Saving money is hard to do, and it’s even harder when you’re a teen. Starting good saving habits early makes it more likely for you to be great with your money when you’re older. To help teens start good saving habits, I have a few tips:
- Pay yourself first. Plan to take a certain amount of each check and put it in your savings. It might be difficult at first, but in the long run, the money will add up.
- Learn how to save money by creating a budget. Educators’ Online Banking lets you create a detailed spending plan. I created different categories with limits like “Auto Payment,” “Gas,” “Entertainment” and “Restaurants.” See an example of my budget in the picture on the left.
- Goals are an important part of any budget. To help save, I planned a fake vacation. Once you plan a vacation or big event, you have something to save for.
- Sometimes you’ll cheat, and that’s ok. You might choose to have a nice dinner out with friends or take a quick trip. Let yourself cheat but try to stick to your budget as much as possible.
Do you have any other tips on saving? What has helped you put extra money away? Let us know in the comments. Have fun saving!
This post was written by Educators Credit Union co-op De’Andra Tucker.