Money is an extremely complex concept to discuss. For some, it might be simple. When we factor the numerous ways our lives could be affected by money, everything gets a little more complicated. Even if no one asked, here are 5 pieces of financial advice for teens and young adults.
Educate Yourself
This is by far one of the broadest subjects you could explore when saving up. Studying entails a lot of things. Since we’re in the age of the internet, almost all sources are out there. You just have to look carefully. Be warned that not everything out there is a viable piece of advice. Follow up on the things you take note of, look if there are more sources out there that say the same ideas.
The main idea behind this tip is that you wouldn’t know the hard part of saving up if you do not know which part is the hardest. Consider surfing the web to look for clues as to what hinders teenagers from saving money.
Start A Savings Account
This is pretty straightforward. You might not be able to see its value during the early periods of your account. Just imagine how much you could save up in a year if you set aside $5 daily. Just imagine.
Keep track of your savings. Keep tabs on the money that goes inside your account. This allows you to set personal goals or savings goals to stimulate your drive to save up. Putting your money in a savings account allows you to acquire the habit of saving and develop better spending habits.
Track Your Purchases
The most difficult temptation to ward off is spending on a lot of things. Sometimes, you spend so much of the money that you end up with nothing. This has to change ASAP. Before you make a purchase, ask yourself this: “Do I need this now?”. This allows you to activate your reasoning so that you could make a better decision.
If temptation won over you, remember to keep track of your purchase. So whenever you want to purchase something again, look back at your purchase history. It would give you an idea of whether your money is getting you essential things or just for the gram.
Consider Making Money Off Your Skills
We cannot stress enough the importance of sharing your expertise with those who need you. Find a certain niche that you are good in and offer commission work for it. Are you a skilled graphic designer? Consider charging your customers in exchange for excellently made art. This applies to all others’ skills. You just need to stretch your imagination.
If you’re an amateur freelancer, consider offering your services to your friends or relatives. Once you build your portfolio, customers would race to your door just for your services.
Utilize Your Resources
If you really just can’t stop spending on leisure, consider utilizing your student ID. It is more than just a plastic sheet for identification. There are retailers out there who would gladly give you a discount if you present your student ID.
This allows you to save a portion of what you could have spent. This “discount” could then be placed in your savings for safekeeping.
Our point here is simple: Saving takes time, and it’s not noticeable at first. When you factor in the money you have saved in a year, you would be surprised by how much you have. Saving just needs three key ideas. First is discipline, second is developing a habit, and the third is becoming future-oriented. You would be amazed by how far that daily $5 dollar savings would take you.
Since we’re talking about money, you may want to read here about the top business ideas for teenagers.
Opinions expressed by AsianBlurb contributors are their own.
Shanae Brooks is a reporter covering leadership in the business world. She began her journalism career as a ghostwriter behind various successful books in the business realm.
