If you want to save money for your college education or to buy a nice new car or bicycle, you need to learn a few tricks. So far, the difficulties are not many. The challenge begins when you have to do it in a concrete way, especially if you have no experience with money management. However, the more disciplined you become, the easier and more fulfilling it will be, as you will see a nice nest egg grow. It's never too early to start saving!
Steps
Part 1 of 3: Establishing the Sum and Purpose
Step 1. Determine a milestone based on your needs
Saving is much easier when you have a specific amount in mind. If you can't figure out an exact amount, try to set aside about half of the money you earn or get given away. For example, if you earn 10 euros today, save 5.
Buy a piggy bank or get another container to store the money. Choose a specific place to store it - it should be quite hidden. Instead, don't use your wallet. It will also seem like a good place to keep money, but in fact it is not as it is easily accessible and transportable. Once you've found a hiding place, try not to take a penny out of the piggy bank until you've reached your goal
Step 2. Create a table
Once you have defined the destination of the savings, try to determine how many weeks you will need and draw a chart on a billboard to hang on the wall. Draw one box per week and write the date next to it. When you keep some money in the piggy bank, stick a sticker inside the corresponding box, so you can keep track of the progress of the project.
Setting multiple milestones is a great way to keep motivation high while trying to save. For example, you can hang a billboard in your room and mark them with a symbol or a sticker every time you can save 5 euros: 5, 10, 15 and so on
Step 3. Start saving by storing the money in a container, such as a piggy bank, but an envelope is fine too
On the vessel, draw pictures related to your final purpose. Each week, keep the predetermined amount of money. You can have two containers: one for the smaller objectives and one for the larger ones. For example, you can save in the short term for a video game and in the long term for a trip to an amusement park.
Step 4. Imagine what you will do with the saved money
Cut out a photo of the item you want to buy (with attached price) from a catalog or magazine. Hang it on a wall in your bedroom or other place that will allow you to see it often. It will be very useful to motivate you towards the final goal.
Step 5. Store your money in a place that won't tempt you to take it and spend it
If you think you are weak, you should hide them and restrict your own access. However, make sure that the hiding place is not too complicated, otherwise you risk neglecting the project or even forgetting where the money is. Your sibling's or parents' closet can be a good hiding place, but you could also ask a family member to keep them aside for a while. This way, in order to receive the money, you will have to contact him first.
Part 2 of 3: Strategies for Spending Little
Step 1. Remember that every penny counts
Provided it doesn't belong to someone else, collect every single coin you find lying around. Remember that even the smallest and seemingly negligible expenses in the long run make a big difference. Aren't you convinced? Imagine this example: 100,000 people say their individual vote doesn't matter, but evidently together they can make a difference.
Step 2. Look for free pastimes
When you go out with your friends, propose an activity that doesn't make you spend a single cent. For example, you could go to the park or play football. If you are out, but you are not far from home, and you are thirsty, look for something to drink in your fridge and save, instead of spending a euro to buy a bottle of water.
Step 3. Spend wisely
Considering the amount you have to spend each week, try to subtract a small percentage (equal to at least 5-10%) that you could add to your savings. The speed with which the nest egg will grow will surprise you. It is better to start with a small amount than to promise yourself to save large sums and then never succeed.
Step 4. Don't buy groceries using your own money
A snack lasts a few minutes and then disappears into thin air, just as your money will disappear. Start cooking at home and make some treats. It will be much cheaper.
Step 5. Tell a friend or family member that you are saving
This tactic can be summed up with a simple expression: "give an account of one's actions". Basically, if someone is aware of your project, the responsibility you feel is much greater. In terms of savings, this person can also stop you from spending when tempted. Just make sure it's reliable and won't push you to give up in the future.
You can also involve this friend or family member and encourage them to save for a certain goal. The person who arrives first at the desired sum must offer the other a ticket to go to the cinema or invite them to do another activity in their free time
Part 3 of 3: Jobs to Increase Savings
Step 1. Do a variety of jobs in your neighborhood
Ask your neighbors if you can help them with certain chores around the house. If they say no, try not to be discouraged - they may not have any extra money to spend at the moment. Either way, you need to at least try to spread the rumor so others will be aware of your services. Someone will probably ask you to help them out in the future. Here are some useful jobs you might suggest:
- Cut the grass.
- Clean up the garden.
- Patching up clothes.
- Reorganize attics and cellars.
- Remove weeds from the garden or driveway.
- Shoveling the snow.
Step 2. Volunteer to guard a neighbor's home when out of town
Working as a "house-sitter" usually includes tasks such as watering the plants, taking care of pets and carrying the mail indoors. In most cases, you need to enter the house once a day to check that everything is in order. Sometimes they may ask you to stop even during the night.
Step 3. Think of creative ways to get help from your parents
Learning to save is a skill that will come in handy when you get older. If you show your family that you are able to do this despite your young age (even if the sums are low at first), they will be more likely to help you. Here are some ideas to consider:
- If someone gave you a gift card, give it to your parents in exchange for the amount of money it is worth.
- Open a bank or post office account managed by your parents. There are many services available for teenagers. You can opt for a term or term deposit and receive interest on your savings. Find out about the various options, such as post office books or deposit accounts offered by the most well-known banking institutions.
- Behave politely with your parents or any other person who gives you pocket money, and ask for a raise. It doesn't hurt to try: in the worst case they will say no.
Step 4. Become a young entrepreneur, a sophisticated word that stands for "get yourself in business"
You are never too young to start. For example, if you have a talent, like playing guitar or dancing, someone could pay you for it. You can also make art or craft creations and sell them, such as knitted hats or scarves. If you live in a small neighborhood, create a banquet to offer drinks or food; you can make them yourself or buy them in bulk and sell them at a higher price to earn a profit margin.
Step 5. Clean
Do your parents get angry when your brother leaves his room in a mess? Offer to clean for a fee. Can't your brother afford it? Then ask your parents. If they are tired of this situation, they will probably accept your proposal.
Advice
- Don't waste money buying useless things you don't need or already have.
- Don't put your saved money in your wallet. By keeping them in a safe place, you automatically have no money to spend when you get out.
- If you have coins, set them aside.
