21 Essential Things To Save Money For As A Teenager
Saving money is not only essential for adults but also teenagers. A teenager with a good saving plan and discipline can diligently manage any money they have, no matter how little it is.
However, often teens may forget the importance of saving money at their age or consider they’re too young for concern. Reality says there’s never a wrong time to start saving for the future as people who learn to save and manage money in their youthful days are less likely to experience financial-related issues down the road.
While most youngsters can love to save money, having a plan will further encourage this. Therefore, parents can have a vital role in encouraging teens to save money and guide them towards saving for things that will positively impact their future.
This post provides a list of items worth saving for in your teen days, plus other important tips to help you be proactive in your money management. There are always things to save money for as a teenager, let’s break them down.
Must-Have Things to Save Up for As a Teen
Deciding on what you’ll buy with your saved money can be tricky for most teenagers. As technology and online shopping snowball, it’s more tempting to use your money on experiences instead of physical items, which may be a good idea depending on what you do.
It may be difficult to decide what to save up for since needs and wants can battle in your head. Once you learn to prioritize your needs over what you want, it gets simple to choose what to save up for.
If you have a hard time picking on things to save for as a teen, the below items can be a great place to start:
These are things that will benefit you over the course of your future. Although some may not necessarily impact you immediately, they are things that may take more time to save for and should be considered as early as possible.
1. A laptop or desktop computer – You can utilize these tools to handle school tasks and other fun activities
2. College expenses such as tuition and boarding fees or textbooks – Saving for college takes time, get a head start by starting early
3. Security deposit and down payment you can use to pay for your first apartment – Although this is thinking very long-term for many, it’s never too early to start thinking about your long-term living situation
4. A used car – it will make it much easier to get around. Don’t forget you’ll also have maintenance expenses
6. Furniture for your first apartment/dorm – You will need somewhere to sleep, sit, and study
7. Travelling expenses – At some point you may want to see some of the world first hand
These are things that can change your life immediately and/or provide experiences that bring you joy. Often these are easier to acquire as they cost less and are more accessible.
9. Air pods for chilling and/or fitness – Music can be life-changing, you may want to listen in style and quality
10. A cell phone and communication plan for steady communication and safety – Seems like a necessity these days
11. School trips – You won’t want to miss out because you forgot to save up for them
12. Clothing shopping – Setting a budget is important, but saving for the budget also is
13. Streaming services – Perhaps Netflix and YouTube are part of your learning or chill time
14. Prom expenses – The expenses seem to be inevitable, be prepared
15. Gym membership – Taking your health seriously is important, the gym is a good start
16. Instruments or lessons for your hobby – Whatever your hobby is don’t forget to save for it
17. Gifts for friends – At some point it’ll catch up to you, you’ll need to buy a gift
18. Health and hygiene supplies – Makeup, creams, deodorants, they all have a price
19. Healthy food and supplements – From Vitamin C to a sandwich, you will need to eat
20. Medication – Hopefully not necessary, but don’t be left without many if it is
21. Fun – You’ll need to get out sometimes. From movies to coffee, be prepared
After deciding what you want to save up for, it’s now time to do some careful planning and calculation. First, you should calculate your total earnings then see how much can remain after spending it on necessities.
From here, it’ll be easy to know the amount you can set aside for saving and recreational purposes. However, your goals should come before leisure activities. Doing this math will also help you know the time you’ll need to save up for the things you have in your goals.
By: Robert Puharich | January 2, 2022 |