How to Save Money as a Teenager

  • How to Save Money as a Teenager
  • I Don’t Have an Income to Save
  • My Parent or Guardian can’t or won’t Pay Me for Chores
  • How Do I Know How Much to Save?
  • I don’t feel comfortable doing an in person job?
  • What online jobs could I do that would make me more money?
  • Do you have any tools/tips for starting?

How to Save Money as a Teenager

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Saving money can be difficult as a teenager, especially if you are not earning any type of income. I will tell you some ways you can get money to save and how to save your money effectively!

I’m not from a rich family, my intentions are to break the cycle of being in a poor family, which I know I can do, and you can too! 

Don’t Have an Income to Save

Fear not! If you don’t have any income at all coming in then try asking a parent or guardian if they will pay you pocket money for doing chores, if you don’t get a lot then I recommend you save all of it, an example of this would be about £10-20 a month, this should all be put into a savings account.

However if you get around £40-50 a month then you can use the 20-80 money saving method, this is where you save 20% of your money and then 80% would go towards what you need, such as Bill’s or toiletries and towards something that will gain you more money in the future.

My Parent or Guardian can’t or won’t Pay Me for Chores

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This is a problem I had, my Mum wouldn’t have been able to pay me and the rest of my family couldn’t afford to keep paying me money for doing things for them, so instead I decided to get a job, I highly recommend you do try to get one as you can then earn a stable income! 

In the meantime, look for little jobs you can do such as a paper round, doing a neighbours garden, cleaning neighbours cars, cleaning neighbours houses, the best part about them is you charge however much you like but I would suggest you do it cheap to begin with otherwise people may not want your service.

This could then even turn into a full time business in which you make quite a bit of money until you make a business that will make you lots of passive income!

How Do I Know How Much to Save?

This is quite simple, you look at the amount you have, use a calculator and multiply the amount of money you get a month by 0.20 and that is how much you should save. For example if you get £50 a month in a calculator that is 50 x 0.20 which equals 10, so you would save £10, then I would suggest you invest the rest of your money in something like print on demand or drop shipping as these will make you money.

I don’t feel comfortable doing an in person job?

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Personally I would suggest you try and get a job in person if you are uncomfortable with it, to break the fear of this and also because if you become any sort of business person, you are always going to have to speak to people and know what you are doing when talking to customers and staff. 

Then when you get your first order, you then have to do that work as well, and in the beginning you are likely to get little to no orders at all because you are a new seller and people don’t know if they can trust you or not.

What online jobs could I do that would make me more money?

The online jobs that I tried were:

I found that drop shipping in the beginning was very difficult for me as I didn’t have enough money for something to go wrong or to pay a monthly fee to keep my site up and advertise to lots of people. 

Print on Demand was similar, but this was more because I didn’t know where or how to start, however personally this is my favourite now, as you can make lots of money from doing one design and selling it on products across multiple platforms and your website.

Upwork Gigs: I got a gig which was very low paying and then they wanted me to write a blog post I knew nothing about, so in the end when I couldn’t get gigs after that I gave up on it and tried finding something new. 

Fiverr Gigs: I love fiverr because you can find so many things that people will do for a cheap price, and when owning a business it can be extremely handy to use this service for things that you don’t have time to do while you are setting everything up and then in the future when you want people to work for you!

YouTube: I started doing challenges and in my first month or so I managed to make 80 subscribers because in the beginning I was confident in front of the camera and I did a lot of daft things.

But I then started to get bullied horrendously online, people used to make fun of my pets that had passed away, they used to say all sorts of nasty things, which knocked my confidence right down to the ground. 

At one point I even became suicidal because of this, whereas now because of the amount of times I have been knocked down, I would try my best to ignore the hate. YouTube is a good career but only if you have the right persistence, knowledge and a strong mind, because it can be very tough on mental health!

Blogging: People don’t always think of this as a career, but it is and it can make you a lot of money, sometimes even just by writing blogs! I started a page that I didn’t really keep up to, because I wasn’t as passionate about that as I am about making money, so I decided to start this blog instead, which I enjoy writing about a lot more and could write a lot of posts about!

Do you have any tools/tips for starting?

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My tips would be:

  • Promote, Promote, Promote
  • Be patient and persistent 
  • Get as much free help as you can
  • Enjoy yourself
  • Keep going even when its tough

To begin with, I highly suggest you use Instagram to promote your business as that is one of the most popular platforms to get your business popular!

Being patient takes time to learn, being persistent takes a lot of courage and effort!

Free help is the best in the beginning, you may even find you will never have to pay for advertising but it is good to pay once your business has skyrocketed a bit just so you continue to get the growth you deserve!

Enjoying your job is important! If you don’t enjoy what you do, don’t do it! This is why I started blogging because I enjoy writing but I also enjoy the feeling of helping others, as it is really rewarding!

I would make sure that you invest in things that will make you more money too! My personal favourite that people should get is a card reader! This is so if you are starting a business in person or in store then you can accept money through a card payment, which is a lot more convenient for some people, this also helps if you sell products or services from your home to begin with!

Conclusion

In conclusion you should ask parents to give you money for chores and save 20% every time you get paid! You can look for a job in your area or create your own business. Always make sure to save 20% and spend the rest investing back into your business and on anything you need.

If you don’t feel comfortable doing an in person job you can always look for jobs on upwork or make your own gig on fiverr, however I would suggest you get one so that your income is stable and you can also build up your confidence while doing this job!

If you want to start your own business from home then I would highly recommend Drop Shipping, Print on Demand, Upwork and Fiverr gigs, YouTube or Blogging!

What business idea are you going to try next?

Published by MakeAnSave

Hi there! My name is Daniel, I have decided to become a blogger because I want to be able to help lots of people out with saving money and making money, I originally came from a broke family and was not making much whereas every day I am now making a little bit more and would like to help you do the same!

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