Money tips for teenagers as summer approaches

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Money tips for teenagers as summer approaches

Yasmine Ibrahim, Staff Writer

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For teenagers saving money might seem like a difficult task, with all the temptations people may come across, but with these few helpful tips, money discipline is something that can easily be achieved.

SAVINGS ACCOUNT
Open a savings account at the bank or buy a piggy bank to put money aside. If you have your paycheck direct deposited, have a set amount move from checking to savings each pay day.

TRACK SPENDING
Track down all expenses. Every time money is spent, write it down, keep a spreadsheet, use a money tracking app such as www.everydollar.com or keep track of all bank transactions.

SELL SOME THINGS

Sell stuff that isn’t being used anymore, whether it might be clothes, books or unused items lying around the house. Local consignment shops in the area can sell items for you.


EMERGENCY SPENDING

Don’t spend the money in savings unless it’s an emergency. Make a habit of saving money aside because it might come in handy for emergencies such as car repairs.

SPEND WISELY 

Be smart about how you spend. Before purchasing an item ask, “Do I really need this item?” and if it’s the answer is no, then don’t buy it.

LEARN

Get educated. A finance class isn’t something that all students are enrolled in, so go on the internet and research money-saving tips and ways to save money on purchases such as coupons, groupons, and sales, as well as sample budgets and worksheets to track spending. Check out money management websites such as Dave Ramsey for ideas and tips.

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