Tips for Saving Money

savingmoneyHello! Recently I’ve been thinking about money. I’m sixteen, I have a job, and I am finally starting to understand the whole concept of money and saving. It’s hard though, especially when you’re young and there are things that you want to have or be able to do, but you know the money should be for something else. For example, a car, college, or even to be able to pick up the check on occasion at dinner with your family. I know that saving money can be tough, so today I have put together a few things you might find helpful when trying to save up.Save your change: I know many people are more than happy to get rid of the heavy stuff, but you can do yourself a huge favor and empty out your wallet when it starts to get heavy into a jar. Last time I filled up my little savings jar with change, there ended up being $50 in it! I’m just less likely to spend money when it’s change, so this helps me manage my cash. It’s a small thing that can add up to big savings.

Bargain shop: This seems like a super straight forward one, but I really can’t emphasize it enough. If you don’t allow yourself to be a part of the must-have-this-brand-name game, you really can save quite a lot. I liked Birkenstocks, I think they are comfy and casual, but I don’t feel like I really need them for $100. I just don’t see the value. So I found a pair for $17 at Target last summer, they look the exact same and are still very comfortable. Call it cheap if you will, but I call it thrifty and tactical.

Decide if you REALLY need it: Even if it’s on sale or it’s just one helluva steal, you still have the option to save even more money by deciding to make do without it. Sometimes you have to consider your options. Do I really need a new bag right now or should I be saving up for a car? Adulthood is fast approaching and one thing I have already learned is that it ain’t cheap. It’s overwhelming to think about and so many people try to block it out and say “I’ll cross that bridge when I get there,” which isn’t always the best idea. No matter how young you are, making decisions to save up some cash for later in life is always a good idea. I’m not saying all your money should be saved to benefit your future and you should never treat yourself and buy something you want, I’m just saying you have to be careful. It’s important to be conscious of the future and how close it really is.

Designate money for saving and spending: One of the most helpful things I have done since opening up a bank account, is to always and I mean ALWAYS put money into your savings, even if its just a little bit. Knowing that I put even a small amount for savings can make a big difference. Sometimes I only put $10 into my savings from a paycheck and the rest in my checking, but I know for sure those $10 are going towards something more important. Even if you don’t have a bank account, make sure you have money put away for savings to limit yourself for spending. Whenever I’d receive money from family for Christmas, I’d add it all up and get a larger bill, like a 50, so I could save it. For some reason, I hated the idea of having to break a big bill, so this strategy worked pretty well for me. This money was then safe and protected from me and my childhood spending habits.

I know this was quite a lot to take in, and it my seem a bit daft for such a young person to be giving advice on finances, but hey, might as well share something I’ve learned in my few short years, right?

Thanks for stopping by,

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