7 Tips on How Teens Can Save Money Efficiently in San Diego
2. Dedicate a percentage of the money you’re making to savings. Every time you make money, even as a waitress at George’s at the Cove, or a Legoland amusement park operator, dedicate a percentage of what you make to savings. For example, If you make 100$ a week and decide to put 10% towards savings, then you would put 10$ per week into your savings. Over a 6 month period, you would already have $240 in your savings. This goes a long ways when it comes to trips with friends, or gas money!
3. Ask yourself if it is worth it. Ask yourself if you really need it and if you are really going to use it. Is it just a want in the moment or is it something that you will put to use and will benefit you over time. Teenagers tend to go through “fads” in such a short time, so you need to be careful to ensure that what you’re purchasing now won’t just be useless to you in a few months.
4. Dedicate a certain “bill” as your savings bill. If you deal with cash a lot, from babysitting gigs or tips at your job, dedicate one type of bill as your savings bill. For example, every time you get a $5 bill, set it aside for savings. You will soon have a very large amount of money, and over the course of one summer, you can rack up enough to buy that one big thing you’ve been thinking about all year.
5. Give your money to someone that you trust, and keep track of it. If you really just are not that good at saving your money for a goal, find a trustworthy friend and tell them to keep your money in a secret, safe place until you have saved a certain amount. Review your savings with them monthly, and if you’re surprised at how much you’re able to save by this tactic, keep it up! Sometimes it’s easiest to ask yourself what is really needed versus whats not when someone else is holding the majority of your savings for a specific goal.
6. Have a big goal for yourself once you save enough. Always try to keep a balance in your budget, but try to find and eliminate things you spend money on most. For example, if most of your money goes towards lunch at all these quick convenient places, then try and just eat at home for a month, to see how much you can save for your big goal. If most of your money goes towards gas, try and carpool or ride your bike more often when you can. You can also use Uber as a cheap way of getting around if you’re planning a fun weekend with your teen friends.
7. Take advantage of coupons and discounts. There are discounts for teens all around San Diego. Sites like Living Social and Groupon constantly have great deals on fun things to do or places to go here in San Diego. Try and find the cheapest versions and best deals of things before immediately purchasing. Make sure to look around for sale and clearance signs also. Make sure to look for consignment stores, where you can get rid of unwanted clothes and get new ones for great prices. A great consignment store to shop at is My Sisters Closet in Encinitas.