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Saving Money as a Young Person

Saving money can be hard to do, even for adults. That is why it’s important to start building budgeting skills at a young age so that you can carry them with you to adulthood. Saving money includes several components including earning money, storing money and budgeting. 

by Poema S., Teen Health Ambassador

There are many ways to earn money, including working for a business or starting your own business.

Working for a Business

Start by using a job search website (see below) or by visiting the website of a place you would like to work. If there is a grocery store near your house, you can look on their website or call them to ask if they have any job openings. You can work at a restaurant, a clothing store, a gas station – whatever is available near you.

You can use the following websites to search open jobs in your area.

Starting Your Own Business

Some of the more common types of jobs for young adults may include babysitting, pet-walking, yard work, tutoring and other ways to help people in your area. If you have family or friends with younger kids or pets, you can ask them to hire you. In order to decide what to charge, ask others who have done similar work about their rates. Once you get some experience, you can market yourself to other families.

A savings account is a great way to save money. With a savings account, you can put money in each month and set goals for how much you want to save. No matter if you put $10 or $100 in your account, it can still help.

Savings accounts limit the temptation to spend the money you’ve saved. If your saved money is separate from your spending money, you don’t have to think about how much you’re spending because you’ve allocated yourself certain amounts.


Check out these two TeenWell posts for more information on understanding banks:

Credit Unions vs. Banks

Opening an Account

Consider the following as well:

You can use a low interest banking service that doesn’t require a minimum balance. This way, you don’t have to worry about needing a certain amount before opening the account.

When wanting to open your account, look for things like “kids savings account” and “low annual percentage yield (APY)”. These accounts may be linked to your parent’s banking, so work with them to help open your account.

Budgeting can help you save money because it encourages you to track your spending.

  • The notebook technique: in a notebook, write down everything that you pay for. Then write down your available income to pay for those things. If they balance out, you have properly budgeted. 
  • Pay yourself first method: put a certain amount into savings, pay your expenses and use the rest for yourself.
  • Create categories for your budget: You could have a savings section, a section for gas money, a spending section for buying things you don’t need, etc. Just make it understandable enough for you to stick to.
  • You can also use Budgeting apps like Toshl Finance, Left to Spend and Manilla.

Find cheaper alternatives to things in your day-to-day life

Try not to spend money when you don’t need to