Forgot your password?

Why Save Money As a Teenager?

By Edited Oct 12, 2016 0 4

Have you ever gave up your savings because you could not resist a DVD or a book? Or did you ever give up your saving system because a new designer issued a dress or a new laptop was available online? Well it is of wise preparations to own an emergency saving account or even a saving box that will come to good use at some point of your life.

Money Saving Jar

Frankly speaking, giving up old habits and starting a saving regime is somehow difficult, but with some self control and a little bit of courage this could be achieved. There are many reasons that should motivate any teenager to start saving at least 30% of his allowance or sticking to an organised saving system that suits his/her lifestyle. The main reason why a teenager should start saving at an early age is that it acts as a good training so that when he/she graduates and gets immersed into real life, will find it easy to save part of his income and use it wisely.

Furthermore, having a certain amount of your income put aside could help you in buying a certain device or dress that you have been craving for a while. When you hopefully graduate high school and start your college life you are going to be in need of a reliable car, and lets face it most of our parents won't grant you a car unless you are lucky, so it is of good preparations to start saving for this car from the moment you start getting money. Do not think that saving money means that you have to become cheap or start leaving out some necessities out of your life. On the contrary, saving money is to lose out the stuff that got plunged into your life with no obvious, useful reason.

There are several methods that could help you give up some of your expensive reliances. Before buying anything and I mean anything, take a minute and ask yourself a question, "Do I really need this?" unless the item is of vital importance, give yourself a day or two to think about this purchase, if you can survive without this item or find an alternative, then take this chance and add this amount of money to a saving box or some sort of container or even a saving account. Here is a good tip, do not leave the money saved from giving up a purchase in your wallet because then it will urge you to spend it on another item, but if you put it into a sort of holding container it will be out of your easy reach and this will help you save it.

A very common question just popped into my mind while writing. When do I spend the money I saved? or should I just keep saving? It is very helpful to have a wide vision and to look into your future. Think about your needs and put a worthy target in front of you for which you should save money, and if you could not think of something right now just keep saving until you find something that you really want.

To sum up, do not let saving become a burden and turn into a disease that could affect your whole life just have fun while doing it and think of the rewards, also I prefer to try the 50:50 saving technique and it is simply to save half of your income and device the other half wisely to fit your needs. It is easy to start with.



Aug 27, 2010 2:34pm
Having a reward to save for is good incentive. Great article!
Aug 27, 2010 3:53pm
thanks a lot!!!!
Aug 28, 2010 10:31am
Learning the time value of money serves as an incentive to save.
Aug 28, 2010 1:04pm
off coarse but it sometimes leads to people cutting off and becoming cheap, i believe this ideology should be used wisely.
Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Business & Money