Budget
This may not seem like a very obvious move when you want to save money, however it is actually not implemented much. if a budget is set, it reduces the chance of you going over your monthly spending, thus allowing you to save money or spend it on something necessary rather than something you want e.g. stationary compared to fast food.
Use credit cards responsibly
Credit cards have a few benefits, however they have overriding disadvantages. If you carry balance, you will be charged interest on a monthly basis. This can lead to a build in debt if you are not able to pay back what you borrow. Interest will then be added on to what you already owe, which could lead to a large amount of debt. Fun fact- sometimes, the interest rate can be over 20%! Well, not so fun if you are the one having to pay it…
Cancel subscriptions you don't use
If you have subscriptions like Netflix that you don't use anymore, cancel it! Otherwise, you would be wasting so much money for a service that you don't use. It usually does not require much time and effort to press the cancel button, so what are you waiting for! You might even be charged again today…
Aryan Chopra
Tutoring
During a time of such uncertainty several school children are missing out on vital stages of their education-which is expected to hinder their progress in years to come. Students can take on the role of assisting these people by providing a variety of tuition classes to help them catch up on missed learning (isolation, lockdown etc.)They can charge a reasonable price and help children with anything they struggle on e.g. GCSE maths/English/science etc. This is an effective way to keep younger people engaged, serve the community and earn some cash in hand income.
Groceries
After the new lockdown measures being introduced several people have been left bound to their homes and especially for those vulnerable it has become increasingly difficult to do simple tasks e.g. buying groceries’. youth, who are more resilient to this virus should have a moral duty to help the more vulnerable. As a result, an easy way for some extra pocket money is to maybe do some errands for those in need. For example, inform your neighbours you are willing to help at a small charge and they are free to contact you-if in need of your help. This fulfils the duty of being a good citizen and gives some extra disposable income!
Laibah Ather
Saving Money As A Teen
Separate Spending from Savings.
Savings are essentials, especially as a student, not necessarily for the next pair of trainers you may want but the next unexpected expense you may need to cover, something your parents/guardians simply cannot always do.
Having a checking account, in which you can access money on demand, and a direct deposit card will physically and psychologically separate your conflicted aims, your checking account will cover your everyday needs, and your savings account will deal with your everyday needs.
Student ID
The unflattering photo of yourself on your student ID, may be more useful than you initially think, websites like UNiDAYs are free and designed to give students discounts. From retailers like JD to and food outlets like Shake Shack, so many services and products are available for cheaper.
Getting discounts makes saving easier, and ensures you can keep more of what you get, not just websites offer these, but actually many stores do inside as well - they may not advertise it but would more than gladly to offer it if you ask.
Spending Smart
When you spend, don’t feel you must bear the full cost, think about sharing costs with friends or siblings when you can - maybe both you and your friend are interested in a book, capitalize on the shared interests you have.
Ultimately, saving money is hard especially when you haven’t developed a proper sense of financial responsibility, the urges you may get when you see your friends with the latest clothes, phones and games it may just be too hard to resist - but gaining the skills needed now of how to save your money, spend it and still enjoy the luxuries in life is important to develop.
Mohamud Ahmed
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