Young Woman Saving Money Advertiser Disclosure

Money-Earning and -Saving Tips for Teens

Getting a job to earn money during your teen years is a good idea for several reasons. First, you can learn valuable skills and acquire valuable knowledge while you’re working. You can gain experience in everything from technical skills like how to use computer software or operate a cash register, to communication and customer service skills, to personal time management and organizational skills. As you earn wages, you’ll also have the opportunity to make important decisions about how you spend and save money. You can set financial goals for yourself, which might include going to college or a vocational school, or starting an investment portfolio. It’s also important to make a savings plan, so you will have money for the things you need and want, both now and in the future.

Getting a Job

Many businesses like to hire teenagers to fill entry-level positions. Teenage employees are usually grateful to get work experience and they often make minimum wage, which makes them very affordable for businesses to hire. Teenagers can also be highly motivated and responsible employees, which benefits businesses. As a teenager, getting a part-time job might be an opportunity to work in a position that’s connected with your interests, which is valuable because it gives you a chance to gain skills and experience you might be able to use in your future career.

Most jobs start with filling out and submitting an application. Employers review applications and set up interviews to find employees to hire. Although the hiring process can cause nervousness, it’s important to gain this experience. Everyone needs to be able to present themselves positively to potential employers.

Writing a résumé might not sound like something a teenager needs to do, but this is an excellent exercise for anyone who expects to be looking for a job. Your résumé should include information about your education, your skills, any job experience, volunteer activities, and any other relevant information that helps present you in a positive light. You can also list references on a résumé.

These should be people such as teachers or previous employers who can share positive experiences and opinions about you with a potential employer.

Becoming Financially Savvy

Managing your money wisely is part of growing up, and having a job can give you money to manage, so you’ll be able to practice and learn to be financially savvy. You can create a budget for yourself that helps you plan out your earnings and decide how you’ll spend and save your money.

If you have regular expenses, such as a cell phone bill, you’ll need to include them in your budget so you have enough money to pay them. It’s also wise to plan and set limits on how you’ll spend your money on discretionary purchases, like entertainment, the latest fashion, or something else.

And don’t forget the importance of setting money aside! Saving money regularly is part of responsible finance management.

Tips and Strategies for Saving Money

Whether you’re saving for a short-term purchase or you have long-term plans for your money, like buying a car or financing your college education, saving money is the first step toward your goals. A savings plan is a strategy for controlling your spending so you can save enough to achieve your goals.

Your savings plan will force you to evaluate every spending decision. You’ll need to ask yourself whether you really need to buy a cup of coffee or a new pair of shoes if it means that you’ll have less savings at the end of the month. Once you start looking closely at your spending habits, it’s likely that you can find ways to cut your spending so you can save more money.

Teaching them how to build strong and purposeful spending habits can help them be disciplined once they get their credit cards as a teenager or when they acquire their credit cards as college students.

Just saving $2 a day would give you an extra $60 on average every month, or about $720 in a year. Start looking for sales on the items you want to buy, so you’ll spend less. Many stores have weekly sales for specific items.

You can also save money with discount or store cards; stores often give special discounts to frequent customers. Buying items in bulk is a good way to get a lower price, too. Learn to be money-wise, and you’ll have no financial regrets!