5 Steps Help Teens Saving for Something Truly Want

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It’s hard to save for your first big purchase, particularly when money is tight. However, it’s not completely impossible. All you need is a little patience and a strategy.

#1 A magical number for you

You may be considering buying a new piece of tech – a smartphone, tablet, camera or whatever. Do your homework and find the best deal. Make sure you’ll be able to afford it, and then be sure to save as much money as possible. You can always save a bit more for that nice case to protect your device.

If you are planning a larger purchase, you might be able to save more by giving to a charity. It is a great way to show your family and friends that you are committed to the goal, which could make it easier to get extra credit.

#2 Recognize what needs to be placed aside

First, remove any funds you’ve already saved for the purchase of your item(s). Then divide the remaining amount by the number of weeks before your purchase, depending on when you want to make it. This is how much money you’ll need to save each week to reach your goal.

There are many ways to save money that will not affect your monthly income, and many of them can even be free. One such way is by cutting back on your spending habits. In fact, it’s something many people do to save money. The Bank of America savings goal calculator can show you the impact of your savings goals over time.

When it comes to your goals – like going to college or getting a promotion – be realistic! Set milestones along the way that you know you can reach with your current skill set. Once you hit the milestone, reward yourself with a special treat.

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#3 Don’t overthink anything when it comes to saving

It’s a good idea to open an account in your own name, which will give you more control over your money. That way, if you should find yourself needing to do a quick withdrawal, you can’t just go down the street to a convenience store.

If you want to buy stuff for yourself, then there are plenty of ways to do so. You can use a credit card, debit card, bank account or even a gift card. The choice is up to you. In some instances, however, there are also many programs and services that can assist you in doing so. For example, there are websites that can help you find coupons for items like groceries or electronics that can be used at your favourite stores.

They may, for example, round up debit card transactions or deposit little sums into your savings account at regular intervals.

#4 Make some simple budget trade-offs

If you want to get a good grip on where your money goes, then consider keeping a spending journal for a few months. It may be as simple as writing down the total spent on groceries in a grocery store trip, or you could try a budgeting tool.

The best way to understand how to save money is to examine your expenditures. Start by identifying unnecessary expenses, and consider ways to reduce them. You might be surprised how much money can be saved this way.

If an item’s cost can’t be reduced without making the whole package less appealing, it might be replaced with something cheaper or more useful.

When faced with a new challenge, you might be tempted to find a solution on your own. This is not a good idea. You need the input, experience and wisdom of others to help you. In this case, that is your mom and best friend.

#5 Seek out the best ways to increase your earnings

Check in with yourself every week. Make a note of what you’ve achieved and see if you can keep it up. If you’re not saving as fast as you’d like, think about your salary and whether or not it could be increased. In return for an increased wage, offer to do extra duties at work, such as housework or working on the garden. Look for a new job in your field, but first ask around for side hustles that would fit your skill set. If you want to save money, look into things like car washes and yard work. It may not be as satisfying, but it’s a solid option for making some extra cash.

You may feel bad at first for throwing out so much stuff, but in the end it will come back to you as the savings add up to an enjoyable, worthwhile life.

 

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