money.

If you get an allowance from your parents: get a piggy bank and put half your allowance in there. Or get a savings or checking accounts (your parents may need to be cosignors on the account) and deposit the money there - it will be good practice to learn how to handle these accounts now.

If you have a job and earn a paycheck, open a checking or savings account and talk with your employer about direct deposit. Your paycheck can be deposited directly into your checking account without you needing to deposit a check every week. You can have a portion of your pay deposited directly in to a savings account, so it can earn interest for you over the summer.

Another important thing to start practising is budgeting. Figure out how much you earn. Then figure out what you absolutely need to spend on (non-discretionary items like bus fare, lunch money, etc). Figure out how much you need to save by the end of the summer, and then divide that by how many weeks you have until that date - (for example, if you need to save $1000 over 10 weeks, then you need to save $100 every week). Once you've divided up the money you have to spend, look at what you have left and decide how you want to spend it (discretionary items like clothes, music, movies). Focus on your long-term goals and "pay" that account first, before you let yourself spend on the fun stuff.

Answer 3

I don't know how much money you can save before school unless you have a very good job, but if you are saving long term, the main thing is to consistently put money in a savings plan of some kind. You can put it in a savings acct and when the acct builds up, you can transfer to investments of some kind.

Answer 4

Determine approximately how much money you would need to have by a certain deadline.
Then calculate your average income.
This way you could estimate how much money you should save at a certain interval within that time frame and you can also try to refrain from spending your money on nonessential items until that time period is completed.
(I'm a teenager myself - 17 yrs - I have to do this for gas money, school shopping etc)
Time to figure out a budget plan!!

Answer 5

There has never been and never will be a secret to saving money. Simply plan all your spending in advance and don't spend everything your earn.

Answer 6

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Answer 7

ing direct savings acc.