10 Money Saving Tips for Teens
When you’re trying to save money the first thing to always consider is where you are spending it. Money seems to go out a lot easier than it comes in.
If you’ve been working at a job you very well know that going to work and surviving a shift is a lot less fun than purchasing something you really want. Now that you have a few dollars, let’s consider where you can save. Here are ten money saving tips for teens to help you get started.
1. Pack a Lunch
Taking the time to go to the store weekly to purchase food that you can make for lunch everyday of the week will add up to save quite a bit of shopping money. Better yet, a lot of saving money.
Not only will it save you money but there’s a good chance you’ll make food choices that are also better for your health.
2. Walk or Ride a bike
As the cost of transportation rises the cost of walking stays the same. Free is a good price.
Organization and effort are often required when walking somewhere as naturally it will take longer but the savings on gas, insurance and/or bus fare will add up. The benefit of exercise is a side product but we’ll take that too.
Riding a bike adds the expense of purchasing one or maintaining it but the commute time is much less. It’s usually a pretty good trade-off as it’s still more cost-effective than driving a vehicle or paying for public transit over the long run.
Again, we’ll take the exercise too.
Splitting costs is always better than doing it yourself. If driving is a must then share the expense when you can. If you own a vehicle you’ll greatly appreciate the help, as will somebody else when you’re riding shotgun.
Perks? Many cities have carpool lanes which will also reduce your commute time. Another perk? You’re doing the environment a favour and your kids will thank you one day.
4. Make Coffee or Tea at Home
A few dollars a day adds up to more dollars per week and even more dollars per month. Not a very difficult formula when you break it down like that.
Purchasing coffee in bulk will cost you a lot less than buying fresh from the shop every day. If you’re buying fancy coffees then you’re looking at a pretty good savings.
With a little bit of extra effort in the morning you’ll have a lot of extra money at the end of the month. Can’t get organized in time to make coffee in the morning? Set it the night before and push the button. It’s the only way I have a chance to make it out the door on time every morning, it works.
5. Find Discount Nights to Hang out
Businesses want you to attend their events and movies so often they provide discounted times, days, and events. Better yet, many businesses have student discounts.
Find out who they are and what is required to attend, then make that your new hangout. Anybody that will give you discounts to be there may be worth visiting. They’re giving you the invite so why not save some money while having fun.
6. Buy Pre-Owned
Access to pre-owned anything has never been better. With various marketplaces online almost anything can be bought used.
No more searching around garage sales or begging people to buy their used video games. Simply log on to your computer and start searching.
Better yet, some will even ship it to your house. When you’re done sell it the same way you bought it and nobody will ever know you had it.
7. Borrow | Buy together | Share
If you’ve ever thought to yourself when am I going to use this, you should probably consider borrowing. If you get bored of things easily you are a great candidate for borrowing.
Sharing your own belongings takes a little more patience but when possible, this can save you large amounts of money if others are willing to do the same.
If the option to borrow is not available you can always consider finding somebody that has the same need as you and buy it together. The power of more than one person is always greater than the power of one.
Split the costs and enjoy the benefits of having the item you need.
8. Buy Items on Sale | Use Coupons
Sales are constantly happening. Whatever it is that you need there’s a good chance it will go on sale at some point. If you have an idea of what you want always search around to compare prices.
With the internet at your fingertips, a simple Google search will go a long way. Find out when sales start and always check out a few sites before purchasing.
Flyers still come to doors, ask your parent or guardian when there is something specific you are looking for so that they can leave the correct flyer for you.
Coupons can be found online or at your door. Coupons are advertisements that come in print form or sometimes email form that will give you a discount if you present it to the cashier, or you can add it as a promo code when checking out online.
Search for coupons and you’ll be able to save many dollars. In fact, it’s such a money saver that there’s been a TV show made about it.
9. Watch Sale Prices After Your Purchase and Get Price Corrections
I’m a chronic sale watcher especially after I’ve made a purchase. Once you’ve made a purchase, if you continue to watch the item and it goes on sale most often you can go back to the store with a receipt and get a price adjustment within a specified amount of time.
Check your receipt for the time frame as it could be short, but it’s worth the little bit of effort. This means that the store will refund you the difference between what you paid and what the new sale price is. Stores can be different so it’s good to have a look at your receipt for a timeline.
Don’t forget to keep your receipt after purchases as without a receipt it most likely won’t work out for you. If you haven’t used the item yet you can simply go back to the store and return it then re-buy it.
10. Return for Deposits
When you return bottles or batteries for a deposit refund you’re actually getting your own money back. A deposit is a small amount of money that you pay upfront to encourage you to return the empty item to the store.
If you didn’t know that you pay a deposit every time you buy a bottle of pop check your receipt the next time you leave the store. Deposits can be anywhere from five cents per can to ten dollars per battery and more.
Saving money for teens and kids can be done in all sorts of ways but there are some simple changes that one can make to start instantly. Organization can play a large part in your decision-making as well as distinguishing between needs and wants.
Planning further ahead and knowing what you need in advance will allow you to be able to look for money-saving opportunities. These money saving tips for teens can be instantly applied so start with one and you may be surprised with the results you start to get.
By: Robert Puharich | February 11, 2021 |