Learning how to save money as a teenager without a job will not only give you the financial freedom you need as a teenager but will also greatly boast your self-esteem.
One thing very significant in the life of a young person is freedom, they always want to be free, be it financial freedom, psychological freedom, or physical freedom, they just want to be free.
It is obvious that most young people wonder how to save money as a teenager without a job and in some cases doubt the possibility of it. The good news is – Yes, it is possible!
Remember as you get older there seem to be some more responsibilities that grow alongside and then you will need some money to foot them. It may be some personal wants like a new cell phone or some video games, some fashionable clothes or new sets of makeup, it could even be some extra cash for a date.
You will most likely meet all these needs if you have been able to cultivate the habit of saving money.
I can imagine how frustrating it can be when you can not afford your need as a teenager, especially when mom and dad ain’t available at the time to help out, but in such times you won’t have a lot to worry over if you have some bucks saved.
Knowing how to save money as a teenager without a job can not be overemphasized, it is a must-do for every young person that desires some form of financial freedom
If you have not started saving money yet, no worries, it is not too late to start. To help you begin, we have put together in this article 14 ways how to save as a teenager without a job.
We will briefly take you through steps on how to save as a teenager without a job.
Simple Ways to Generate Fast Income As a Teenager
To be able to know how to save money as a teenager without a job, you have to first know how you can generate money enough to save eventually. Find below some simple ways you can generate income as a teenager.
1. Spend Less than You Earn
As a teenager you need to have some stuff that generates your income no matter how small, it could be an allowance from your parents, chores pay, paid internship, after school job, or some buck you make on the regular during holidays.
Endeavor to spend less than you earn, and do not be caught in the trap of hoping tomorrow will take care of itself cos it may turn out that tomorrow was just depending on today!
2. Provide Services
You can make money by providing essential services to friends, family, or just anybody. But how can you provide a service when you do not have an idea how to?
The reason it is important to learn several high-income skills that will enable you to provide needed services and earn money afterward, these skills include computer programming, computer repair, freelance copywriting, website development, graphics designing, and more.
3. Sell Valuable Belongings You No Longer Need
You will need to make money to be able to save, one of the ways to make money as a teenager is by selling off those items you no longer need like your old clothes, toys books, furniture, etc.
4. Take A Side Job
It may not be the right time for a full-time regular job, but a side job can do a lot of help in generating some income enough to save, something you can do in your spare and comfortable time. These jobs include Trimming a neighbor’s lawn, running errands for money, babysitting, tutoring, washing your neighbor’s cars for money, etc.
5. Take Advantage Of Birthdays And Holidays
Birthdays are usually the best time to receive gifts from loved ones, take advantage of it and if possible decide what gift you want, you can ask it to be gifted a monetary gift which you can save.
The guaranteed way to increase finances is to invest. Not just any investment but investment in a profitable venture. You may need to ask for your parents’ help to make the best investment decisions.
Ways to Save Up Money Fast Without a Job
7. Don’t Spend on What You Can’t Afford
Always ensure to spend less, don’t ever spend on things you cant afford. You are supposed to save not spend especially on things that are not even needed. Refuse the temptation of eating out at fancy restaurants and buying expensive gadgets. Avoid loans except it is very necessary.
8. Prioritize Your Needs over Wants
Always recognize what is needful over mere wants. If you have to spend on everything that catches your eye, then you will likely not be able to save. You may need to curtail some excesses in purchasing food, snacks, and drinks
9. Keep Track of Your Expenses
When you do not have close monitoring of your expenditure, you are likely to spend without restraint. Keeping track of your expenses and possibly placing a limit on your expenditure will help you escape unnecessary spending
10. Take Advantage of Discounts and Coupons
Instead of just buying items for whatever price sold to you, prefer a product that has discounts. You should always look out for coupons or discounts on items. By taking advantage of discounts or coupons, you will get your favorite product while still having enough to save.
Where To Save Your Money
After knowing how to save money as a teenager without a job, you’ll need someplace safe enough to save. A place not only safe but a little out of your immediate reach. Here are some ideas.
11. Open a Savings Account
Opening a savings account with a bank is a great option, although your parent or guardian will have to open it for you if you are below 18 years. Other than that there are student accounts, junior accounts, etc that you can do on your own.
You can also open a safety deposit box at the bank but you will have to pay for it.
12. Save the Money with your Parents or Guardian
Find out how you can agree on terms with your parents or guardians to save your money for you and not to release it until the agreed time or a necessary need. Be careful not to give your money to somebody that will not be accountable for it
13. Download a Savings Mobile App
There are a lot of mobile apps that can help you save your money in the app store, you can even set some to automatically deduct an amount from your account at a particular time or period. This will help you save with ease.
14. Save In A Safe/Piggybank
You also get a piggy bank for manual savings although you will need to buy the piggy bank, you can consider it an investment in your savings.
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Saving money is important for all whether you’re a teenager or an adult. Also, you can not save money if your expenses are higher than your income, you can only save money if your income is higher than your expenses.
And yes, it is possible to save without a job if you are determined to, i believe this article has answered the question of how to save money as a teenager without a job.
It is important to remember that as a teenager, your income stream is limited but if you are strategic in your dealing and understand how to deal well with your cards, you will be able to discover a lot more streams of income you can start earning from.