During the summer months, many teenagers opt to use their time and energies to work at organizations and companies that offer part-time and full-time work. For many, it is a means of independence and opportunity. Regardless of summer jobs being part-time or full-time for teens, experts say that saving money from summer employment should be something all teens practice. Here are some money saving tips teens can practice during summer employment.
1. Set up two separate bank accounts.
Bank accounts are generally free for persons under 18 but you will need to check with your bank to get additional details about free accounts. If you are a teen, consider setting up two separate accounts with one that allows you card access and the other separate account with a high interest rate. The account with the high interest rate will make your money work harder for you. Not having access to the second account will help you with your savings goals.
2. Have your boss or employer save money for you!
Ask your employer to set aside money for you that you do not see. Most employers do not have a have a problem paying a percentage of your pay to a different account. Try asking your employer to place between 5% and 10% of your pay into an account that you do not see.
3. Odd jobs can add up too do don’t knock them.
If you are able to find suitable employment at a company this summer, why not resort to finding employment around your neighborhood. Begin a car-washing business. Ask your neighbors to pay you to walk their dogs or the ever-classic job… babysitting. Consider creating opportunities to earn income for yourself this summer and place money in a savings account as if you had a position in an office or restaurant.
4. Learn the importance of being frugal.
As a teen, you are now old enough to know the importance of frugality. It is not necessary to live like a miser but it is important to remember that saving and spending wisely are practices that you should adhere to. When purchasing items such as clothing, shop sales. You should definitely have fun with friends and go see movies, shows and concerts; however, find out if there are discounts when purchasing tickets in groups.
Watch the video below for additional ways to save money:
Save Money Monday: Tips For Saving Money For Teens During Summer Employment [Video] was originally published on news92fm.com
