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Saving money in your teenage years may feel like a chore - however, it's best to start saving as young as possible.
Even though your earnings may not amount to much, your expenses will also likely be on the lower side (if you're still living at home, for example). This is why saving in your teenage years is the perfect opportunity to not only practice the skill of regularly contributing to savings, but to also have some extra pennies set aside for when you do eventually move out, buy your first car, or put towards costs for further education.
The earlier you start contributing to your savings, the better!
Here are our best money-saving tips for teens:
1) Start Small
It's important not to overwhelm yourself and give up before you've even started when you start saving money.
Start with a small amount each week, month, or whenever you receive your pocket money and increase this over time to build confidence in your money-saving abilities.
You can also make it fun by taking part in a savings challenge - the Teen Savings Challenge, for example, is a great starting point. All you have to do is send £1 to your savings each week and gradually increase this by another £1 per week. By the end of the year, you could have over £1,000* extra in your savings! Are you up to the challenge?
2) Split the Costs
Another easy way to save money as a teen is to share the costs where possible with friends and family.
For example, maybe there's a game you and your siblings really want to try. If you're both going to be playing the game, take advantage and split the cost evenly! You can even do this on days out with friends - whether it be to the fairground, cinema, or your local music festival.
Bonus tip: If you've managed to save on the full price of an item by splitting the cost, add the extra money you would have spent to your savings account.
3) Save While You Study
Whether you're still at school or are now at university, a part-time job is a great way to earn money whilst studying. And having a part-time job will make saving money a lot easier!
Student life is known for being expensive, but having a job alongside studying will make the day-to-day living expenses more manageable. Make sure you also take advantage of student discounts and memberships where possible to save even more. Save The Student has some great money-saving tips you can try to make the most of your time - and money - at uni.
4) Track your Spending
Regularly tracking your spending may seem like something you wouldn't need to do until you're older with kids and a mortgage - however, starting this habit in your teens can help you get a grasp on your spending habits as early as possible.
This will, over time, help you learn effective money management and provide you with the skills you'll need to make sensible financial decisions in the future.
With the ImageNPay app, you can keep track of your purchases on a regular basis, helping you work out a realistic amount to set aside for savings. You can also use the prepaid card within the app to give yourself a spending limit so that you never go over budget!
Saving money as a teen can be hard, especially if you haven't yet developed good money habits. However, this is something you can improve on at any age - and ImageNPay is here to help!
With your very own customisable prepaid card, you can set spending limits, request money from your parents, and pay securely online or outside with Apple Pay.
Tap the button below to find out more and download ImageNPay for FREE on iOS or Android today!