Teen Allowance Saving Hacks

You are a teenager. You probably earn through odd jobs done within the household or part-time work after school or during vacations. Most of y’all would be earning through a daily, weekly, or monthly allowance from your parents/guardians.

Although you may not put so much importance to it, it sure should be made a practice for the future. Budgeting at this age may seem too much work but it for sure would help you get through college or work. Following are the hacks to save up and, maybe even buy your dream gift for yourself next birthday?

Parental Allowance

Set a reasonable amount as an allowance for you. Talk to your parents openly and talk about how you wish to save up money for later. They for sure would love that attitude and show them that their child is maturing. Negotiate on a spending limit that works for all.

Cash or Card

Some banks in UAE do provide an extra credit card option for every account registered. Cash makes you feel your notes in your hand and realizes the importance of responsibility. Although cash seems like a better option, it makes you overspend. Best option is requesting your parents for a subsidiary credit card with a monthly limit. This way you would be conscious of your spending, as they would be receiving texts or a mail for every transaction you make.

Reduce on Dining

While it does have a serious effect on your health and mind, it does make your wallet less heavy. Once in a while extravagant meal like a Big Mac and Nando’s is good enough (spend on fancy places when you earn, please!) Firstly, it is costly and secondly, it makes your savings lesser by the day. Choose wisely.

Ride Cheap

With the metro, bus, tram, and water bus, why take a cab? Yes, we do sometimes require it especially in Industrial areas and places as such where buses do not pass through. Walk as much as you can (get that summer bod for your vacation or maybe even follow your resolution, finally!), and use the public transport as much as possible. Google Maps tells you all of it, why need a cab then? If you use more than 10% of your allowance on transport, you should start the RTA!

Budgeting Financer on your Phone

Did you know there are finance trackers and budging apps available? Mint.com and FinAid’s Student Budget Calculator are some that assist you with your finances. Download them only if it is free.

Sit Down on your Phone Plan

Reduce spending on a mobile plan. With Wi-Fi at home and at malls, metro stations, and even some buses now, you do not really need it now, do you? Even if you do, take a decently priced one day plan only when needed or a minute plan.

If you have sorted it out and realized how much you have saved, treat me sometime!