Saving for your first significant purchase is difficult, especially when money is tight. The good news is that you can do anything if you have a strategy and the willpower to do it. Check out our advice on how to save money as a teen, whether you're hoping to upgrade your phone or land the next big career.
1. Make a budget for teens to keep track of your spending.
A budget could seem a little frightening. However, managing your finances can be as easy as writing down every penny you spend over the course of a week or a month. You could discover that this is a good place to start because the majority of us prefer to spend more money on the weekends.
Setting boundaries and goals comes when you have a general understanding of where your money flows. Download the Suncorp App and test Dollar Tracker if you have an everyday Suncorp Bank account. Your expenditure will be divided into 14 distinct categories, such as apparel, entertainment, and food, with this simple and free service.
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2. Increase your savings rate.
Whether your objective is to purchase a car or stay up with the latest technology, start with a goal and break it down into manageable chunks that can add up over time. Here are some strategies you may use to boost your savings:
- Bring your lunch to work or school rather than purchasing it every day as a substitute for any regular spending.
- Think about unusual jobs that friends or family could need assistance with, like mowing the lawn, watching the kids, or walking the dog. Always talk to your parent or other primary caregiver before beginning any new projects.
- Love clothes? The best method to satisfy your need for fashion without going broke is to visit your neighborhood thrift store.
The secret to keeping something is to feel good about it. The same holds true for saving. Personalize the names of your accounts to serve as a reminder of the wonderful things you are saving for, or keep pictures of your goals close at hand to stay inspired. By visualizing your objectives, you might be able to stop any impulsive spending.
3. Find the right bank account
One of the most important first steps in building your savings is selecting the ideal bank and account type. Some accounts, like the Everyday Options account from Suncorp, allow for both saving and regular banking activities. You can open up to nine extra savings subaccounts with this standard account. With the help of this functionality, you can save money for particular costs in their own sub-account, which may earn interest as your balance rises. You may be able to resist the need to spend money if you save it in a separate account. Be aware that opening an account may require approval from your legal guardian if you are a younger account holder. All Suncorp bank accounts also provide you access to Suncorp Benefits, which give you the opportunity to receive savings of up to 15% at renowned retailers like Myer and JB Hi-Fi.
4. Make the most of student discounts
Your student ID card is more than simply a card with a cringe-worthy picture of you on it. You can get discounts like reduced cinema tickets and discounted public transportation by using it as well. Many establishments and services may advertise that they provide student discounts, but if you're interested in what's available or need more details, it doesn't hurt to inquire or do a little Googling.
The Department of Human Services can assist you in your search for any financial benefits that might be available to you as a young person, whether or not you are currently enrolled in school and regardless of whether you are eligible for payments or services supplied by the government. For instance, just like a student ID, Centrelink's low-income Health Care Card entitles you to reduced community services.
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5. Consider getting a part-time job
For many young Australians, working a part-time job is a necessary transition. If you're a student, you might be able to find consistent part-time job in the business, hotel, or retail sectors. If these industries don't suit your interests, you could look into others and see if anyone is recruiting there.
Making your own money is the best method to increase your savings, and realizing how long it takes you to make $50 may be enough to stop you from engaging in compulsive buying (making you think about whether you really need those new sneakers).
6. Sell your unwanted stuff
It doesn't take much to amass a collection of things you don't use or need. The good news is that by selling your unwanted stuff, you can immediately generate extra cash. It doesn't matter if you decide to utilize a website, an app, or organize a traditional garage sale; you might be better off with the money (to put right into your savings account, of course) and the knowledge that your old books are being read rather than taking up space on your shelf. Don't forget to ask a responsible adult for assistance if you require it.
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Saving money may be enjoyable and is a crucial part of maturing. The dull (but significant) advantage of saving now is that it may aid in the development of your capacity to handle your finances, increasing your likelihood of having funds as you mature.
