This is the last part of my series for teens, concluding with a few tips on to saving money through wise spending. As previously stated, we need to re-eduate teens, who’ve grown up most of their years in a culture of frivolous spending. According to research, nearly 35 percent of all bankruptcies are young adults. While studies show kids are currently becoming money conscious, we parents still need to provide information, encouragement and resources for understanding fiscally sound ideals. It’s not enough to say, “save money” to our teens, we need to show them how.
Teen tips on being super savvy shoppers and savers
- Shop thrift stores. We’ve just come back from Goodwill. My radically thrifty 17 yr old kid, mentioned in the last blog, made a killing at their semi-monthly sale, (half price on everything in the store). For only $35 she got bags of stuff. Those pencil jeans? 80’s style off shoulder sweatshirts, leggings, blousy tank tops and flannel? We got them all at Goodwill today. You will also find versions of them at retailers for hundreds more than we spent. She also shops eBay for electronics. We picked up an iTouch (refurbished with a free 60 day warranty) on eBay for her birthday at half of what they sell for new. Try consignment stores, Goodwill, Salvation Army and garage sales to make your money stretch.
- Network with friends. Another daughter of mine, who just went to college, networks so well, she’s nabbed three sprint phones and an iPod by bartering or buying from friends. At an estimated savings of $400.00, she’s done well for her purchases.
- Fix or do without. Your grandparents will be familiar with this one. In our current financial times we are just learning how to do without or fix stuff . There’s been a lot of waste and too much spending. But one way to save money and stick to a budget is to repair what you have, provided repairs are not too costly. This might mean buying a new battery for a cell phone or sending it in to be replaced, instead of upgrading to a new phone. It may be (gasp) taking your expensive jacket to a tailor to get a rip professionally fixed or dry cleaning a wool pea coat if it has a stain. All of those things save money, greatly. Look for ways to save money. If it’s some major item that has broken beyond repair and you can live without it, till you save enough money to buy new, that’s ok too. You will be amazed at ways to work around those issues. My son, who is in college, had a serious car repair issue. For a week, he walked to work or carpooled with friends to campus. Rather than go over his budget, our family fixed the car instead of giving him a birthday gift. (I chipped in with his grandma to cover the repair.) It wasn’t a glamorous birthday gift, but he stayed on track financially and was truly grateful.
- Be creative. Christmas, graduation or birthday’s got you down? Is it hard to buy for all your friends and family while making your money stretch? Get creative and learn to make gifts for friends. Make a homemade video or recording. Put together a photo album or a single picture in a frame for pals. Offer to spend a day with a friend, doing something that makes memories. Pick up gifts at buy one, get one free sales. Bake cookies. It really is the thought that counts. Twenty years from now, your high school buddies won’t remember the money you spent, they’ll remember you. Keep that in mind when gifts need to be given.
- Get a Hallmark Gold Crown Card. If you are a card buying teen, like my kids, getting one of these saves you money long term. Use points to order reward coupons which act like cash in the store. (In most cases, you’ll need to go online to do so). Every time you make a purchase at a Hallmark, you’ll earn points toward these rebates. Then you can use them for free cards, along with taking advantage of other deals they offer. Not all purchases apply toward rewards, so check with your store. You’ll need to be 18 also for a Gold Crown Card.
- Save on gas, water and electricity. Some day you will pay your own power bills. Right now, that may not seem like a huge deal, because your parents take care of this. However, saving fuel for cars, and utlities is, like money management, a learned behavior. If you can discipline yourself to shut lights off, unplug cell phone chargers when not in use, keep air conditioning and heat to reasonable levels, and not waste water, you’ll start a life behavior that not only will save you cash later, it will save the environment as well. Consider car pooling with friends, riding bikes or public transportation when possible to save on gas. Save up to 8 gallons of water a month by turning facets off when brushing your teeth. Simple ways to save, add up to big bucks later when you have to foot the bill.
If you make your budget your priority, you will become resourceful. Along the way, you’ll become financially sound. Practice these areas today and you will be further ahead than many people, even those older than you. A wise person once told me, “Either money rules you, or you rule it.” Learn to rule your spending and money will never rule your world.