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I'm Steph, mum of three! 👋
Here, I share practical insights on making (and saving!) money. With a knack for budgeting and a passion for financial freedom, I've picked up lots of tips & tricks along the way. And I can't wait to share them with you here!
Do you want to save money fast as a teenager? You may not think it’s possible, but there are many ways. From getting a better paying job to using coupons and cutting back on how much you spend, this article will teach you how!
Also see: How to make money as a teenager
Saving money as a teenager: Tips and Tricks
We’ve got some pretty good tips and tricks to help teenagers get saving fast, so if it’s a car they’re saving up for, their first holiday away with their friends or just a wardrobe of new clothes, these bank boosting tips will help them along.
Open a savings account
One of the best ways to start saving money fast is by opening a savings account. This will teach your teen how to save and have access to their funds when they need it, without having to worry about paying interest on credit cards or overdrafts.
It’s easy to open a savings account in the UK, and if they have a banking app you can usually open a savings account in the app.
Putting money into a savings account regularly can help you to save money fast and get teens into good saving habits for the future.
Do some household chores for your parents
It may seem like a lot of hard work to do your parents’ household chores, but it can save you money fast. Chores are also beneficial for teaching responsibility and how the world works.
If they want some extra cash or if their parents live with them, getting paid to do chores is a great way for teens to make more money. With the added benefit of you, the parent, not having to do it either :)
Also see: How to make money as a kid
Get a job in the school or college holidays
Another route to fast cash is by getting a job in school or college holiday periods.
As well as making making some money to save, it’s also a good opportunity to find out what your passion in life is so that it doesn’t feel like such a wasted opportunity.
Also see: Best jobs for students in the UK
Make a budget
Making a budget will help when it comes to saving, and the sooner you do it the better.
There are lots of free software programs that can be downloaded onto your phone or computer which will make things much simpler for teens who don’t like doing pen and paper work!
Just remember to budget the amount you want to save first, and make sure you put a little money away each week; then sit back and watch as your savings mount up!
Also see: Best budgeting apps UK
Use your student discount
One of the best ways to save money as a teenager is to use student discounts at retail stores.
You can often get some great savings on clothes and groceries, so it pays to ask whether you’re eligible before handing over your card or cash.
You might be surprised how many shops offer this, and you can out the amount you’ve saved in your savings account. That way, you won’t notice the money going into your savings account, as you’d have spent it anyway.
Also see: Amazon student discount
Shop the sales
Shopping in the sales makes good financial sense for all of us, but especially for teens trying to save money. Check with the store if you can combine your student discount with their sale prices and you could get yourself double the bargain!
Also see: Next sale dates
Keep track of your spending
It’s easy to lose track of how much you’re spending in a day, but it is very important that you do not!
Keeping an eye on your purchases and making sure they are within your budget can help prevent overspending. You could also try setting up a weekly allowance for yourself – this will make saving money easier.
Also see: How to budget
How much money should a teenager save?
How much cash teenagers should spend depends on the sort of job they have. If they’re working a lot of hours, then it’s important to save some money for when they’re back studying and have to reduce their hours.
On average, people recommend saving at least £20 each week for emergencies – this is usually around one-third of your weekly wage if you’re earning minimum wage in a typical student retail job.
So there you have our finest tips and tricks to get teenagers saving money fast. We hope this blog helped you on your quest to save money!