Saving is really important for anyone of any age. For teens, knowing the value of money at a very early age is something that you will be thankful for in the future.
How to Save and Spend Money As A Teenager
Investments don’t necessarily have to be stocks or bonds but it could just be an opportunity that pops up like a random restock or an opportunity to make a purchase and make money off it. It’s always nice to have some reserve. You can also invest online. But before you do so, it is always wise to read on honest reviews like dealdashreviewed.com, an honest review on Deal Dash.
Divide your money as to savings and spending
Divide your money in any income you get and basically split it at 75-25. Meaning you should always be saving about 75% of what you have and allocating 25% to spending. This is a very rough estimate but for those of you that have working jobs, it’s always good to have money in your bank account to sit on or invest when an opportunity arises than consistently spending money on things and not having money on hand to make a smart investment.
Grab the opportunity to earn
Remember, there’s always an opportunity to make money regardless of age. Work hard enough and there will always be an opportunity for you to make money. There are lots of places hiring young people to do different works and while you are making minimum wage, that money can add up. If you have money saved away, you can then spend that money on to bigger and better things or invest that in different opportunities.
How to spend your money?
When I am looking to purchase something new, I always think about the resale value. Or how the items retain value. Go for items that will maintain its value for a lifetime or even more. If you have this kind of mentality, you will either resell it in the future while retaining the money when you bought it or get more than what you spent for.
Look for merchandise that has an aftermarket for it. For instance, you bought a new car, you know in the future that there is an aftermarket for that. So teens, save the money you get and grab the opportunity to earn more.