Teenager should save money. Write ways on how teenagers can save money for the future.
Write a continuous writing
Answers
1. Separate spending money from savings
Though you’ve stashed the money you’ve made in a savings account, you might be tempted into thinking you should spend that money if you’ve run out of cash right? No—don’t touch it!
Your savings are for essentials and emergencies, not for more straightforward purchases like food and so on. The smart thing to do is to have a checking (or “transaction account”) and a direct deposit account which you can access on demand. You can always start a student checking account and put some of your money in it in case you don’t want to keep too much cash on you.
This way, your goals won’t be conflicted. Savings accounts are created for the long haul while checking accounts deal with your everyday needs. Always keep that in mind.
2. Keep track of your purchases
You can save money easier if you keep a book of your purchases. That way you have a record of your spending so you know whether you’ve been spending more than you should be. Keep all your receipts and write down your spending totals.
Always date your entries and divide your money into categories, i.e., your income and expenses. If there’s cash that you can’t track for one reason or another, make a note of it and even write small reviews of the things you bought. Once you see some of the figures besides items you purchased, you might realize just how silly it was. Whether it’s a bad movie you watched or a party that bored you to death, you’re more likely to be watchful and selective in your spending.
If you’re not into the old-school method of writing stuff down, you can look into apps like YNAB, Good Budget, and Mint to track your spending. Mint, for example, allows you to see how much you spend and save through charts, graphs, and other graphical illustrations. Furthermore, it will enable you to track your account balance and even breaks down your expenditures into categories.
You can even make use of some of the tools provided by your bank’s own online programs. Many banks are able to categorize your spending and showcase it in easy-to-read charts and graphs. This allows you to see your bank account in real-time and get a better idea how much money you’re spending.
I’ll caution you though, being less invested with your money (pun intended) means you’re less connected to it—and thus you may spend more. By taking the time to track receipts and write down purchases manually, you will be well-informed where all of your dollars are going and will end up being more cautious with your spending.
3.Spend smart
When you spend, it doesn’t mean you have to spend alone. Think about sharing costs with your friends or siblings where you can, whether on magazines, trips, books and so on. Capitalize on any interests you share with people by splitting the things you each want.
Also, try and collect as many coupons and gift cards as you can. If the gifts cards you get are for things you’re not interested in buying, feel free to re-sell them. Gift marketplaces like Raise will be happy to flip them for a fee.