After a summer filled with mowing acres of lawns, babysitting whining toddlers, and doing various odd jobs, many teenagers’ purses and wallets are empty by the start of the school year. Where did all that hard earned cash go?
Spending sprees are the prime suspect in this case of the deprived student versus the pricey world. From endless stores and restaurants in Florida to vacation spots around the world, teenagers are lured into spending money on the latest fashion trends and tasty treats. Teenagers end up splurging in back to school shopping and hanging out with friends, forgetting to save for a rainy day. Unaware of the future repercussions, students have limited to no cash left for during the school year.
Avoidance of being penniless during the school year is achieved with a very familiar word that most teens do not truly understand: saving. Even with the knowledge of putting money aside for the future, many do not enforce and follow the helpful advice given by parents, and other adults. For seniors putting money away for college and even freshmen opening their first bank account, saving can be very simple. It is never too late to learn the tools of saving and start putting them into action. The following tips will help guide any overspending teen on the precise track to saving paradise.
What’s a budget?
Dictionary.com defines a budget as an itemized allotment of funds for a given period in the future. Budgeting money earned from part time jobs and allowances acquired from parents helps teens to manage their income and expenses. Junior Tyler Rodriguez budgets as much as possible and says,“I spend my money more on things I need than things I want.” Teens should write out items and services that need to be paid for in the coming months, allot their money to these things, plan to only spend what needs to be spent and even put aside a few dollars for splurges at the end of each month.
Wasteful thinking
Teens love going out, shopping, and dining at the hottest restaurants. However, going to these places everyday or every other day can be damaging to your piggybank. Students should limit their spending at these eateries and visit them less often.
Brown bags & lunch boxes
If the lunch lady in the cafeteria already knows what Sally wants on the menu, Sally might consider spending less time in the lunch line and more time sitting with friends, eating a pre-packed meal. Taking about 15 to 30 minutes a day, like sophomore Ryan Tanksley does, to prepare a delicious lunch from home will help cut extra spending and stop parents from complaining about wasting food. Tanksley says, “it’s cheaper to bring something from home.”
Skip the Golden Arches
Visiting McDonalds, Burger King, Chick-Fil-A, and other fast food restaurants can dig an even deeper hole in a tight student financial plan. Young adults should eat more at home, trying out recipes and cooking with the family to steer clear of unneeded spending at these food locations. Preparing meals from home let’s students know what is going into their diet, helping them make healthier food choices.
Be creative
Living within a budget means that giving expensive gifts for birthdays and special occasions should be limited. Teens, especially those without jobs, should not be handing out costly presents to all their friends and family. Thoughtful and handmade presents are always appreciated.
Stay in
Many teenagers enjoy the fabulous services, establishments, and nightlife that Florida has to offer. Though these bistros and teen clubs are very attractive, inviting friends over to play board games and watch movies more often is much cheaper than frequent nights out on the town.
What’s hiding in the closet?
Students should take Eminem’s advice and start cleaning out their closets. Yard sales are a great way to get some quick cash for unused and old items that are just lying around. Gently used clothing can easily be traded in at used clothing stores and consignment shops for a few bucks.
Generic brands
While shopping with parents at Publix or Wal-Mart, try to aim for purchasing more generic items. These products were developed to provide the same trustworthy quality as the named brands. They cost less, saving any resourceful family money off their grocery purchases.
Invest the rest
After paying for budgeted items, teens should invest their money in savings accounts with good interest rates leading to a gradual increase in funds deposited. Teens can buy a certificate of deposit, commonly known as CDs, from banks. CDs have a higher interest rate than saving accounts; however, money cannot be withdrawn for an extended period of time. TheMint.org has many helpful tips for saving money for teens and even parents.
Cut the coup
Coupon cutting is not just for money-saving mothers! Teens can find many useful coupons online or in the Sunday newspaper for retail stores and restaurants which will help them save on purchases. Senior Taylor Crowl uses coupons for clothing stores and restaurants all the time, “I actually used a coupon for [buy one, get one half off] at Tijuana Flats recently.” RetailMeNot.com is an amazing site with coupons for stores all over Central Florida. Also, checking out the sales and clearance sections in stores helps saving teens stay budget friendly.