Recently updated on October 25th, 2022 at 11:03 am
The post is developed in partnership with BetterHelp.
Saving up for your first major purchase can be difficult, especially if your financial resources are limited. There is hope, though. All you need is a little perseverance and a well-thought-out strategy. Getting what you want is as easy as following these simple suggestions.
1. A Savings Account Is A Good Place To Start
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If you don’t have a lot of money coming in, you may have a hard time motivating yourself to save. However, a contribution of any amount, be it $10 or $100, is helpful.
Decide how much you want to save each day, week, or month, and stick to your plan. It is possible to estimate how long it is going to take to attain your goal using a savings calculator.
Once you’ve set goals, open a savings account with the money you intend to set aside throughout that time period. Having this in place will help alleviate any urge to spend money. Consider saving some of the money you get from part-time job or an allowance. Regularly adding to your account and sticking to your goals promotes solid financial management and smarter spending.
2. Clearly Distinguish Fun Spending Money And Savings Money
You may be tempted to spend the money you’ve saved if you’ve run out of money, even though you’ve put it in a savings account. Don’t mess with it!
In other words, don’t use your money to make regular purchases like groceries or the like. Having a checking and direct deposit account that you may access at any time is the best option. Having a student checking account is an option if you don’t want to carry a lot of cash.
As a result, your objectives will not be in conflict. For the long term, savings accounts are more appropriate than checking accounts, which are better suited for your immediate needs. That’s something to keep in mind.
3. Your Student ID Is Priceless
Your student ID can be so far more than a card with a lousy photo of yourself on it, which you probably never considered. In order to save as much money as possible, it is important to take advantage of all the discounts you are eligible for. It’s also a good idea to keep an eye out for special student discounts and offers. Some shops may not overtly advertise their student discounts, but they are more than willing to supply them if you ask them for them.
4. Get A Part-Time Job During The Summer
You can save money by taking a summer job if you’re old enough to work.
What better way to spend your summer vacation than to earn some extra cash? It prevents you from making ill-advised spending selections with the few funds you have available. When you’re done with school, you’ll still be able to replenish your account.
As a bonus, a summer job is a great way to learn new skills. They can assist you in obtaining better-paying positions in the future. Visit BetterHelp to learn more about navigating the struggles of adolescence.
Saving money is difficult for teenagers, especially if you haven’t developed the necessary skills for a successful career. It’s much more difficult when you’re surrounded by pals who are out and about, shopping for new clothes and planning weekend getaways. In order to be successful, one doesn’t need a large amount of prior expertise. Start small with a fun part-time during the Summer!
It’s a good idea to separate your money from what’s available to spend versus what cannot be touched in your savings account, as well. You can also make use of student privileges, such as apps that make it easier to access your accounts, and you can even turn your interests into sources of income.
Isn’t it exciting, isn’t it? Begin saving for the future now, while the future is still a long way off!