How to save money as a teenager or high school student

There are many reasons to save money as a teenager. Whether you’re saving for your first car, college, or a gap year trip around the world, the most important part of saving as a teenager is getting started.

Saving for life goals and big purchases is a great way to understand the value of money and work. And an even greater benefit of learning how to save money as a teenager is that you can start building a saving habit that will last forever.

It’s a much harder lesson to learn when you’re older and have bills and financial commitments. Start while you’re young, however, and you might develop some good, lifelong habits.

If you haven’t started building a savings account yet, it’s never too late to start, whether you’re 13, 19 or somewhere in between. Here are the steps to get started and maintain the habit.

How to save money as a teenager

1. Start by opening a savings account

Open your savings account now and you’ll always have a place to put the money you want to save for later.

If you’re under 18, you probably need a parent to help you set it up. Almost all banks offer savings accounts – ask your parents for a recommendation on where they bank, or do a local shop

credit unions


You’ll probably want to find one with no monthly fee or minimum balance, and a high interest rate is a bonus. Then all you have to do is bring the right documents and sign the paperwork to create one and start saving.

You can also open a savings account online – this usually gives you a higher interest rate.

2. Then use this savings account

As you start using your new account, you’ll learn all about the things you can do with it, such as: B. automating your savings, earning interest and more.

Start using it as soon as you open it. Deposit gifts, a certain amount or any other money you may have lying around each month. It’s no use to you if you forget.

3. Start earning to start saving

There is enough of Ways to make money as a teenager. And it’s not all traditional jobs either – opportunities like creating things that can be resold Etsy and listing unique clothing items depop are flexible enough to adapt to your school schedule and ensure you make money all year round. A summer job can also be a great way to make and save money.

4. Set a goal

It’s a lot harder to do things when you don’t have a goal in mind. Set a specific and measurable goal to make saving easier.

Want $1,000 per degree for a trip? Need a $2,000 down payment on your first car by high school? Break those amounts up into smaller monthly or weekly goals — it makes saving feel more achievable.

5. Create a budget

Knowing how much you need to save to reach your goal also helps you create a clear budget that prioritizes your savings. Getting used to budgeting now will be of great help as you take on more bills and other financial commitments.

6. And stick to the budget

The hardest part about having a budget is sticking to it, and that’s true whether you’re 16 or 66.

Unfortunately, many get into the habit of skipping their monthly savings when they need more cash flow. Breaking this habit early and making saving a necessary part of your monthly expenses will put you one step ahead later in life.

7. Use an app if necessary

Most of us in the digital age find it helpful to be able to see our money and goals right on our phones.

And the good news is that there are many ways to do this. There are all sorts money apps available, like mint for budgeting and other apps that help you save, such as Give yourself a tipwith which you can reward yourself in the form of a tip to your savings account.

8. Find ways to save on your expenses and put those savings away

If you can find ways to save on the things you’ve already spent on, you’ll have a lot more money to save.

With friends to the mall? Browse the clearance sections of your favorite stores to save on the things you would normally buy. Suggest a movie night at home instead of going to the movies.

Then take the money you would have spent and put it in your savings account.

9. Start planning ahead and get motivated

One of the most exciting parts of saving is thinking about what will eventually become of those savings. Think ahead about how you will use the money you save and how you can maximize that money.

If you’re saving for a car, start learn about the costs in connection with owning a vehicle, how to buy one and which car is the right one to you.

And if college savings is your plan, start looking into dual matriculation options and Advanced Placement or International Baccalaureate classes to earn college credits while you’re still in high school, whatever your college expenses can lower.

Doing things today to work toward your savings goal will keep you motivated as you start saving. You’re more likely to do the legwork of saving when your goal is in sight.

Comments are closed.