5 Ways to Save Money as a Teen

If you are a teenager trying to save money or just have some extra cash, then these tips are for you!

Lauren Nelson, Staff Writer

1. Start a Savings Account

Starting a savings account may seem like the obvious thing to do, but many teenagers don’t realize the benefits of having one. Instead of letting money pile up in a piggy bank or a shoebox under your bed, consider opening a savings account. When your money is in a saving account, it is constantly earning interest, and hey, who doesn’t want a little more money? Another benefit of putting money into a savings account is you don’t have the temptation of taking money out of your savings. It is much more of a hassle to take money out of the bank as opposed to a piggy bank.


2. Separate your Spending Money from your Savings

A good way to make sure you are saving a good amount of money is to save money as soon as you get it. Whether it be depositing your paycheck or cold hard cash, put an amount of your choice away. Depending on how much money you want to save, you can decide what percentage of your earnings you want to save. As for me personally, I am saving for a car and for college, so I put 50% of everything I make into my savings account. It is totally up to you how much you want to save, but instantly putting money away ensures that you aren’t spending everything you earn right away. 


3. Get a Summer Job

Having a steady job is the best way to make sure you have a good income, and summer is the best time to do just that. Without the stress of school and assignments piling up, you have all the time you want to work. Many local businesses hire high school students to work during the summer. Whether it be at an ice cream shop, restaurant, or your family-owned business, summer is the perfect time to log some hours and make some money. 


4. Have a Side Hustle

Having a few side jobs is a great way to save up extra money; this is especially helpful during the school year. Obviously, during the school year, most of your time is occupied, whether it be by class, homework, or extracurricular activities. Since there is no time for a full-time job, consider getting a part-time job, babysitting, dogsitting, tutoring, etc. This is a great way to make money but still focus on your academics. 


5. Spend Money Wisely

Making smart decisions when it comes to spending money is super important. Although this is not directly saving money, it is a part of it. If you have put a portion of your earnings into savings and quickly go through your spending money, it is tempting to take money out of your savings. If you make smart choices by determining your wants from needs, you will be less likely to want to spend more and more. Make sure to treat yourself because you worked hard, but try not to go overboard; Starbucks a few times a month is a treat, but Starbucks every day is a stretch.