If you are in your teens and want to buy something really special, you must read this article and start saving! Here you will find all the information you must know about saving. Keep reading and buy that special item!
If you are in your teens and want to buy something really special, you must read this article and start saving. Here you will find all the information you must know about saving. Keep reading and buy that special item!
It can be hard to save for your first big buy—especially when cash is limited. But it’s not impossible. You just need a little patience and a plan. Here are some simple ideas to help you get that thing you’ve been dreaming about.
Maybe you’re dying for the latest tablet or a new guitar. Do some research to find out exactly where you can get the best deal and how much it will cost. Then see if your parents might chip in. Once you know how much you’ll need to cover, shoot for saving a little more than that to pay the sales tax and for any extras like a protective case for the tablet.
If you’re eyeing a bigger purchase, like your first car, ask your parents to consider matching contributions, which could supercharge your savings. It also shows how serious you are about your goal—which could earn you extra brownie points.
Start by taking your purchase amount and subtracting any savings you already have set aside. Then, based on when you want to make your purchase, divide the remaining balance you need by the number of weeks until your purchase. That’s how much you have to put away each week to meet your goal.
Secondly, if you don’t have a bank account, this could be a good time to open one with your parents’ help. You might ask them to deposit your allowance there or if you have a paycheck, set up a direct deposit. That way, you’ll have to take extra steps if you decide to withdraw money, curbing the urge to spend.
To get a good handle on where your money goes, keep a spending diary for a month or two. It could be as simple as writing down the cost of every purchase in a notebook, or you could use an app that tracks your spending. Once you get started, you may find you like knowing where your money is going.
Check your progress every couple of weeks. If you’re not saving as quickly as you’d like, you might ask your supervisor about adding hours at your job, offer to do more chores around the house, or take on a big project at home, like getting the garden ready for a change of season or cleaning out the garage, in exchange for a bigger allowance, or look for a side gig, like petsitting or washing cars in your neighborhood.