Most teenagers have big dreams. Some dream of owning a car, traveling, or starting a business. Many plan on attending college. All those dreams require cash. So how do you turn that dream into reality? Be a dream achiever and start saving your money.
Think small to save big
If you’re 13 years old and you save $50 every month until you’re 18, you’ll have $3,000. You might think, “I can’t save that much a month.” But it’s possible if you think about it in smaller amounts.
Fifty dollars a month is about $12.50 a week, or $1.67 a day. This could be as easy as skipping school lunch and taking food from home instead.
If you don’t get an allowance, you can save birthday and holiday money. You also can do odd jobs for your family, friends and neighbors on weekends or during your summer vacation.
If $50 a month still feels like a high goal, set something more attainable. The main idea is to get started and have a consistent routine. As you go along you can always raise your goal if you find more ways to earn and save.
Here are more ways to help you reach your savings goal:
Keep your eye on your goal. To keep you motivated, find a picture that illustrates your dream and put it where you’ll see it everyday.
Drop all your change into a special container. Coins can add up quickly.
Control your impulse spending. When tempted to buy something, ask yourself if that purchase is more important than your dream. Sometimes taking a few days or a week to think about it before buying helps you realize if you can do without buying.
Leave your money at home. Carry only the cash you’ll need for the day so you won’t be tempted to spend it all.
Open a savings account. Not only is this a great way to keep your extra money out of sight and prevent unnecessary spending, a savings account will earn you extra money on interest. Find out about Liberty Savings Youth Accounts and other savings options like CDs or special education accounts that make the most of your deposits.
With a little self-control, and some patience, you’ll soon be living your dream!