When you are a teenager, there are many things you can save up for. Some of these things could be small purchases while others could cost thousands of dollars.
Where you are a young teen or an older teen, these are things that can be saved up for at any age.
Top Things To Save Up For As A Teenager
According to Smart Asset, the average teen makes around $566 per week. With that much money it is important to start saving for things you need or want.
Here are some of the most popular items and experiences to save up for as a teen.
1. A Bike
As a younger teenager, you might want to have transportation before you are able to drive. A bicycle can be one way to get around without having to ask others for a ride all the time.
The great thing about a bike is that it does not cost a lot of money. You could probably get a decent bicycle for under $200.
Even though your parents might buy most of your clothes, if there is something that is out of the budget like Jordans or something from a designer, you may have to save up for that on your own.
While I am not a big fan of spending money on flashy things, I do sometimes see that buying a quality item might be a better choice than buying something cheap.
If you are planning to go to prom someday, than you might want to start saving now. How much you save is totally dependent on how fancy you want to get.
If you want a nice dress or suit, or if you want a limo, than you will need to plan for that.
Ask your parents how much they plan to help out and then start saving for the rest.
4. Special Trips
Every once in a while you may get an invite to go on a trip with friends out of town. While these can me fun, they can also be expensive.
When planning for a trip, make sure to include costs like gas, hotels, food and even tickets to the venue you may be going to like Disneyland.
5. A Vehicle
You should start saving up for a car or truck well before you are old enough to drive. If you can find a side hustle like babysitting or mowing lawns, these can be great ways to earn cash to save up for a vehicle.
There are also many jobs teens can do online, that way you can get paid from anywhere and have a flexible schedule that works while you are still in school.
A good strategy is to have a goal to save up each month. Let’s say that you want to save up $3000 to buy a used car. You should then make a plan to save up $300 for 10 months so that you can pay cash for the car.
6. A Laptop
Whether you want a laptop to play video games or maybe just edit the fun videos you and your friends create, then you will need to save up a decent chunk of change to afford it.
Most gaming laptops are over $1,000 or even if you want a basic Mac, it could take months to save up for as a teen.
You may want to open a bank account with a debit card so that you can have a safe place to save your hard earned cash.
Maybe you like to dance or play sports, both which are great experiences. However, there can be a lot of costs associated with hobbies.
For instance, you might have to travel to different cities to compete so there will be travel costs. Or, perhaps you have equipment that you will need to provide that is not included with the program.
Whatever hobby you decide to do, make sure to make a list of all the costs involved so that you can start saving up for them.
Even though college might seem like it is far away, it will take a long time to save up for. So instead of depending on student loans or hoping that you get scholarships, why not start saving for it.
One of the best ways to save for college is by putting money into a 525 college savings plan. This is where you can put money in and it has tax advantages.
Do you have a favorite band that you would love to see in concert? Well, concerts can be expensive, especially if you want to be up close.
Some concerts can be hundreds of dollars and if you want VIP tickets it could be thousands of dollars. This is definitely worth developing a savings plan if you are a teen and don’t want to go into debt just to see your favorite musician.
10. Video Game Systems
If you are a gamer but don’t play on PC, then chances are you will need a video game console to play your favorite video games. Many of these systems can cost three or four hundred dollars.
Why not start saving now so that you can get it sooner rather than later.
In the mean time check out these game apps that actually pay real money.
As you can see, there are many things that you can save up for as a teenager. The goal is to make sure that you make a plan and stick to it.
This way when you are an adult, you are starting out on the right foot, paying cash for things and not using debt to fund your lifestyle.
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.