I’m Running Out of Money! How Can I Stretch My Budget?
How are you guys? I hope autumn is just as warm and sunny in your place as it is in my hometown. I just can’t sit at home and I take every little chance to go outside. Today I went shopping with my bestie. She was actually shopping (and bought herself a WONDERFUL woolen sweater that feels SO SOFT, I just can’t), while I was just “window shopping.” The truth is, I’ve almost run out of the money my parents gave me for this month.
Last week, I decided to do some online shopping because I needed a new backpack and athletic shoes for my workouts. I went to my favorite online store and then it happened... I saw GORGEOUS fancy shoes in a cherry color that I once saw on my favorite actress when she was walking the red carpet. The shoes were pricey, but I thought to myself, “Hey! You have enough money to buy them!” And I did. And then I bought a lipstick in a matching hue and a T-shirt with some cherries on it (I don’t know why). When I realized I spent almost all my budget in like 10 minutes, it was too late... “Thank you for your order!” and the package is on its way to my house... It was like a dream, and now I need to stretch a few dollars that are left in my pocket for 2 weeks somehow...
So I realized I needed to change my approach to budgeting and spending, and I browsed the Internet looking for some budgeting tips for teenagers. I know that saving money bothers many teens, so I decided to share the financial tips I found with you. Here they are!
- Before shopping, make a list of the things you NEED to buy, rather than the things you WANT. For example, consider buying sports shoes you need for your workouts almost every day instead of buying fancy shoes you’ll only wear a couple of times (don’t repeat my mistakes).
- Do your research before buying something. Make sure you can’t buy the same thing at a lower price somewhere else and read customers’ reviews.
- Use your student ID to the fullest. In some places, a student ID allows teens to shop with discounts. Find out if it works in your city!
- Start collecting coupons. It may sound like something adults with many kids would normally do, but who said teens can’t use coupons? It’s fun and it can save you quite a lot of money!
- Apart from coupons, there are some other marketing tools that companies use to draw in more clients, and you can make good use of them too. For example, some companies offer discounts to new clients, flash sales that only last a limited amount of time, holiday or seasonal sales, or weekly discounts for particular goods. Just make sure you DON’T FALL PREY to smart advertising and buy ONLY THE THINGS YOU NEED.
- Consider buying used things instead of new ones when it’s appropriate.
- Visit thrift stores. Here, you can find many good things at low prices (or even for FREE!).
- Start a savings account. This will keep you away from situations where you don’t have any money and can help you feel more financially secure. Check if your bank has savings offers for teenagers. Ask your parents to help you find all the necessary information.
- Don’t spend the money you put onto your savings account on impulse. This is an emergency fund!
- Use an app that helps calculate your expenses. This will help you analyze your purchases and buy only what’s necessary.
- Not only can you stretch your budget, but you can also try to earn some money. This can be in the form of a part-time job or a summer job, but you need to make sure that your parents agree and that teenager employment is legal where you live.
I’ve already started using these tips, and I hope they can help you stretch your budget (or even boost it) too.
Guys, do you analyze your budget and expenses? Or are you spending intuitively? Let’s chat in the comments!