“How much money should a teenager save?” Has this question ever popped up in your head? Well, in my teenage I started to save some part of my pocket money.
I’m saving money since my school days. Adding coins to my piggy bank was a happy moment for me. Then in my teenage, I’ve started to learn about frugality that helped me to save more money.
Well, frugal living is all about being resourceful. If you start to save money by being frugal from now then you will lead a happier life. Now I’m going to share how much money should a teenager save.
How Much Money Should a Teenager Save?
Well, it is good to save at least 10% of your pocket money as a teenager. But it’s not a hard and fast rule. I feel that you should save money as much as you can. And if you plan well then you can save $1040 only on food per year as a teenager.
If you ask me about how much money should a teenager save, I would say- Save at least half of your pocket money. Now let me bring a kickass strategy for you to save money in your teenage.
|1. SAVE $1040 ON FOOD annually as a Teenager|
|2. Follow Smart Ways to SAVE $1200 on GADGETS|
|3. Save a MINIMUM of 25 USD on tuition classes|
|4. Teenagers can easily SAVE UP TO $19 ON STATIONERIES by looking for alternative products|
|5. Avoid picking up an overhyped school or college to SAVE 50% of your money|
|6. Find great GIFT IDEAS to SAVE $1000 per Year|
|7. Make your pick smartly while buying clothes to SAVE 10 USD|
|8. Grab the opportunity to SAVE UP TO $100 on your birthday|
|9. Follow EASY TIPS to save 100% of the money on books|
|10. Know how can you SAVE $15 on CHOCOLATES every month|
|11. Crack great deals while shopping online and SAVE UP TO 80% of your money|
|12. Teenagers should save 600 INR by pooling money for Netflix|
|13. Know how much money you should SAVE on DATING in teenage|
|14. Fulfil your all dreams by SAVING 20% of your pocket money|
|15. Save $500 annually on HEALTH and FITNESS|
1. SAVE $1040 ON FOOD annually as a Teenager
As shocking as it might appear but most teens end up spending way more money on outside food than most other things. Consider this – you spend $20 each week only on food. That makes it $80 per month and $1040 in a year. All this money is just draining away just because you don’t eat at home.
Can you imagine the kind of things you could have done with this amount of money? You could have gone sailing around the Caribbean sea. You could have joined a vocational course and earned a certification. So save up to $1040 on food as a teenage girl or teenage boy.
2. Follow Smart Ways to SAVE $1200 on GADGETS
I’ve found that the Apple iPhone 11 Pro costs more than $1200. Actually, in the teenage you don’t need any such costly gadgets. So don’t buy such costly laptop or mobile or any other gadgets just because your friends buying such costly gadgets.
Teenagers should buy only those gadgets that they really need. Like- a simple laptop for studies. I feel that teenagers should save up to $1000 on gadgets by avoiding branded and costly ones. If you follow frugal living that will be easy for you to save more money.
3. Save a MINIMUM of 25 USD on tuition classes
I’ve found that in countries like the US they charge $25 per hour on one subject when it comes to private tuition. And in countries like India, I’ve seen that on an average they charge 1000 INR per month for 2-3 subjects. So the private tuition fees are usually high in all the countries.
So as a teenager, you don’t need to spend extra money on tuition classes. Don’t join such classes just because your friends have joined. Teenagers should save 15$ to $25 dollars on tuition classes. Students should inculcate frugal habits to save more.
4. Teenagers can easily SAVE UP TO $19 ON STATIONERIES by looking for alternative products
Recently I was looking for a whiteboard and I found that it costs around $22. Then I looked for an alternative product. I found a whiteboard sticker for around $2. This was a great deal for me. So I saved up to $19 on a whiteboard.
As I was also a teenager once so I know the needs of stationeries for teenagers like craft paper, pencil, whiteboard etc. So you can always look for alternative brands or products for such stationeries. So I can say that teenagers can easily save up to $20 on stationeries.
5. Avoid picking up an overhyped school or college to SAVE 50% of your money
In teenagers life education plays an important role. But this does not mean that you have to join a luxurious school or college for a good education. Stay away from overhyped schools and colleges. I’ve seen that overhyped colleges charge more fees.
Even some of these overhyped colleges/schools charge double money. So pick up a decent education center for yourself. Teenagers should save up to 50% of the money on education by avoiding overhyped college or school. This is how you can save money as a teenage girl or teenage boy without a job.
6. Find great GIFT IDEAS to SAVE $1000 per Year
On an average teenager has 8-10 friends. Making new friends in teenage is really good. Even in teenage, I was having my own friend circle. So, more friends mean more birthdays, more celebrations and more gifts.
But if you buy a costly gift then it will cost you somewhere between $50 to $100. So whether its a photo frame or any other gifts you can make your own handmade gifts. So teenagers should save up to $1000 on gifts per year. And handmade gifts have their own charm that creates bonding between friends and family.
7. Make your pick smartly while buying clothes to SAVE 10 USD
As per my observation, on an average a teenager buys 2 pairs of clothes per month by spending $10 to $20. But you don’t need to buy trending outfits fancy outfits as fashion changes every week.
So don’t clutter your cupboard with such outfits that you use only for a few days. Convert a pair of lousy jeans into punk shorts or convert a hoodie into a short skirt and flaunt it all over. Enjoy following new styles and fashion, save that $10 per month on clothes.
8. Grab the opportunity to SAVE UP TO $100 on your birthday
As a teenager, if you throw a grand party to your friends then you will be spending a minimum of $100. So you can invite your friends to your home and celebrate your birthday. As a teenager save that $100 on your birthday celebration.
You can have yummy food at home with your friends and celebrate. Also, some restaurants offer free birthday treat for students on their birthday. So look for such restaurants in your city to enjoy fancy food for free as a teenager. So make smart moves when it comes to saving money.
9. Follow EASY TIPS to save 100% of the money on books
During my teenage, I was using a library for books. I was not buying all the textbooks from stores. This helped me to save money on books. So you can also learn the art of saving money as a beginner.
So make use of the library in your teenage. If you get all the books at the library then you can save 100% money on books. If you don’t get all the books in the library then I suggest buying secondhand books. So teenagers should save at least 30% of the money on books.
10. Know how can you SAVE $15 on CHOCOLATES every month
I’ve read an article in a newspaper that teenagers and people in the 20s eat more chocolates. Well, even I like eating chocolates. But I don’t overindulge.
So as per my estimation as a teenager you should save $15 every month on chocolates.
11. Crack great deals while shopping online and SAVE UP TO 80% of your money
If you want to buy any costly clothes or shoes or other accessories don’t buy immediately. Wait for online clearance sales. In this way, you can save more money.
In fact, teenagers should save up to 80% of the money on shopping by option clearance sales. This a smart way to do shopping to save money without compromising the quality of products.
12. Teenagers should save 600 INR by pooling money for Netflix
Pool money monthly on your Netflix subscription. By doing this, watching movies and your favorite shows will be cost-effective because this money can be divided equally among friends.
The premium plan subscription charge is 799 INR per month. And a total of four members can join with a single subscription. This is how teenage girls and teenage boys save money by living frugally. So I insist teenagers should save 600 INR on Netflix.
13. Know how much money you should SAVE on DATING in teenage
Teenage has its own charm. Nothing can replace this teenage phase where we all have more fun. And this is the time when teenagers start to find bae and dating is a beautiful part of the teenage phase.
But as a teenager, you should know that a true relationship does not require a luxurious restaurant to impress your bae. Think out of the box and figure out exciting dating ideas without spending a lot of money. If now you are spending 100 USD on dating then make it just 50 USD. So as a teenager you should save at least 50 USD on dating.
14. Fulfil your all dreams by SAVING 20% of your pocket money
No matter how much pocket money you get from your parents, you can always save some part of it. Trust me, when you start to save money to fulfil your dream that will be so exciting.
Even I’ve some saving goals in my life and achieving that saving goals were the happy moments in my teenage. So teenagers should save 20% of pocket money for your dreams. That dream may be joining a singing class or buying a laptop for studies, you should save money.
15. Save $500 annually on HEALTH and FITNESS
Fitness and beauty are parts of teenage life. If you join a gym then it will cost you anywhere between $10 to $50 per month. Even it may cost $100 per month. So on an average, you will be paying $500 per year on a gym.
In reality, fitness is not just about building a body at the gym. So you can be healthy and fit at home by following a disciplined lifestyle and daily exercise. You can do skipping, cardio, dance or yoga at home to be fit. So I feel teenagers should save $500 per year on a gym membership.
A thrifty teen who saves more money is a happy adult
For most individuals around the planet, teenage is either a boon or a bane. In either case, the attachment is too much on this one phase – teenage. What people tend to forget here is that this too shall pass and adulthood will arrive.
So, for those teens who start preparing early as far as being thrifty and frugal is concerned, end up being well adjusted and happy adults. For the rest of the people out there, even adulthood becomes a struggle.
Saving Money will Help You Lead a Happier Life
As teens, when mum dad cater to all your financial needs, happiness comes in easy. After all, there are no bills to be paid, to houses to mortgage and no college funds to raise. So, there isn’t any real worry. Trust me, teen breakups are the least of your life problems.
However, as life progresses naturally and adulthood arrives, that is the time for real messed up situations to take place. I mean these things happen to the best of us as well. So you too won’t be spared. But this is not a situation to worry about. It’s to make informed decisions.
Frugal living leads to a happier life because the biggest mental constraint gets taken care of – Money. Trust me, money is a big barrier when it comes to happiness. So try not to be at a disadvantage. Please be at an advantage and the only way to do that is to start saving early.
If you are thinking about how much money should a teenager save then you have already taken the first step to glitter your future. So start to live frugally as a teenager and save more money. Soon you will be lead a happier and balanced life than your peers.