Teen Money Making Ideas » Money Saving Tips

Are you Good With Money?

Erica — Tue, 09 Mar 2010 17:04:50 +0000

The following article is from TeenMoneyMakingIdeas.Com:So we’ve talked about having your own teen business and have discussed several ways of making money online. We thought it would be important to know as well if you’re good at keeping money as much as you are making them. Do you have surefire ways of saving what you’ve earned, or do you spend them immediately after you have them in your hands? Are you good with money? Take the quiz below to find out.

You received $100 from your parents as a birthday gift. What’s your plan?
A / Deposit at least half of the money in the bank before spending the rest on what you want.
B / Put it straight into my college fund. I can do all the partying I want to do once I’m older.
C / Road trip! Party! Shopping spree! This is the time to spend money guilt-free. Besides, it’s your birthday!
Your lemonade stand just made a whopping $350 today because of the afternoon heat. What do you do with it?
A / Buy additional materials like juicers and pitchers to anticipate even higher demand.
B / Deposit in the bank and update my records immediately.
C / Buy that pair of shoes I’ve been eyeing all month. Now that I have the means to buy it, why waste the opportunity?
You are out with your friends for your weekly get-together. It’s now time to pay the bill. You:
A / Give money for your share, and maybe more if you have any to spare. If you get change back, it’s cool. If not, it’s cool, too.
B / Get the bill and compute for how much everyone has to pay exactly plus tax.
C / Pay for the whole dinner. Why not? You can afford it. Your friends will appreciate the gesture.
You have a meeting with a potential client that you need to impress. You:
A / Dress smart, leave the house early and take public transportation that will not mess up your attire. Meet at a quiet coffee shop or at the client’s office.
B / Suggest an online conference via Skype and webcam. More convenient and such a money-saver.
C / Have lunch or dinner at a popular restaurant. If you want to impress, you have to go all the way.
After paying all your bills, you are left with a pocketful of change. What do you do?
A / Save half in a coin bank at home, keep the other half in your pocket in case of emergencies.
B / Keep all in the bank. A penny is a part of a dollar, too.
C / Give away to those who want them. They serve no purpose to me whatsoever.
Your last business idea sucked and you have no money left. Your plans:
A / Come up with another business idea and try again. Get a job in the meantime if necessary.
B / This will totally never happen to me because I have my future planned since day one.
C / Thank god for parents. I can live off their charity, right?

Your score:

Mostly A’s = You’re Getting There
Sometimes you can’t help but splurge a little. It’s okay, it’s human nature. But you’re also conscious of money’s importance to you, which is a good thing. You also know when to back off and have a little fun – that’s important, too. You’re the type of person to spend money if you can afford it, but you can also refrain from doing so if it’s not within your budget. As for your business, you know when to let go of the money in exchange for potential profit – this is good business thinking, and might get you far in the future.

Mostly B’s = You Can Be A Bit Uptight
So you are probably rich right now, or about to be. That’s good. You hold tight to your money, and you know its value and how much it affects your life. You give money a big priority, and there’s no doubt that with this attitude you are bound to be successful one day or another. Just remember though, that sometimes it’s not all about the money. You have to learn to let go of it a little bit, if you want to enjoy life and the relationships around you.

Mostly C’s = You Are Spending Too Much
You live in the moment and are very carefree. On one hand it’s a great attitude towards life, on the other hand, if not controlled it can also become the road towards bankruptcy. You need to learn how to control your spending habits, and to know when to use up the cash and when not to open your wallet. You have to live within your means and not present a front just to impress other people. Also, you need to invest more efforts towards learning how to become financially independent, and not just relying on your parents. You also need to take care of your business’ funds – just because you make money doesn’t mean that you have to spend all of it.For more information like this, visit TeenMoneyMakingIdeas.Com.

Dictionary of Dough

Steve / moneywizkid — Wed, 03 Mar 2010 08:50:11 +0000

The following article is from TeenMoneyMakingIdeas.Com:So you’re making money, or starting a business. You might be thinking of creating a bank account for yourself, or dealing with other potential business partners. Everywhere you go, you talk about money, or hear people talk about it. But what do those financial terms really mean? How can there be so many words pertaining to the same thing? Here are some money terms to help you brush up on your vocabulary and shift your career into high gear:

appreciate: In financial terms, this means “to increase in value.” Something appreciates over time if it is worth more now than what it used to be before. For example, comic books, limited action figures and baseball cards are items that have the potential to appreciate over the years.
asset: This is stuff that you own that has value to you. For example, your computer is an asset because it is your property and you use it in your business. Same goes for your house, car, jewelry, and many more.
acquisition: When a company buys another company, or has enough stocks to be a major player in the business and take over, this is called acquisition. For example, Google made YouTube its acquisition for $1.65 billion in an all stock transactions.
balance: This refers to the remaining amount that is either left in your bank account after you have withdrawn money, or the remaining amount that you still owe someone and still have to pay.
bankruptcy: This is the situation of not having enough money to pay people that you owe. You have a huge debt that should be paid, but unable to do so because of lack of money. Usually when you officially declare that you are bankrupt, the government requires you to give up all your possessions and find a way to pay the people that you owe as soon as possible.
bond: This is a loan that you can get from a business or even the government, in exchange for a promise to pay them back with interest. In most cases, an interest rate is given as well as a date where you should pay this.
checking account: A bank account where you are allowed to issue checks. People use checks as another form of money. You can issue this to people if you don’t have money with you, and they can just encash it in the bank later on. You have the responsibility of making sure though that you still have funds in your bank account before you issue checks, otherwise the check will bounce and you will be questioned about it.
credit card: This is a plastic card that allows you to buy something and pay for it later. Whenever you buy something, they charge it to your card but your money in the bank is not lessened immediately. It’s like letting you buy something right away using a loan, hence the term “credit”, but with a promise that you will pay for it later. The bank will then send you a bill listing everything that you have previously bought, and you can pay it in your own arrangement. Just remember though that if you don’t pay your bill in full right away, you may be charged with interest.
debit card: This is also a plastic card that allows you to buy things, only this time your bank account is lessened once you make the purchase, hence the term “debit.” This is handy if you don’t feel comfortable carrying a lot of cash with you. You can just give your card and they will charge the amount there. Think of it as an electronic wallet. As always, like the credit card, make sure that the bank account tied with your debit card has enough money in them else your card will be useless.
depreciate: The opposite of appreciate, this means “to decrease in value.” A used car can depreciate over time if you don’t take care of it. Same goes with rare toys that you have taken out of the box and played with, because it loses it’s mint condition.
interest: This is a percentage that the bank pays you in exchange for letting them hold on to your money. Usually if you keep your money in your bank account for long periods of time without withdrawing from it, you tend to get a higher interest.
liability: This is the amount you owe to people who have lent you money, for example, car loans, house loans, educational loans, etc.
liquidity: This is the ability to be able to convert your assets into cash quickly without losing too much value or money over it. For some businesses it’s important that they have some assets that can be easily liquidated in case of emergencies.
net worth: This is how much your business is worth. This is usually computed by subtracting the total amount of your liabilities from the total amount of your assets.
savings account: A savings bank account is where you can put your money for safekeeping. While it is there, your money earns interest at a certain rate.

Do you want to know the meaning of more financial terms? Let us know in the comments!For more information like this, visit TeenMoneyMakingIdeas.Com.

How Teenagers Can Save Money

Erica — Thu, 25 Feb 2010 07:23:47 +0000

The following article is from TeenMoneyMakingIdeas.Com:Being a teen, saving money is not one of our best assets. It’s not that we like to spend a lot. It’s just that we only have so much, and yet we still have to buy things that we need. Things aren’t exactly cheap these days, and we don’t have a steady income either. So how can teenagers save money?

Contrary to popular belief, it’s not just all about spending less – it is also about changing some things in your lifestyle and finding ways to make money. Here are some tips to get you started:

Get a piggy bank. It’s such a cliché, but it works. It doesn’t have to be a fancy porcelain coin bank – you can improvise and get something like an old mason jar or tin can. Encourage yourself to drop a few coins each day after you come home from school. Search your pockets for loose change and plunk them in the coin bank instead of keeping it for tomorrow. Remember, you’re only getting the coins. Use the bills for everyday spending, but always keep the coins for saving. It will take time but eventually it can become a habit, and then after awhile you’ll notice how much you are able to save up.
When going to school, try walking instead of using public transportation. It will save you a few bucks and will also give you exercise. You can also try organizing a car pool, which is an effective way of saving money and making new friends!
Keep a list of things you want to buy and their prices. Don’t make the purchase right away. Scout around a few stores or even browse eBay for second-hand items. You might find the same item in a lesser price that will enable you to save more money than you expected. Also, keeping a list makes you more goal-oriented. Arrange the items in your list either by order of necessity or by price. Then work slowly through them in time. You don’t have to buy them all right away, which gives you more time to save your money rather than spend it.
Bring extra food and water in your bag, maybe even bring a chocolate bar from home. Sometimes when you’re feeling hungry you’re bound to spend money, but if you already have food with you there’s no need to go to the nearest fastfood joint or diner. You won’t believe how much money you’ll save just from food alone!
Sell some of your old stuff. Clean your room and look for things that you don’t need anymore but are still valuable. You can sell them either at a garage sale or over at eBay. This will make you some extra money, and instead of spending it – you’re right, put it in your piggy bank!

There are still so many ways of how teenagers can save money. You just have to start really small and keep doing it until it becomes like second nature to you. I know a few friends who would willingly go out of the house with little or no money at all in their pockets, just so they can avoid spending so much. And then there are those who would wait until clearance sales arrive before they buy anything. The trick is to be as resourceful and creative as you can, while maintaining a healthy sense of self-discipline.

Do you have any tips and tricks of your own? Let us know in the comments!For more information like this, visit TeenMoneyMakingIdeas.Com.

Money Saving Tips for Kids: Essential Tips for Kids and Teens

Amber — Thu, 26 Nov 2009 07:09:22 +0000

The following article is from TeenMoneyMakingIdeas.Com:Save Baby, Save! Tips for Saving Money.

You may be hearing your parents talking about the tighter financial times we are living in, or you may see reports on the news about a falling stock market, unemployment and folks losing their homes.

It can be scary to hear so much bad news about the economy, but there is a silver lining to all this trouble. By tightening belts – and bank accounts – more and more people are learning to spend less and save money. But why wait until after college to get some financial savvy? You can start right now with tips on money saving tips for kids.

Whether you get an allowance or work at a part time job after school, the money coming in needs to be carefully managed.This means making a habit out of spending less than what you bring in, so the excess can be used to save for large expenses, like college, and smaller expenses, like that video game you’ve been eyeing for the past month.For some, living under their means is a natural habit to adopt. For the rest of us, it takes some practice and an awareness of the value of a dollar to get used to socking the extra cash away. However, the results of spending less than you make will offer financial freedom and security for the rest of your life.

The money that you set aside for savings will probably be handled in a couple of different ways. Some will be saved in the bank for large expenses like college or a car, while a portion will be kept at home for times when you might need or want to spend a little. The first rule of saving is to have a place to keep that spare change so it is always available when you need it. While it might be tempting to keep the cash in a purse or wallet, the green stuff that goes along with you will most likely be spent faster. Just tote along what you know you’ll need and leave the rest in a piggy bank or jar at home.

Large expenses waiting in the future allow you time to invest cash so that it works for you by earning interest. The easiest way to do this is by opening your own savings account; you may not make the largest return, but your money will be secure until you need it. Most banks will waive minimum requirements for minors, so you can open an account for as little as $5 or $10.

However, once that account is open, it is essential that you commit to putting a certain amount in every month so that you can see your balance steadily grow. Most financial experts will agree that 10-15% of your income is a good amount to sock into savings. This means if you earn $100 a month in allowance, $10 of that should be deposited into your bank account. By committing to a set percentage, and depositing that amount as soon as you get the paycheck or cash, the money will be more likely to accumulate to a pretty little balance for college or a car.

Saving money may go against human nature for many of us, but it is essential if you are going to enjoy a life of financial freedom and stability. Learn to save now and your financial future will look bright indeed. Happy saving! For more information like this, visit TeenMoneyMakingIdeas.Com.

How to Save Your Money for the Future: Five Savings Tips for Teens

Amber — Fri, 22 May 2009 07:50:06 +0000

The following article is from TeenMoneyMakingIdeas.Com:What are you saving for? A car? College? No matter what your money goals might be, you need to know how to save your money for the future so you can have the money you need to get the things you want. Whether you get your cash from a weekly allowance or toil away at a part time job, the money that comes in should be managed wisely. We have five tips that will help you save cash and put you on track for a sound financial future.

1. Whether you get a $10 check for your birthday or make $50 a week at a part-time job, get in the habit of putting a portion of that money aside for savings. You can go with a consistent percentage, like 10% or 25%, or you can simply take a few dollars out and put it away.

Consistently putting money into savings like this will grow your dollars faster than you might think. For example, if you put just two dollars a week into your piggy bank, by the end of the year, you will have $104 saved.

Some years back someone did a study that showed how easy it is for people to become wealthy. It showed that just by saving the money you would spend on 2 cans of soda a day and investing it into a business you can become rich in a matter of years.

2. If you really want to save your money for the future, you might try cutting out your trips to Starbucks or McDonald’s every week. While this is an admirable strategy, completely cutting out something you love in favor of saving cash isn’t always the easiest goal to set. Instead, start with baby steps like cutting your Starbucks trips from four to two visits a week and placing the money you don’t spend into your savings fund. By cutting spending back instead of out completely, you will be more likely to meet your goals and save consistently.

3. It’s a simple fact; when you don’t have it, you won’t spend it. While it is a good idea to always have a few dollars in your wallet for emergencies, you don’t need to flash a wad of cash every time you walk out of your house. Take only what you need, and leave the rest at home in a piggy bank or in your savings account where you will actually have to visit the bank to get at it.

4. When you manage to save some cash, take the money to the bank and open up a savings account. Most banks will waive minimum balance requirements for minors, but you will still reap the benefits that the account offers.

5. Want to see your cash double? Ask your parents to match the amount you put into your savings account dollar for dollar. This means that if you make a deposit of $10, your parents will deposit the same amount for a total of $20. Your parents get to reward you for your sound money management skills in a tangible way and you get to see your savings account grow exponentially. It’s a win-win!

Knowing how to save your money for the future may seem like a lofty goal that you will never be able to meet, but by breaking down the goal into smaller manageable amounts, you will see your money grow at a slow and steady pace. Follow these tips, save a little every day and you will seriously reap the rewards of your sound money management!

For more information like this, visit TeenMoneyMakingIdeas.Com.

How to Save Money When You are Broke

Amber — Sun, 14 Dec 2008 17:35:39 +0000

The following article is from TeenMoneyMakingIdeas.Com:No Cash to Spare? Think Again! When you’re struggling through school working minimum-wage jobs, the money sure doesn’t seem to stretch as far as it needs to go. But nobody had to tell you that, right? What you need is sound advice to help you figure out how to save money when you are broke. Does that sound impossible to you? Then read on for tips on saving, spending and keeping your financial head above water until graduation rolls around.

Step 1: Keep a Spending Journal – The first step in saving money is to figure out where you are spending it in the first place. Are you having trouble getting to class without that double shot of espresso from Starbucks every morning? Maybe the dollars you are dropping for daily coffee are adding up faster than you realize. The best way to reign in spending is to chart where every penny is going for a week or two. Once you have a good idea of your spending patterns, determine which expenses are necessities and which you can leave off – at least for now.

Step 2: Set a Budget- The next step to figuring out how to save when you are broke is to create a budget for your spending. Use the journal you have been keeping, along with fixed expenses that you shell out every month. These might include cash for that campus parking spot, rent, food and your phone bill. It might also include a couple of discretionary categories (if there is a bit of cash left over) like entertainment. You also want to make sure you have a category for savings, even if you are only putting $10 or $20 in it every month. Place those expenses along the top of a chart, with spaces underneath to record the amount that is actually paid out. This will help to ensure that you remain within your spending limits each month.

Step 3: Keep up with your Budget – To ensure that you are adhering to your budget, you must take a bit of time each week to keep your records up to date. Write down all money you paid out into the appropriate categories. You certainly don’t want to throw your budget into a tailspin by finding out you’re blowing money in ways you weren’t even aware of.

Step 4: Find Hidden Money – This is where budgeting and saving really gets fun. Hidden money can be found by shopping around for discount items or coupons. It can be found in bargain hunting for everything from your weekly groceries to your school supplies. There are plenty of opportunities to save a bundle if you are willing to do your research and shop around a bit before making any major purchases. And the money you save can go right into that little account with the growing balance.

Being broke doesn’t have to be the norm for a student today. There are ways to figure out how to save money when you are broke. And we just discussed a few of them above. With some savvy money management and commitment to a budget, you can meet your expenses and watch your savings grow bit by bit. Life is good when there’s money in the bank!

What are some other ways that you found that you can save money?For more information like this, visit TeenMoneyMakingIdeas.Com.