Ways Teens Can Save Money

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For teens living in the twenty-first century, money can be tight and they have to use it wisely. Below you will find ten tips to maximize savings and when to use some of the saved money for things they want.

Rent or Borrow Movies
Oftentimes, new release movies are set at full price and non-returnable, so teens should rent them from places like RedBox or borrow from the library or a friend who has the movie they want to watch. Thriftyfun.com says that teens should watch the movie from a rental or colleague to know whether it is worth buying or if it is a one-time watch film.

Use the Library for Books
At the library, teens are able to find a variety of books and entertainment. Not only can they find books for leisure reading, but they can also find books and manuals describing how to do home repairs and how to make fast meals for the family. Libraries allow teens to place a hold on the book and they have options to renew their checkout.

Dollar Store for Basic Replacements
Cleaning products, party supplies, seasonal materials, and greeting/ get well cards are a few of the items teens can save money on at a dollar store. These products are of the same quality and brand as a store such as Walmart, but these items may cost less. Other products such as electronics and food are not always a bargain at a dollar since they may be smaller or lower quality.

Compare Prices Between Stores
Comparing prices between stores allows teens to see which stores offer the best prices for most to all of the items on their list. Thesimpledollar.com provides the following steps for how to do this in the most efficient way.

Dual Credit Classes
Dual credit classes allow teenagers to take classes for both high school and college credit. They are basic college-level classes such as the various introductory classes including math and humanities, every student is required to take. Savingforcollege.com says these classes are available for students pursuing a Bachelor’s or Associate’s degree.  

Get Clothes at a Discount Store
Discount stores such as Ross and Marshall’s allow the customer to buy up-to-date clothing for a lower price. These stores have higher-quality items than stores such as The Salvation Army or Goodwill. Csmonitor.com does recommend checking the clothing before teens buy it for major imperfections so that they don’t waste their money.

Don’t Watch Direct TV, Too Many Commercials
Direct TV and other cable networks show commercials during the TV shows and movies presented. The Balance team stated that commercials with a catchy song or memorable phrase will stick in the viewer’s brain longer than commercials without these elements.

Drink More Water, But Avoid Bottled Water
Drinking only water, and not sodas saves teens money by not wasting their cash on soft drinks. As financiallyalert.com says, “when you drink water with a meal, you end up eating less”. They went further to explain that when people have only water to drink, their stomach is full of water causing them to order less food therefore saving them money.

Electronic Notifications
Electronic alerts are messages teens can sign up for that text or email them when the store has a big sale or a new item coming to the store. Danaveto.com says that these alerts are revolutionary because they are always with the customer since the notifications are on their phone. She also says that a magnitude of stores and restaurants offer these services such as Target, Old Navy, 7-Eleven and more.

Set up a Savings Account
Teens can open a savings account through their bank to store their money both electronically and physically. Forbes.com says that a savings account saves teens money because when they begin the account and put money in it, they gain interest on the money over time.