How to Save Your Money for the Future: Five Savings Tips for Teens



What are you saving for? A car? College? No matter what your money goals might be, you need to know how to save your money for the future so you can have the money you need to get the things you want.

Whether you get your cash from a weekly allowance or toil away at a part time job, the money that comes in should be managed wisely. We have five tips that will help you save cash and put you on track for a sound financial future.


How to Save Your Money for the Future: Five Savings Tips for Teens


1. Whether you get a $10 check for your birthday or make $50 a week at a part-time job, get in the habit of putting a portion of that money aside for savings. You can go with a consistent percentage, like 10% or 25%, or you can simply take a few dollars out and put it away.

Consistently putting money into savings like this will grow your dollars faster than you might think. For example, if you put just two dollars a week into your piggy bank, by the end of the year, you will have $104 saved.

Some years back someone did a study that showed how easy it is for people to become wealthy. It showed that just by saving the money you would spend on 2 cans of soda a day and investing it into a business you can become rich in a matter of years.

2. If you really want to save your money for the future, you might try cutting out your trips to Starbucks or McDonald's every week. While this is an admirable strategy, completely cutting out something you love in favor of saving cash isn't always the easiest goal to set. Instead, start with baby steps like cutting your Starbucks trips from four to two visits a week and placing the money you don't spend into your savings fund. By cutting spending back instead of out completely, you will be more likely to meet your goals and save consistently.

3. It's a simple fact; when you don't have it, you won't spend it. While it is a good idea to always have a few dollars in your wallet for emergencies, you don't need to flash a wad of cash every time you walk out of your house. Take only what you need, and leave the rest at home in a piggy bank or in your savings account where you will actually have to visit the bank to get at it.

4. When you manage to save some cash, take the money to the bank and open up a savings account. Most banks will waive minimum balance requirements for minors, but you will still reap the benefits that the account offers.

5. Want to see your cash double? Ask your parents to match the amount you put into your savings account dollar for dollar. This means that if you make a deposit of $10, your parents will deposit the same amount for a total of $20. Your parents get to reward you for your sound money management skills in a tangible way and you get to see your savings account grow exponentially. It's a win-win!

Knowing how to save your money for the future may seem like a lofty goal that you will never be able to meet, but by breaking down the goal into smaller manageable amounts, you will see your money grow at a slow and steady pace. Follow these tips, save a little every day and you will seriously reap the rewards of your sound money management!



    

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