What To Do With The Money You Make As A Teenager
Set Up An Emergency Fund Money
You never know what expenses may come up when you’re headed to college or even supporting yourself as a teen. It’s important to have an emergency fund to help give you peace of mind when emergencies arise.
Now, an emergency in this situation is not that you found a pair of jeans you love. No! An example of an emergency is when your tire just went out and you have to have it replaced today. If you have money saved for it, it’s easy to cover and you’re not struggling afterward or going into debt to cover the cost.
Whether you’re a teenager or not, it’s SO important to have an emergency fund.
Save For Something You Want Money
There may be something you’re needing or wanting to buy, and you have to save for it yourself. Maybe it’s a new car, a new laptop, or even a new pair of shoes you’ve been wanting for months.
It’s so rewarding to have money, build the discipline to save for it, and then purchase it yourself. You will appreciate the item more when you buy it with your own money. Plus, you’re building confidence in yourself that you’re able to have the discipline and self-control to save for something worth your money and time. You will thank yourself later!
Save For School Money
Maybe you’re going to college, trade school, or just wanting to dip your toes in some college courses without committing yet. Having the money saved up to pay for ahead of time will save you SO. MUCH. MONEY.
It’ll save you money in student loans, student loan interest, and spending your student loan money and having to pay it back later. Leaving college or trade school without more debt is worth EVERY penny paying it ahead of time.
The Bottom Line
Being a teenager can be tough and also so much fun. Learning how to manage your money through earning your own cash is also so much fun. It may not always seem fun in the moment, but it pays off in the long run.
There are so many ways for you to earn money, even without having a “job”. But there are also countless benefits to having a steady job and earning good recommendations while you’re a teen. It teaches teens balance, gives valuable work experience, and builds confidence.
Plus, once a teenager has been paid, the possibilities are endless! Ultimately, you will thank yourself later for learning how to manage and make your money now.