how to save my money for a teenaged boy?

Question

im a teenaged boy who makes 7.15 and hour and work 48 hours a month sometimes a little more. its only partime but whenever i recieve my paycheck right away im on the internet looking to but xbox 360 games or what ever. i dont want andyone else to hold my money i just want to hide it in my room some were. sadly i havent saved anything since the june when i started working. hlep me thanks in advance

Answer 1

THis will be VERY hard for ANY person regardless of age to do but I want you to seriously think about this. Since you sterted working in June, how many hours have you worked and what do you have to show for it?
You are just starting out on your "working career" and have already learned how to spend everything you make every payday. This is what is known as "living paycheck to paycheck" is this REALY how you want to spend the rest of your life?
Look at your parents and see how they manage money. Most people work their WHOLE lives for money and NEVER learn to have money work for them. And that is what you should try thinking about. Instead of "How do I save moeny" turn it into "How do I have money work FOR me?"
Every hour you spend at work you are TRADING that hour of your life for the money you get paid. If you blow that money on games, cars, toys, etc. then all you have done is to get older and live longer; nothing gets better, you do not get richer, you simply get older.
If you want to get richer, work less then you need to start having money earn money and not use labor to get money. This is done using your HEAD and not your back.
So how do you make money work for you? First you save some money instead of spending it as soon as you get it and then put it to work FOR you. Maybe you go to a flea market and buy things for 1 buck and sell them online for 3 bucks. Maybe you buy things that go UP in value over time and not down, like collectibles, coins, stamps, stocks, houses.
The poor stay poor because they work with their backs doing manual labor and spending 100% of what they make every week. That is what you are doing and where you are headed right now.
The middle class work using their brains and college education to earn a paycheck and then spend 110% of what they make using credit cards.
The rich do NOT work for money. The rich MANGAGE their money and force money to work for them. They buy, create, and sell business's. They sell stock in their companies on the stock market and let the middleclass buy the stock from brokers. They also go to college but they take different class's. They learn to manage money, business management so that they can OWN the corporate ladder and let the middleclass fight over climbing that ladder.
If you want to be poor, keep spending every paycheck every payday. If you want to be middleclass then go to college and start climbing the ladder. If you want to be rich then use your mind to see oppurtunity to make money work for you and not you work for money. Get jobs for what you can learn and not what you can earn.

Answer 2

You need to make up your mind to take a percentage of you money every month and put it aside. It may take you a little longer to get what you want on the internet, but in the end it will be worth it. We started our son doing this at an early age and he is now 23 and has a house, a new truck, a sea doo and tons of clothes, computers and just about everything current that is out there and he still has mucho bucks in the bank. By the way he pays all his own bills too. You can do this if you really want to. Just set a goal. Good luck to you.

Answer 3

First of all, you will always be broke if the first thing you do is look to SPEND your money. If you are serious about saving money then you need to open some type of investment account. The main goal of saving money is to make your money double itself, and that takes time and a high interest rate (anything under 9.5% is a loss long-term). The sooner you start concentrating on investing the sooner you will be able to retire and become financially independant. If you only remember one thing, remember this: If you always do what you've always done, you'll always get what you've always gotten. Change is not always a bad thing.

Answer 4

Many banks have accounts for Young adults such as yourself and you can maybe have direct deposit so that check never touches your hands and reminds you to spend it instead you can leave your money in a checking or a savings and even earn some interest. Let it prepare you for adulthood so that you can learn now to be responsible and not an impulsive shopper!! Good Luck and good job on looking at your options!

Answer 5

Think of something big that you really really want, more than just Xbox games, something bigger and more expensive. Every time you get a paycheck, think of that bigger goal, and you'll have more incentive to save the money.

Answer 6

Take $100 out of each months pay and buy a savings bond.

You can hide that is your room and cash it in when the time is up.
This way, it is yours and no one can cash it in and it is harder to spend so you will save it longer.

They can be cashed in before time if needed.