How to Save Money as a Teenager

By Jazz

Saving money as a teenager can be difficult, especially when you’re too young to get a job. I know the feeling well, I get pocket money but when I want to save up for something it can be a struggle because I also want to spend it on other things like going to the cinema, buying makeup and going places.

However, there have been occasions where I’ve managed to save up money for things I really want, like for a convention or a concert. Here a few ways;

• Do it bit by bit - if you want to save up something big, don’t start putting all your money towards it at once, because then you’ll be tempted to take a couple pounds here and there from the fund and it will disappear before your own eyes. Try putting aside maybe a third of what you get per month or week, because that way you’ll still have money to spend.

• Do odd jobs - If you know a family member who runs a business like a cafe or a little shop, maybe ask if you can do a couple days work. This can also add to work experience for your college applications and your CV. If you don’t know anyone who has a place you can work, try offering to do things for your parent or guardian such as cleaning a car, babysitting a sibling or cleaning out the attic.

• Sell things you don’t need - I know for a fact I have a crap ton of stuff I could probably sell for a couple extra pounds, like old speaker docks and a portable DVD player that I haven’t used in years. You’d be surprised what you can get by selling your old things online.

• ​Think about necessities - could you maybe cancel your Netflix for a couple months whilst you save up? Or downgrade your Spotify for a bit? It might seem like a bummer but if you really want something, it might be worth it in the long run.

It also helps to keep track of your money, so it might be worth signing up for online banking. It made it a lot easier for me to know how much I had in my bank by just checking the app rather than having to find a cash point.

I also found it useful to have the money I was saving up separate from my normal bank. For example, if I was out shopping and I saw a nice pair of shoes that I wanted but didn’t necessarily need, I probably would have bought them with the money I had saved up - but I couldn’t, because I didn’t have it.

It might seem like a difficult, lengthy process but it’ll all be worth it once you have what it is you wanted to save up for.