One to One Thousand

When it comes to savings, you can’t ever really have enough. And when your entire existence stands on need fulfillment and entertainment, money is always tight.

When you’re young, you want everything. And as you grow up, you learn to limit your wants. It’s quite sad, but undeniably true that our wish-lists are completely dependent on the leg of our economic backgrounds.

Teenage is a defining period in our life, often forcing us out of our comfort zone, seeking and encouraging for more. It’s easy to get lost in that world of neon lights, tight friend circles, and the endless search for the next adrenaline rush. With chasing all these, come piles of expenses.

According to Lexington Law, an average teenager in America spends $2600 per year. While that amount of money is outrageous in Nepal, teenagers do have wild recklessness about them. Saving money during these seems all but impossible.

Despite that, here are a few tips you can use to start saving right now.

 

Take Up a Part-Time Job

The first way to start saving money is to have an income source. It might sound intimidating at first. But you’ll have to step into the professional field one day anyway. So start building that CV now. It doesn’t have to be anything grand.

If you’re a good writer, freelance. If you’re good at studies, start tutoring. If you want to learn about running a business, work at small businesses. Employment doesn’t have to take up all your free time. It’s about making the best of what you have. And once you have a steady flow of money, make sure you save at least half of your salary.

 

Use Student Discount

Your student ID card has more use than just letting you enter through the school gates. In amusement parks, they have specific categories for students. Many hospitals organize free health checkup day for students. Sometimes, special movie festivals and premieres give an astounding amount of discounts to individuals belonging to education institutions.

It’s just public transportation that accommodates your teen life. All you need to do is seek out enough information on places and find out where you can save a penny.

 Money-Saving Mentality

This is the one thing you need to consciously work on. It’s not just about controlling behaviors. It’s about controlling the thought patterns that result in actions. We always think, ‘Once I have enough money, I’ll buy this,’ when it actually should be ‘What should I invest my money on?’ Yes, buying that one cute jacket might make you happy for a few days, but in the end, what matters is that iPhone 8 you had wanted for so long but cannot afford now because you’ve burned through all your money on stuff like clothes and limited products.

Another way to help you save money is by thinking you don’t have enough money. This works because you’re actively telling yourself you’ll only be spending on things that you absolutely need. When you start believing that you don’t have money to spend, you’ll stop impulse buying.

 

Get a Library Card

Teachers will always tell you to buy a ton of books. But you rarely need them. Most of the assignments only require content from one or two chapters of the book. And the rest is just heavyweight you’ve spent on.

So use the resources available to you, the internet being the first one. From PDF files to YouTube classes, the WWW has enough information to fill up your homework. In case you have to use books, get a library card. School libraries usually have a copy of the required books on every subject. Use those.

Try to not buy books that have the bare minimum to do with the curriculum. Take pictures from your friends’ books or get a digital file instead.

 

Have a Savings Goal

At the beginning of each month, set a goal that you’ll have a certain amount of money in your account. The number will help you pre-determine how much money you can afford to lose in a month. It’ll regulate your spending habits and boost your motivation.

When you have the exact number in mind, you could also connect those numbers with things. For example, if you save Rs.2000 this month, by the end of the year, you can finally take that trip to Pokhara that you’ve wanted for months. This helps you attach your economic behavior with future goals and gives you an incentive to put away more money.

Money Control

Another way to start saving is to cut off your access to money. Having bank accounts might not be a feasible way to save money as a teenager. But what you can do is give up your money for safeguarding. Now this is the tricky part. The person you give your cash to should be trustworthy, better if it’s a parent.

You can also stop carrying a lot of cash around. Just take what you need. That way, you won’t randomly spend it on things you see.