![]() ![]() The hardest part of having a budget is sticking to it, and that's true whether you're 16 or 66. Getting into the habit of budgeting now will be a big help when you take on more bills and other financial responsibilities. If you know how much you need to save in order to meet your goal, you'll also be able to make a clear budget that prioritizes your savings. Want to have $1,000 by graduation for a trip? Need $2,000 as a down payment for your first car by the time you finish high school? Break those amounts into smaller monthly or weekly goals - it will make saving feel more attainable. To make saving easier, make a specific and measurable goal. It's a lot harder to do things when you don't have a goal in mind. Having a summer job can also be a great way to earn and save. ![]() And they're not all traditional jobs, either - opportunities like creating things to sell on Etsy and listing unique clothing items on Depop are flexible enough to fit with your school schedule and keep you earning all year long. There are plenty of ways to make money as a teen. It won't do you any good if you forget about it. ![]() Deposit gifts, a certain amount each month, or any other money you might have laying around. Then, use that savings accountĪs you start to use your new account, you'll learn about all the things you can do with it, like automating your savings, earning interest, and more. Plus, savings balances earn an impressive APY. With Step Banking teens can build credit while learning responsible money habits. You can also looking into opening a savings account online - you can typically get a higher interest rate that way. Then, you'll just need to bring the right documents and sign the paperwork to set one up to start saving. You'll probably want to find one without a monthly fee or minimum balance requirement, and a high interest rate is a bonus. Almost all banks offer savings accounts - ask your parents where they do their banking for a recommendation, or look into local credit unions. If you're under age 18, you'll likely need a parent to help you set it up. Start your savings account now, and you'll always have a place to put the money you want to save for later. Here are the steps to get started, and how to keep the habit going. If you haven't already started to build a savings account, it's never too late to get going, whether you're 13, 19, or anywhere in between. Start while you're young, though, and you might develop some good, lifelong habits. It's a much harder lesson to learn when you're older and have bills and financial obligations. And an even bigger benefit of learning how to save money as a teenager is that you can start building a savings habit that will last forever. Saving for life goals and big purchases is a great way to start to understand the value of money and work. Whether you're looking to save for your first car, college, or a gap-year trip around the world, the most important part of saving as a teen is getting started. There are plenty of reasons to save money as a teenager. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |