Save Money as a Teenager Fast (Top 5 Money Wasters)

Описание

In this video, I show you how to Save Money as a Teenager and how I manage to save roughly 77% of my income. I break it down into 5 main categories to help you save money and budget. This video is geared towards teenagers with a job that are at least making some consistent money to invest. Even if you're not making much money, you can still save more money and make your money last longer. Here are the top 5 expenses for teens and tips on how to spend less money and save more:

Gas

Buying gas is probably going to be the top expense for most teens and there are many things you can do to spend less money on gas every month.
Drive Steady & Slower, accelerating fast off redlights and going over the speed limit will use more gas and decrease your fuel efficiency

Buy Gas Earlier in the Week (gas is cheapest sunday-tuesday)

Don’t tailgate, using your brakes will make your car less efficient

Air Conditioning will lessen your average MPG by ~3 or more

Maintenance, keep your car in good repair and you can save thousands

Phone Bill & Phones

Your phone bill likely costs either you or your parents ~$50 a month or even more if you have unlimited data like me. Take this opportunity to save money and get a budget phone plan for ~$25 a month and put the rest in a college fund. If you’re parents are currently paying your phone bill, ask them if they will put the difference in spending into a college fund or emergency savings.

Food

Food is something we all need, but most of us spend way too much money on it going through drive-thrus, stopping at starbucks, and going out to dinner. If you can eat more at home you’ll save lots of money in the long run.

Clothes & Luxuries

On average, upper income teens spend at least $1,100 a year on clothes. If you don’t need the clothes or shoes, you shouldn’t buy them. Or if you like collecting shoes or different clothes consider working more to pay for those so you still have the regular amount of money you would typically make a month leftover.

What should I do with this newly saved money?
I would either put it in a savings account for college/the future or invest it in the stock market.

I have a video here on setting up a stock trading account for teenagers under 18: https://www.youtube.com/watch?v=-Z0D63swW4U

And another video on a popular style of investing for teens that don’t want to lose money & would rather play it safe:
https://www.youtube.com/watch?v=LmAijY-q5Ho