Even for adults, saving money can be a difficult habit to get into. However, the earlier you start this practice, the more you will benefit from it. Here are some tips for teens who are looking for ways to start saving.
PAY YOURSELF FIRST
Every time you earn money, before buying anything else, start making it habit to pay yourself first by putting money in savings. Even a few dollars here and there will grow over time. To boost your savings even more, Dream Certificates from Cyprus Credit Union are a great option. You can open one with as little as $20 and continually add money throught the term. The longer of term you select, the higher your interest rate will be.
INCLUDE IN BUDGET
Include some saving whenever you create a budget. Remember that as budget is supposed to be flexible and evolve as your situation changes. So if you feel like you’re constantly fighting your budget, take some time to go through it line by line and see where you can make adjustments. For more tips on creating a budget in your teens, click HERE.
SET UP AUTOMATIC DEPOSITS
Setting up automatic deposits can make it easier to save because you don’t even need to think about it. Not only will you not forget to pay yourself first, but it will also remove the temptation to spend the money you should be saving on something else.
Use a different account or a different financial institution all together to remove the temptation of using your savings for an impulse purchase. Do not have a debit card linked to this account so that in order to use it, you will need to make a conscious effort to transfer around money.