How To Save Money As A Teenager

             How To Save Money As A Teenager

Teen age is the most energetic time of your life. You want to do each and every thing in your life at this age. And then, your shallow pocket shows it power to you. It drags you back each and every time you take a step forward towards your dream.
Let’s cut this shallow pocket deep enough so that it can never drag you back, instead it empowers you to go ahead and live your life of dreams a bit.
Today we’ll talk about how you can save money as a teenager and here's how you can do that.

# Start a Zero Balance savings account:-

Saving account are not very difficult to have these days. Almost everyone has one even before you go to college. But if you are among those who don’t have it yet, then also it’s not very much difficult to have one. You can apply for a student account showing your student ID in almost any bank.
Now comes, WHY? Why you should have a saving account?
Here having a saving account is not our main purpose. Our purpose here is to keep our money at a place, where it’s safe, secure, not in cash, yet have the flexibility to cash it anytime you want. And a saving account provides everything we need to meet this purpose.
Now you would ask, what’s wrong in keeping that money in cash. Well nothing is wrong in it. You can do it that way, if you want. But having your money in liquid cash in your hand creates more possibility to spend it more easily out of impulse.
And having a saving account prevents you from that [most of the time]. So i’d prefer having a saving account.
HDFC & HSBC Bank are few among many, which provide such facility. You can find the details of HDFC BANK account here and of HSBC BANK here.[No affiliate link]

# Separate spending money from savings

Ofcourse, one thing matter the most for your saving account to work for you, is that you must spend your money only in cash. Not by swiping your card. And you must withdraw only the amount you want to spend [Nothing more than that].

# Keep track of your purchases

Always keep a track of what you are spending and on what you are spending. This will give an idea of how frequently you have been spending your money and on what? Also keep a track of how good you are utilising the purchase you made.
Let’s suppose you bought a bicycle for Rs. 6000/- but used it only for 2 months and then kept it aside. Then you need to analyse, whether that expenditure was worth your money. And also the effort you put in to save that money.
You can also keep track of your money using ETMoney app. [No affiliate link]

# Ask your parents to contribute

Asking pocket money and asking your parents to contribute to your saving are 2 different things. Being your parents, they have certain moral responsibility towards you to give you certain pocket money when you are living out of home for your further studies.
But what if you turn this other way around? Instead of making this their moral responsibility, if you make it their investment and saving too? Now you would ask how?
Let’s say you are doing your bachelors out of your city, far away from your native town and home. And there you found an extracurricular class, which gives you practical exposure of what you are reading in your bachelors.
Now if you tell your parents that you are saving some money from your own pocket money for that course. But are falling short of some money, which you want them to contribute in small EMI’s. What do you think their response will be? Only in rare cases your father will deny you that help.
But remember, be honest with what you asked for and what you do with that money. If you asked your parents to contribute for a course, then do join that course.

# Do housework and ask for money from parents

I know, that everyone is not very much comfortable in asking their parents for money. So if you are a proud person, then do something in return. Help them in their household work or if you have certain other skills, which can be helpful to them, do that and then ask for something in return.
They’ll never deny you for that.

# Use your student ID

This is one of the most powerful instrument in your hands. Because students are provided extra discounts on almost everything, not only in India, but abroad also.
They get discounts in fares of every commute facility, they get discounts on products purchase, they get discounts on bank account fees and many more. Just google “student discounts in India” and you’ll get every discount available to you.
But that’s just the discount you are able to see online. Being a student you get the benefit of being privileged to ask for discount and there’s no shame in doing so. So ask for student discounts at almost every genuine place you can ask.

# Spend Smart

This is one of the most crucial and important habit of saving more. Now you would ask, how come spending help us save more. Well, you can get answer to that just by looking at your spending trends.
Spending smart is mostly related to the value you get against your expenditure. Let’s suppose you spend Rs. 25,000/- to purchase a second hand bike, but your usage to it is just to roam around with your friends to market. Now what’s the value you got from that expense?
You spend that money just for social show-off, which will diminish within short span of time. But what if you used that bike to travel 10 KM up-down to your college. As commute to your college is more costly than your fuel cost and it saves you approx 1 hour of travel in public conveyance.
Apart from that you used that bike for another 4 years which saved you approx 15 thousand more than you would have spend travelling in public conveyance. And you also got time to do a part-time job in the time you saved by travelling on your bike. Now that’s called sucking every dime of value from your expenditure. That’s called spending smart.

# Get a part-time job

It’s not mandatory to cut your expenses every now and then to save money. You can also save more by earning more.
Let’s just say you were saving Rs. 1000/- monthly without earning anything. Now after you join a part-time job, you’ll start earning few more thousands. Of Course you’ll have to spend some from it to go to job regularly, but you can save the remaining.
And if you can’t get a job, which can help you save more, then it’s not worth to do that job [if your goals from that job is only to save more].
You can find a part-time job on [No Affiliate Link]

# Help Someone in their work in exchange of money

This is one of the great quality among entrepreneurs. They find the problem and then it’s solution. And then they start earning money from that solution, helping others.
Remember, here the prime motive is not to earn money [of course back of the mind it has to be], but to help other to get out of that problem.
So if you are one among those, who have the capability to help someone in their work, then it’s not at all wrong to ask for something in exchange. It’s not mandatory to ask for money, but relations take you long way than some money. So it’s your choice, whether you’d go for money or for relation. Both the ways you can make more money and ultimately, save more money.

# Analyse your need [do you really need to purchase that?]

As discussed earlier, about spending smart. Every purchase you make have certain value to you. But before you go ahead and do any transaction, sit down and analyse, whether it’s your need or want.
Want is to purchase a second hand bike to roam around the market in evening with friends and to enjoy some leisure time just like that.
Need is to purchase that bike, because it’ll save you more money in long run, and will also help you save more time to do something more with your time.
Also Read: Want to save your hard earned money? Stop avoiding these 8 things

# Set a goal to save that money

You must set a goal to achieve something. As goal setting activates your mind to behave in certain way, which helps you to move towards achieving that goal more effectively.
Also read: How setting financial goals, help you save more money

# Avoid fear of missing out fun

Avoid fear of missing out. For those who do not know this, it’s fear of missing out that bike ride with friends in evening roaming around market just for fun. Avoid this fear. As this is never gonna help you in long run.
I am not saying that you should not do that. Of course you should. Spending time with your friends makes your bond of friendship more valuable. But it should not be done as a full time thing.
So sometimes, saying no to those activities is not at all bad. Because you’ll always get those chances to spend time with your friends, whenever you want [stay away from those who bully you for not doing so on regular basis].

# Always negotiate

Negotiation is the most strong yet missing art of this era. Keep it alive. Never ever hesitate to start negotiation. This is one of the best people skill, which will be beneficial for you in your future as well.

# Try to find out ways to pay less [offers, discounts etc.]

You are at the stage of your life, where you have to learn to live life with more limited resources yet more fulfilling value to you. So always take your time to find out options for yourself to purchase from vendors or from places, which can help you to save some more than other.
Why you should do this? Irrespective of your family background, you should do this, as this enhances your skills of looking out more meaningful things in your life.

# Learn to sell what you don’t use anymore to someone in need

This is one of the best and easiest way to earn some free money for yourself and add it to your saving. Selling something which is of no use to you, but is of need to someone else, is an act of kindness and it adds value to your saving account as well.
Why you must sell, not donate? Because selling anything is an art and is in demand skill [required in every day today life]. Apart from that selling something to someone, makes it more valuable in their eyes, as they paid something in exchange for it.
Whereas, if you would have donated it, it might be just thrown away in garbage or sold at dirt cheap price to the scrappers to earn some money.
So sell it, even if you are selling it at dirt cheap price at start, but do sell it.
You can sell your unused goods at OLX, Sulekha, Quikr, indiamart, even at facebook. [No Affiliate Link]

# Teach what you know

Everyone knows something at some level, that you can teach it to someone. Believe me, you do not need to be an expert or a great scholar to teach anything to someone. You just need to know a bit more than those you are teaching.
So if you believe, that you know more from the person you are about to teach, go ahead and teach in exchange of some money. Without money it’ll be of no value to anyone. Neither you’ll earn something, neither your students will take you seriously.

# If you have skills, sell it

If you are among those who have some extraordinary skills to produce some real results. Sell it. If you are an amazing painter, paint and sell it. If you are good at accounts, help someone in exchange of some money. If you are good at bodybuilding, help someone build their body and ask something in exchange.

# Avoid impulsive buying

It’s a great NO NO for anyone. Never ever buy anything due to an impulse to buy. Make it a rule to take your time to think and analyse your needs before buying anything. As things bought out of impulse, are later always used to fill up spaces in your living area.

# Spend more time on learning money stuff

Not everyone is good at money stuff. I was miserable. But it’s a skill. Learn it. Read more books on how to manage your money, where to invest your money or how to save more money.

# Don’t get involved in social show-off [always speak to share the bills]

Going out to a party or a night out is a normal scene these days. But paying sensible bills is not normal. Make it clear to your friends that they’ll have to split bills. Before or after is a mutual thing, but it has to be done. And it’s not a thing of shame to ask for. So speak to split bills.

# Avoid purchasing things from costly places [like big showrooms]

As discussed earlier, you must analyse your needs, and try to find out discounts and offer going on on the product you need to buy. In order to do that, you must try to avoid purchasing things from costly places.
As you are in the stage of life, where buying things of need is more important than brand tag on it. So prefer purchasing things of use to you, than things with bigger brand tag on it.

# It’s OK to forget your wallet at home sometimes

Now that’s a mischievous thing to be done and it’s OK to do it sometimes. It’s not mandatory for you to carry your wallet everytime you leave your room.

# Switch to prepaid

Postpaid numbers work on minimum monthly bill basis. Which means, you are bound to pay the monthly bill as per the plan you have taken, even if your usage is less than that. Instead if you switch to prepaid number, you’ll pay only for your usage.
In case you are frequent user, then do keep a recharge card with you for emergency. But it’s OK to sometimes be off the grid. It not only save you some money, but also gives you some time to spend on your own without any digital signal around. It’s peaceful :)

# Try to cook your own food or get it cooked at home

Food is the basic requirement for everyone else and having a healthy food is a must these days. I also have lived away from my home for approx nine years, so I know how much healthy food you get to eat out.
It’s not only about healthy food, but also the money you spend on it. The money you spend on the food eating outside is much more than you’ll have to spend cooking on your own or by getting it cooked at home.
If you are living in residential area [even in student zone], you’ll easily get people, who can cook food for you at your home in exchange of some money. Even then it’ll be lot less than what you’ll be spending eating out.

# Budget your monthly expenses

This is one of the best practice to be done on monthly basis. This gives you a clear picture of what you planning to spend on. Analyse what you really need. And then filter out things which are of no use to you.
This will give you a clear message to your mind that this your expenditure and this much money is left with you, which you can save for some other purpose.

# Purchase monthly groceries once from single shop

Purchasing your monthly grocery once in a month from single shop [local grocery store] give you the opportunity to negotiate your bill and get it lowered down a bit.
I have a fixed grocery shop. Every time I purchase the same amount of grocery from that shop and I pay approx Rs. 1,000 lower in comparison to I used to pay to packed food grocery stores.
But in order to do that, you should have knowledge of good quality, names of food and spices and their market rate. You may learn all these things from your elder family members and from nearby grocery stores. Just keep your eyes, ears and nose open and you’ll learn.

# Use sharing commute

Sharing commute save you a lot of money, as sharing price of a commute is lot more lower than booking the commute as a whole and travelling.
# Use library to borrow books
If you are a reader, instead of purchasing the books, borrowing it from library is much more cheaper.
Libraries charge a small amount of fee and lend you the books for some time [for few days]. If you keep the book for more than that, you’ll have to pay some more, yet it’s lot more cheaper than purchasing a whole new book.
It adds value to library and to you as well. Libraries get funding to purchase new books and to share it to many new readers, just like you.

# Refer your friends to places and negotiate price in exchange

There are many places, which needs new customers. Like new hostels, new restaurants, new services. Just refer your friends and ask for lower price of what you are paying.

# Use coupons for lower price

There are many online coupon service websites, which provides coupons to purchase anything online. Use them and save more money.
Now if you have some other secret ways of saving money, don’t forget to share it with us. It might help someone in our community.
And if you found this article helpful, then don’t forget to share it with your social circle. They’ll be thankful to you.
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April 19, 2022 at 12:41 AM ×

Nice sharing.

Congrats bro Bloom Engineering you got PERTAMAX...! hehehehe...