20 Worthwhile Things To Save Up For As A Teenager

Having a number of things to save up for as a teenager is a brilliant way to develop financial discipline. By stashing away some cash until you have saved enough to purchase something, you’ll learn the essence of delayed gratification. If this becomes a habit, it’ll contribute to helping you build a financially stable life later in the future as an adult.

What could be the right thing to save up for when you’re young? That’s a great question because you shouldn’t engage in frivolous spending. So, this post has created a list of the best things that should motivate you to save money.

Why You Should Start Saving As A Teen?

Saving money as a teenager is the only way you can afford to purchase certain things you need without having to bother your parents. But more importantly, this habit teaches you how to be financially intelligent and make smart choices with your finances. It is one of the first stages of learning how to be financially responsible.

20 Worthwhile Things To Save Up For As A Teenager

Do you want to learn how to spend your money purposely? Here are some of the worthwhile things to save up for as a teen:

1. College

College education is a very important phase of your life. Although many people don’t see the benefit of bagging a university degree, that doesn’t change the fact that it can alter the trajectory of your life for good.

Now, choosing to attend college is a great decision! But before you embark on this journey, you need to be financially prepared. College expenses can be overwhelming, as there are many things to pay for aside from tuition fees.

Saving money is the best thing you can do right now to secure your college education. This will help you avoid student loans and enjoy a stress-free lifestyle as you study.

2. A Car

This is one of the practical things to save up for as a teenager. While your parents may have promised to purchase a car for you or take a loan for it, you can support the goal by saving for it.

However, teenagers are often discouraged from saving for a car because they believe it’s expensive. As much as this is true, not all cars have to break the bank.

Forget about getting a car that’s new and shiny. Just set your eyes on something that will get the job done — transport you from one place to another. This way, you or your parents won’t have to spend a lot of money purchasing a car.

3. Vacation

Have you ever been on a vacation with your friends? Truth be told, this is one great experience you don’t want to miss out on. Before high school resumes, during summer break, you can take a trip somewhere fun and relax. So, saving for a vacation seems like a great idea.

If this is something you’d like to achieve soon, create a savings plan for it. Decide how much you want to save weekly or monthly until you get the right amount. Besides, reaching a goal like this would be realistic if you have an after-school job.

4. Birthdays

This is certainly one of the best things to save up for as a teenager. It’s not about throwing a huge party; it’s about making beautiful memories together with the people you love on that special day. Whether you want to buy yourself a nice gift or go on a trip, you need to save some money to cover the expenses.

On the other hand, your birthday doesn’t have to be the only celebration you save for. You can plan for your mom’s or dad’s birthday. Surprising the people you love is such a fulfilling experience.

5. Emergency Fund

Do you need an emergency fund? Is it really one of the things to save up for as a teenager?

If you have ever spent money on unforeseen expenses, then yes! Saving for an emergency fund will cover any unexpected costs that aren’t included in your budget or financial plan.

When things happen, forcing us to spend money suddenly, the only way you can secure your finances is by falling back on the savings you have reserved for emergencies.

6. Handbags

As a teenager, it’s normal to be fashionable. But getting these items to look good can eat deep into your credit card. So, the next time you think about buying a handbag, don’t make that payment on credit. Save for it!

Moreover, you’ll agree that leading brands like Louis Vuitton, Gucci, and Kors aren’t cheap. That classy handbag you’re eyeing would cost a significant amount of money. It’s certainly not a purchase you want to make if you aren’t financially prepared.

7. School Trips

As a teenager, I can’t remember meeting any kid who didn’t like school trips. Usually, everyone wants to be a part of it since it’s like a vacation from the stress that comes with academics.

From spending a day at the museum to having a full travel experience to another country, your school trip could offer one-in-a-lifetime experiences you don’t want to miss. So, it’ll be a great idea to start saving for it sooner rather than later.

8. Gyms

This is one of the cool things to save up for as a teenager, especially if you enjoy working out frequently. This can be fun and healthy. So, if you want to afford payments on your gym membership, you have to start saving now to give yourself a headstart.

Also, there are countless types of gyms you may be interested in. From martial arts gym to yoga studio, choose what aligns with your interests.

Notwithstanding, don’t forget that although gyms may appear to be fun, staying consistent with your membership payments requires hard work and dedication.

9. Subscriptions

‘Subscriptions’ refer to a lot of services that you need to regularly pay for. From Netflix and Disney Plus to Spotify and Apple Music, there are some entertaining services you enjoy using that need to be paid for. So, each time you receive pocket money or get paid at your after-school job, you should reserve some cash to pay for your subscriptions.

On the other hand, make sure that what you subscribe to is something you can conveniently afford. Cut out subscriptions that are way too expensive.

10. Prom

This is one of the things to save up for as a teenager. Firstly, you can’t have a great experience prom if your outfit doesn’t look great. It’s probably the only opportunity you have to show your classmates how stylish you are. You’ll also need to plan for transport; a car or taxi that would take you and your date to prom.

Now, while you’re busy painting a beautiful picture in your head with all these details, don’t forget it’ll cost money. If prom seems miles away, then now is the perfect time to save money for the expenses.

11. An Apartment

Not everyone stays with their parents till they turn 30. Depending on your goals and the type of life you have chosen to lead, you may want to leave your parents at a young age. Since you probably can’t afford to purchase a house, you should rent an apartment. It’s one of the essential things to save money for as a teenager.

However, this doesn’t mean renting would be surprisingly cheap. If you live in an urban area, an apartment could cost thousands of dollars per month. This is why saving ahead is important.

12. A Pet

When you walk into a household built on love and stability, you’ll probably find a pet there.

People care for pets like dogs, cats, hamsters, guinea pigs, and other interesting animals. It’s an amazing way to improve your mood and drive away anxiety. However, one thing pets won’t help is your bank account. You’ll spend money purchasing them and you’ll also spend on their upkeep.

So, if you really want to own a pet, you should be prepared. Take into account things like vet bills, feeding, toys, collars, and every other important thing your pet may need. This may cost thousands of dollars. But if you save up enough money, you’ll do just fine.

13. Driver’s License Fee

This is one of the must-have things to save up for as a teen, especially when you plan to use personal transport a lot.

To legally drive a car anytime and anywhere you want, you need to first train and pass a test. Unfortunately, you have to pay for these lessons and tests. Even if you don’t own a car yet, it’s important to save for your driver’s license fee.

14. Laptop

In today’s world where digital skills are becoming more relevant, getting a laptop is one of the best things you can do as a teenager.

High-paying skills like graphic design, video editing, digital marketing, web development, and more can help you earn a substantial amount of money every month. However, a laptop is one of the most important things you need if you want to learn any of these skills.

So, it’s necessary that you save money for a new laptop even if you haven’t decided which skill you’d like to learn. Mind you, a high-performance laptop can cost up to $1,500.

15. Taxes

Nobody can ignore taxes. In fact, tax evasion is a major cr#me you don’t want to be charged with.

You need to ensure that you are capable of paying your taxes no matter the situation you find yourself in. But more importantly, it’ll be wise to stash away some cash for future issues surrounding taxation. It’s one of the things to save up for as a teenager.

16. Personal Projects

Whether it’s learning a skill, creating a piece of art, or pursuing a hobby, saving money can provide the necessary resources to bring your great ideas to life.

Saving for personal projects also fosters a sense of independence and accomplishment, as it allows you as a teenager to take ownership of your goals and work towards achieving them.

Also, in the course of completing some of these projects, you can develop valuable skills such as planning, problem-solving, budgeting, etc.

17. Gifts

This is one of the things to save up for as a teenager.

You present gifts to your loved ones to express care and show appreciation. When you save for presents, you avoid the stress of last-minute shopping and ensure that the gifts are thoughtful and meaningful. Besides, saving for gifts can teach you the value of giving and the importance of planning ahead.

18. Investment

Although teenagers are pretty young, they can start saving for investments early to benefit from the power of compound interest. Even small amounts invested consistently can grow significantly over time.

Aside from traditional savings accounts, you should invest in stocks, bonds, or mutual funds. They offer the potential for higher returns.

By developing a disciplined approach to investing with your savings, you can lay a strong foundation for your financial future.

19. Starting A Business

If you don’t fancy the idea of getting a job, then maybe it’s your destiny to become an entrepreneur. A great business idea is one of the best things to save up for as a teenager. Based on your interests, choose a perfect business model that will not only excite you but yield profits.

Car detailing, baking, printing, and lawn care are some of the simple businesses you can run as a teenager to make money.

20. Retirement

This may not sound like a brilliant piece of advice since you’re still very young at the moment. You may wonder; why do I need to save for retirement when I’m not an adult, let alone a senior citizen? Well, in this case, it’s all about building the right habit.

A lot of adults fail to plan for retirement early, and it affects them for the rest of their lives. If you don’t want to struggle to save for retirement in the future, you need to begin now that you have all the time in the world.

You have the opportunity to take advantage of long-term investment horizons, which can help mitigate the impact of market fluctuations.

Also, remember that saving for retirement is a great step to ensure a comfortable financial future. This will then provide a sense of security and peace of mind.

Recap: Worthwhile Things To Save Up For As A Teenager

Bear in mind that saving up as a teenager provides a decent foundation for financial success and personal growth. By setting aside money for specific goals, you can develop discipline, patience, and a sense of accomplishment.

Whether it’s saving for a college education, a new laptop, or a dream vacation, the rewards of your hard work and financial planning will be well worth the effort eventually.

Remember, every small step toward your savings goals contributes to a brighter future. So, learn to appreciate all your “small” wins along the way.