Teenagers have never been known for their wealth. But with ever-rising inflation, it is harder now than ever to be thrifty. So here are some tips to help you save your money.
Have a minimum amount in your savings
If your issue is overspending on impulse buys, try to set a limit. For example if you get $200 each paycheck, set aside a certain amount for spending, like $60 for fun and put the rest in your savings. Once the fun money is up, it’s time to seek out other ways to fill your time.
If you can’t do something for free, try a cheaper alternative If you are spending money on something like clothes, try out a much cheaper and more sustainable option like thrifting. If the issue is that the activities you want to do are too expensive, there is probably a cheaper substitute. As I mentioned in the last tip, getting ice cream from Dairy Queen was expensive. But we can get a 48 ounce tub of ice cream with plenty left over for the wonderful price of $2.99 at Kroger.
Take time to consider your purchases
While not everything teenagers spend their money on are reckless purchases, many other things are not necessities. I know I have found myself a victim of the consumerism impulse while wandering the aisles of Hobby Lobby and many other stores. But when I really didn’t have the money to buy anything, I rarely thought about those items later. Really try and contemplate about the things you buy because it is very likely that you never needed them in the first place.
Try to do free activities with your friends
Dairy Queen was the place to go for my friends and I to hang out, but $5 ice cream so frequently just isn’t sustainable. Instead of going out and spending money, try going to a free place instead. My favorite free places in Indianapolis are Holliday Park and Monument Circle. You could also take advantage of the many museums that have at least one free day throughout the month like Newfields, Murphy Arts Center and Harrison Center.
