When teenagers start making money, it can be easy to spend it all on things they want at the moment. However, there are many things that teens should start saving up for that will benefit them later in life. Below are some examples:
Table of Contents
- 1. A Cellphone
- 2. A Laptop or Desktop Computer
- 3. A Used Car
- 4. Lessons for a Hobby or Sport
- 5. Travelling Expenses
- 6. Games & Gaming Equipment
- 7. Clothing Shopping
- 8. Gifts for Friends and Family
- 9. Start a Small Business
- 10. Fun Money
- 11. School Trips and Fees
- 12. An Emergency Fund
- 13. College Preparation
- Final Thought
1. A Cellphone
A cellphone for communication is important for almost everyone these days. Sure, some people get by without one, but having a cell phone gives you a lot of freedom and convenience. If your parents are willing to foot the bill, great. But if not, start setting some money aside each week to pay for your own phone and plan.
2. A Laptop or Desktop Computer
A laptop or desktop computer would be helpful for homework and research, as well as for entertainment purposes. If you can’t afford to buy one outright, start saving up so that you can pay for part of it and your parents can cover the rest.
3. A Used Car
A used car will likely be your first big purchase as a teenager. For teenagers, a car can be a great way to get around and have independence. It can be helpful for getting to and from school or your job, as well as for going on road trips with friends. Start saving up as soon as you can so that you can pay for at least part of the car, and your parents can help with the rest.
4. Lessons for a Hobby or Sport
If you have a hobby or play a sport, you may eventually want to take lessons to improve your skills. While some parents may be willing to cover the cost of these lessons, others may not be able to afford it. Start setting money aside each week or month so that you can pay for your own lessons when the time comes.
5. Travelling Expenses
Whether you want to go on a school trip or take a vacation with your friends, start saving up as soon as you can. Many teens dream of travelling the world, and it’s definitely something you should start saving for now. Travelling can be expensive, but if you start setting money aside each month, you’ll be able to go on that dream trip sooner than you think.
6. Games & Gaming Equipment
If you’re into video games, start setting some money aside each week to buy the latest release or to upgrade your gaming equipment. You could also start a game collection by buying used games at garage sales or online.
7. Clothing Shopping
Many teens love to go shopping for clothes, but it can get expensive. If you start saving up for your clothing purchases, you’ll be able to buy better quality items that will last longer. You can also save up for specific items that you’ve been wanting, like a designer handbag or a pair of shoes from a luxury store.
8. Gifts for Friends and Family
Birthdays and holidays will pop up each year, and it’s always nice to be able to give gifts to your loved ones. If you start putting away money for gift giving now, you’ll have a much easier time when those special occasions come around. You may even be able to save up for multiple gifts at once, so you’re not scrambling to come up with the money last minute.
9. Start a Small Business
If you’re entrepreneurial and have a great business idea, start saving up so that you can eventually start your own business. This can be a great way to make some extra money, and it will give you some valuable experience in running a business.
10. Fun Money
Life can be expensive, and it’s important to have some fun money set aside for those spur of the moment purchases or activities. Whether it’s going out to eat with friends, seeing a movie, or buying a new video game, you’ll be glad you have some extra cash on hand when you want to have some fun.
11. School Trips and Fees
Teenagers often have to pay for school activities like field trips or prom. If you start saving early, you’ll be able to cover the costs of these things without having to worry about coming up with the money last minute. You may even have some money left over to buy a nice dress or suit for prom.
12. An Emergency Fund
Emergencies happen, and it’s always good to have some money set aside in case something comes up. This could be anything from a car breaking down to a last minute flight home for a family emergency. Having an emergency fund will give you peace of mind knowing that you have the money to cover unexpected expenses.
13. College Preparation
College is another major expense that many people have to take out loans for. If you are able to start saving for college early, it can help you immensely when it comes time to pay for school. There are many ways to save for college, such as setting up a 529 plan or investing in a mutual fund.
Saving up for these things may seem like a lot of work, but it’s worth it in the long run. By starting to save now, you’ll be setting yourself up for success later in life. So start putting away some money each week and watch your savings grow.