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Three Ways Teenagers Can Save More Money | Financial Planning Tips

Three Ways Teenagers Can Save More Money

Remember the joys of being a kid and not having to pay taxes or worry about working a 9 to 5 job and paying for your next meal? Yes, they were wonderful times, but we all must grow older.

The economy is rough right now and teenagers and young adults are finding it harder than ever to not only secure a job, but save any money that they may already have saved up.

In this article we are going to highlight some of the best ways young adults can start saving money and making it go a little bit further.

Create a Budget

If you were to tell a teenager that they need to create a weekly or monthly budget, many of them will roll their eyes. Little do they know how effective and important it is to know where they are spending their money. From little things like hanging out with their friends, going to the movies, spending money on gas and every day costs can really add up. If you currently have a credit or debit card, be sure to look at your previous months spending and see where you can cut some costs and create a budget for your monthly spending.

Eliminate Un-Necessary Spending

The simple spending of day to day costs can really add up. If you are grabbing a quick coffee from your favorite name brand coffee chain every day, this cost in itself can add up to $100+ per month. If you are on a tight budget, eliminating the small daily costs and quickly add up to pure savings. Another example is if you are still in high school or college and spending money on lunch every day versus making your own lunch or bringing it with you. Sure, it isn’t cool… but you will have some nice pocket change at the end of the month.

Be a Better Driver

Yes, even the simple task of being a better driver and not using your mobile device can play a huge part in your insurance savings. The absolute last thing you are going to want is to be pulled over for a speeding ticket, texting while driving or even worse… a car accident! The costs of any of these incidents will cost you at least a few hundred if not thousands on your annual car insurance. To learn more about young driver insurance and the impact safe driving has on your insurance costs, be sure to contact your local insurance agent.

You’re Only a Teenager Once!

One of the biggest problems that teenagers regret later on in life is that they wish they could have taken better care of their finances and their future. Just because you are a young adult, it doesn’t mean that you can’t have as much fun as all of your other friends, it merely means you are better prepared and aware of your finances.

Be young, have fun and follow these quick money saving tips and you will be sure to have a better financial future!

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