Money saving tips for a teenager?

[fishepa]

Re: Money saving tips for a teenager?

Start a Roth IRA. There will be no social security by the time you want to retire.

[Jano]

Re: Money saving tips for a teenager?

As a person in a similar situation I say that you set an amount you are goin to save from every paycheck. 50% 25% 10% whatever just set an amount and stick to it.

The good thing about your situation is you already got a vehicle so most of the things you want aren't going to be nearly as expensive as that I would assume. I'm still tryin to get my own car so I'm saving a lot from each paycheck.

Other then saving from money from each paycheck I would also start to make notes of things that you know you will want to buy in the future. And try and stick to that list, if something new comes up add that to the list and take something else off. Also try and set specific dates for when you want that PS3 or whatever and stick to it. Any money you have before that date should be used on simpler things like food.

This way you'll be spending your money more consciously instead of just impulse buying. And its like Madskillz said evaluate the things you want to buy before you do it. Things like a laptop can benefit you a lot in college. Where as League Pass may not be worth it because your future schedule may not allow you enough time to watch it.

[mattlanta]

Re: Money saving tips for a teenager?

I also forgot to mention that with the MLB League Pass and the NBA League Pass, I live in the New England region and I am a Braves/Hawks fan. So the games I watch from the investment is usually because I don't have their games regularly televised from where I live.

There are a lot of good tips here and I appreciate all of your responses. What I think I'll do is to keep track of all my purchases and my checks and make myself a budget. Not having to go over $100 or so every month, and if I do go over it then I'll just deduct from the next month's budget. So if I spend $120 this month, I'll only spend $80 next month. I'll have some backup cash with me at all times but the rest of it will be in the bank.

[ehh]

Re: Money saving tips for a teenager?

I would save 25% of whatever you have left for spare spending cash. You're only young once, enjoy it while you still can. Take road trips, travel, party while you still can.

Just don't buy tons of useless stuff and try to evaluate each potential purchase. Do you really need another DVD or another pair of sneakers (or anything along those lines)? If you have extra money then save it, don't spend money just to spend it. I feel like that's where a lot of kids go wrong. They have an extra couple hundred bucks so they go out and by four video games that they don't really want or need.

Planning never hurts either. If you know what video games you want, what clothing you want, etc then plan out the next six months of expected purchases and try not to deviate from it. Impulse buying can kill you.

The League Pass type stuff is tough to evaluate, it's not worth it to me but it may be to you.

[jetercanoturn2]

Re: Money saving tips for a teenager?

Yea basically Mattlanta your young man, your in good shape, don't feel guilty about spending you hard earned cash, enjoy it, just don't blow it like ehh said. There's things out there that we don't need, but are still worth buying. It seems like everything you listed is not really impulse buying or just buying something for the hell of it. You seem to know what you want and are aware enough to understand value of money. Not something I can say about alot of people your age. And when you get your first plastic don't abuse it, I'd even argue to not even get a credit card, those things are just so tempting, I know when I was 17 which wasn't that long ago lol It was tempting having that power in your hands to buy the newest pair of Jordans or a stereo or something expensive and say I'll pay it at the end of the month, it's just tempting even if you don't have the money.

Anyway point is enjoy your damn money, alot of people are so tight with it, and just don't enjoy some of the nicer things in life. Just play with your money in moderation, and you will be fine.

[SuperBowlNachos]

Re: Money saving tips for a teenager?

Don't buy cokes when going out to eat. That's an extra $1.50-$2.50 right there per meal. I drink nothing but water. That saves me at least $10 a week

[~LiverpoolRed~]

Re: Money saving tips for a teenager?

Don't buy cokes when going out to eat. That's an extra $1.50-$2.50 right there per meal. I drink nothing but water. That saves me at least $10 a week

I do the exact same thing. Good thinking.

[Gotmadskillzson]

Re: Money saving tips for a teenager?

Hell when I am going out to eat I don't want water, I want a coke or lemonade. But then again I don't eat out that much either.

[Lava]

Re: Money saving tips for a teenager?

Buy some books and DVD's by Dave Ramsey. You will learn all sorts of money saving advice that you can carry with you through out your life. And when your older you'll be a lot better off.

This. If nothing else, at least check them out from your local library and read through them.

You won't regret it.

[matt8204]

Re: Money saving tips for a teenager?

This. If nothing else, at least check them out from your local library and read through them.

You won't regret it.

"You're Broke Because You Want To Be" by Larry Winget is also pretty good. I like his no-nonsense, common sense approach.

[Nivek]

Re: Money saving tips for a teenager?

Instead of focusing on saving money, find more avenues to make money. I use to be on a budget, but now I have the mentality of a 'hustler' and I couldn't be happier.

I work a 9to5, but I still find time to make money on the side. I go out to retirement homes and teach the elderly how to use the computer. During the winter season, I put up adds on craigslist about plowing driveways. I also put up adds around my block around January about removing christmas lights and the such.

The number one rule to hustling is you have to capitalize on other people's laziness. You'll be amazed at how much money you can make on the side so you don't HAVE to budget.

[matt8204]

Re: Money saving tips for a teenager?

Instead of focusing on saving money, find more avenues to make money. I use to be on a budget, but now I have the mentality of a 'hustler' and I couldn't be happier.

I work a 9to5, but I still find time to make money on the side. I go out to retirement homes and teach the elderly how to use the computer. During the winter season, I put up adds on craigslist about plowing driveways. I also put up adds around my block around January about removing christmas lights and the such.

The number one rule to hustling is you have to capitalize on other people's laziness. You'll be amazed at how much money you can make on the side so you don't HAVE to budget.

Another good strategy; the money is out there for those who want it and don't mind hustling, as you said. Still, I don't think it's ever good to abuse your wealth. There's nothing worse than hearing about someone who had lots of money and squandered it.

[Nivek]

Re: Money saving tips for a teenager?

Another good strategy; the money is out there for those who want it and don't mind hustling, as you said. Still, I don't think it's ever good to abuse your wealth. There's nothing worse than hearing about someone who had lots of money and squandered it.

I completely agree...you still need to save, but you don't have to budget if you've got multiple streams of cash coming in.

[SuperBowlNachos]

Re: Money saving tips for a teenager?

For making money, if you are into sports try contacting your local youth leagues about umpiring. Basketball, baseball, softball ect. You can make a crap load. The youth baseball league here pays $30 a game for coach pitch baseball. You literally just stand there for an hour and just manage the game. You will have to spend probably $100 in uniform, but that would be made up on one Saturday obviously.

[mattlanta]

Re: Money saving tips for a teenager?

Instead of focusing on saving money, find more avenues to make money. I use to be on a budget, but now I have the mentality of a 'hustler' and I couldn't be happier.

I work a 9to5, but I still find time to make money on the side. I go out to retirement homes and teach the elderly how to use the computer. During the winter season, I put up adds on craigslist about plowing driveways. I also put up adds around my block around January about removing christmas lights and the such.

The number one rule to hustling is you have to capitalize on other people's laziness. You'll be amazed at how much money you can make on the side so you don't HAVE to budget.

lol hustler!