SGPL Teens

Saving for college or university? Want to buy that nice new car?

First, you'll need to make money. Other than getting a job, here's some ways you can do that!

Mowing lawns
Babysitting
Selling things on eBay
Conducting a garage sale (get rid of all those old toys you no longer use)
Dog-sitting
Starting a small neighborhood business
Doing work for your parents
Being a caddy at the local golf course
Get a newspaper route


Some other things you can do:

Avoid loaning out money to people without first getting a written statement of repayment and/or collateral. Never assume that you will be paid back when you want, if ever at all.

Avoid borrowing money unless it is an emergency. Always pay people back as promised and on time.

Develop a savings plan. Put away a specific percentage each time you earn money. Place it in a piggy bank that does not allow for easy access to the money.

Avoid using credit. Credit may seem like free money, but what really happens is that you pay for the item later, and at a highly inflated price. It is very easy to get trapped by using credit and the credit card companies know this and use it to make a lot of money off of you. Use cash instead.

If you can’t afford it, don’t buy it!
Shop around before making a significant purchase. Make sure you are getting the best product at the best price.

Find out what the return policy is before making a significant purchase. You don’t want to get stuck with a defective product that can’t be returned.

If you have a checking account, always make sure you have enough money in the account before writing a check. Most banks charge a considerable fee for having insufficient funds. Besides, it is illegal to write bad checks!

Always maintain a minimum amount in your checking account that you will never go below (for instance, $100) then assume that once you get down to $100, there is no money left in the account.

Set financial goals then develop a plan for reaching them.

Avoid spending money on unnecessary things. For example, why spend $15 dollars eating out when you can eat at home for free? How about renting a movie instead of paying $8 at the theater? Each time you feel like you did something to save money, put the difference in your piggy bank. It will add up quickly.

Purchase things using only bills then put your leftover change (coins) in a piggy bank. Deposit it every six months or so into your savings account. It, too, will add up quickly.

Drink water while eating at fast food places. Most of these places charge over $1.50 for a large soda. That’s more than if you were to buy a two-liter bottle at the store! Besides, water is good for you!

Remember to pay yourself first. Whenever you make money, I suggest putting away 10% into a savings account that you can only access at the bank. That way, the money will grow and you won't spend any without realizing it. Also look for the best kind of savings account that is tax-free and gives you a good interest rate. Ask your bank for details.

Don't be afraid to say no. If a friend asks for money "just this once", and you don't feel like you should spend it, don't. If they're a good friend (like they are!) then they won't hold it against you. Once you start paying for other people, they will think you're okay with it. Also, the small amounts do add up. Even if it's just a coffee every morning, that's two dollars a day, meaning that's $14 a week. It doesn't seam like much, but in a month that's $56 and in a year thats $672. That could buy an old used car or pay for all your college textbooks, and then some.

Be smart. Your money is your money. Not anyone elses.