Teenage is a perfect phase of one’s life to master the nuances of budgeting.
A teenager’s life is full of fun, laughter, and adventure but it is not permanent. If things have to be the way they are then without a full-time income it is impossible to keep everything smooth.
In spite of financial aid, saving money can seem impossible. However, there is a way out for all your obstacles and it begins with being open to sacrifice some of the things you love and enjoy, and we bet you certainly won’t regret cutting your expenses.
Spend less and Save more! That is the best and only option.
Here’s a look at some of the simple ways to save some bucks and never stop you from having fun.
The craving for food is at its peak during your teens and that is where you need to keep a check. Your control is not on how much you eat instead it is what you eat and healthy, mind you! An incomplete diet can affect your health and saving money by dieting is a strict no-no.
The student lifestyle has a tendency to hang out frequently which under the current circumstances is restricted due to the pandemic with minimal physical interactions.
Even in the future avoiding eating out and takeout will allow you to maintain a good diet, and obviously your wallet too.
Cooking large meals during the weekend and freezing the leftovers or additional portions will satisfy your hunger whenever you want food and hence stop ordering outside or hopping to the nearest restaurant.
Entertainment is one of the biggest expenditures for a teenager and why not if it gives the much-needed adrenaline rush. It can be more expressive for students who have a super active social life with frequent attendance in various events and might end up blowing out more dollars every week.
Many might even feel it’s their right to have fun and what’s wrong with spending money on something that can give you happiness? True, you are trying to buy happiness but how long can you afford to do it? Don’t you think money is needed for that as well?
There are no complications in life; it’s just that we create and invite them into our lives. Treating entertainment as a part of life is wise and that applies to savings too. Saving money throughout your life also doesn’t fit well if you have no planning and idea when to use it but it is necessary for the future.
Owning a bike or a car is a luxury and a very costly affair. From maintenance to fuel cost it all adds up to the overall experience. It’s really cool to have one because it gives you the kick of exploring places, faster transport, and excitement.
The world is changing faster than ever what was once considered a luxury back then is today a waste of money and time. Remember, a car or bike can only save time but not money.
At your age the energy levels are high so give some exercise to those young muscles and hence ride a bicycle for long distances. Take a walk for shorter distances. Feeling lethargic? Then use public transport.
Once in a while, you can use ride-share services like Taxify and Uber whenever you need to make a long one-way trip. Use an emergency fund to pay for the ride fares.
Still not convinced, try this out and you’ll know when you add up these costs to your final budget. A few dollars will get the job done rather than spending thousands of dollars on petrol, insurance, and depreciation.
Gone are the days when accessibility to study material was a pain, buying books for just a small piece of the syllabus was a waste of money. Now, the internet has tons and tons of information to access, and that is too free. How does it matter if you can read, write down the notes and learn by reading eBooks or online?
The experience of reading a book can’t be replaced by online sources and if you are a bookworm then possibly renting textbooks is an alternative you can always afford.
Taking up the right job can benefit you in every way provided you sacrifice your preferences and look at the opportunity as a lucrative one.
Working in a food service can save you money on food. They might offer you one free meal at the end of your shift. Whether the shift is morning, noon, or dinner time you need not pay for the meal. Sometimes, the cooks might offer free lunch leftovers that you can stock and cover the entire day as well.
All food services do not give free meals but you can still eat food with discounts. With the right job, you can make money and cover grocery expenses by eating your food for free or at reduced rates.
With immediate effect, stop all your unwanted, unused, and money consuming subscriptions that will ultimately cut out the regular payments before they cost too much. Also, identify subscriptions that are favouring you for instance, if $10 a month on Netflix can replace going to the movies every week, retain it!
It is understandable with limited social interactions you might be spending long hours with your phone. This loneliness can push some of you to have something that can keep you occupied like having a pet. Don’t forget that once the decision to have a pet comes to your mind you are the caretaker and should bear all the expenses of the pet from taking it to the vet to feeding it.
It really hurts to not have a pet but that’s a bad idea right now if you really want to save some money for the future. Invent ways to spend quality time on something constructive without burning your pocket.