What Are Two Pieces of Budget Advice for Teenagers?
Teens can save money by sharing what they have. Fotolia.com”>
Being a modern teenager can be difficult, and expensive. Between the costly electronic gadgets and those $5 cups of Starbucks coffee, teens face expenses not seen by their peers of earlier generations. Even so, teenagers can save money without impacting their lifestyles if they follow some common sense rules and practice delayed gratification.
Keep a Record of Your Spending
Keeping careful track of spending is the hallmark of any budget, including budgets for teenagers. One of the simplest things you can do is carry around a small notepad and use it to record everything you spend at the end of the day. You can also use your cell phone to make notes as you buy things each day. Chances are you will be shocked at just how much you are spending on things you do not need. You don’t have to cut out all the luxuries in your life, but knowing how much you are spending can give you some ideas for where you can cut back.
The Cost to the Early Adopter
The next time a great new gadget hits the market, resist the urge to buy it right away. Instead, write the price of that new piece of gear on your calendar in big red letters. Then wait six months and see what the technology is selling for now. Chances are the new price will be less, probably considerably less, than the figure you wrote on your calendar just half a year ago. New technology is great, but it can be expensive as well. Over time, the cost of technology tends to go down, while the technology itself gets better and better. If you can avoid having to be the first one in town with a new iPhone or iPad, you can save a lot of money, and get better gear in the long run.
Open a Bank Account
Open a bank account as soon as you can, even if you do not have a lot of money to put aside. Many banks will let you open a savings account with just a few dollars, and many of those savings accounts have no minimum balance requirements. Once you have your savings account open, get into the habit of putting into it 5 to 10 percent of every dollar you own, either from regular chores, an allowance or a part-time job. Learning to save regularly is one of the best things you can do for your budget, both now and in the future.
Share With Your Friends
You have a lot in common with your friends, including the bands you like, the things you like to do and the items you like to purchase. You can use those similarities to your advantage by sharing items with your friends. You can share everything from clothing and shoes to music and electronic gear. In the process you can save yourself, and your friends, a lot of money. Getting together with friends and creating an informal sharing arrangement is a great way to keep your costs down, and it also gives you the chance to try new music, video games and clothes you might never have otherwise.
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