Stop Wasting Your Money:
The usage of credit and debit cards has made it extremely difficult to keep track of your earnings and payments. A wise man once said, ‘The key to success is not to make enough money, but to keep it’. Teenagers find it very easy to waste money because they fail to keep track of their expenditure and earnings. Parents should teach the art of budgeting money to their kids, as it is a long term investment. Money becomes one of the most serious issues in life of every single person, so everyone should make efforts to learn financial management as a teenager.
The following steps will help you to save more by spending less –
Track Your Expenditures:
Spare some time from your daily routine to do a little research on your financial resources. Did you make any investments in past years? Keeping track of all your expenses as well as earnings is the first step to success. Be wise and transfer the extra money from lower interest saving accounts to a higher one. Check the rates of your health, home, car and other insurances. Make sure to grab best deals via credit and debit card. Make a proper list and cut down all the unnecessary items.
Find Less Pricey Resources:
Go out and explore some local stores. Sometimes good quality products can be found at reasonable prices at such stores. Do you go for shopping thrice a week? Make a list of ‘everything’ you need for a month and buy all these items at once. Have a look at your current cell phone plan. Do you use mobile for messaging only or calls? Find out a better plan having cheaper call and SMS costs. Some stores offer big sales at the end of every season. Wait before you decide to spend a fortune on your favorite pair of jeans. If you love to shop online, make sure to keep an eye on monthly discounts or other special deals.
Learn the Art of Saving:
A lot of services are offered by local communities to help teenagers in saving money. Instead of buying music cds, books, newspapers, magazines and movies, it is much better to borrow or rent these items from the local library. The habit of saving will eventually lead you to stop wasting your money. To begin, set a goal to save a particular amount of money and stick to it. Spend money only on the items that you actually need. Understand the difference between your ‘wants’ and ‘needs’. Spending money on the items that you will use only once or twice is the another form of wasting your money.
Control Your Temptations:
Keep your feelings in control and never spend a part of your earnings whenever you pass a beautiful item. Do you have a habit of going to the local mall everyday ‘just to look’? Stop going to places where you feel tempted to spend some money. Instead of complaining about less income, start finding new ways to earn money.