Money saving advice for your teenager

Let’s face it, we are a consumer society which means that we buy products, use them, and dispose them, and then buy more of the same product, this is mostly due to advancing technologies and strong marketing campaigns. MoneySaving will show your teen how to save money. Teenagers are responsible for a big percentage of tech product purchases, and as a teenager you are being trained to become a long term consumer of products that you don’t necessarily need, and by the time you reach the age of 25 you would have accumulated at least two credit cards and are already in debt. A better way to manage your financial life is to start saving money at a young age, ask your Mom and Dad to open a savings account for you and contribute $100 per month into it, if you start at the age of 14 by the time you graduate from high school you would have saved $100 x 12 months x 4 years = $5,000, that is enough to buy yourself a very decent used car that will take you to college, and out with your friends. Being a saver is a positive thing, it may not be “cool”, but the long term benefits are way cooler. Here is some money saving advice and a few tips that will give your teen a financial head start:

  • Open a savings account for your child, and teach them to save money, no matter how little, this will train them that money should not all be spent.
  • Show them financial news and learning websites, and train them to shy away from shopping websites.
  • Make them understand that they can make money by selling products, and be the more profitable side of the shopping experience.
  • Give them weekly financial advice, this will help them as well as help you, and train them to give other financial advice.

 

MoneySaving would like to thank you for reading this article. Please feel free to post comments and feedback.

Money saving tips at the grocery store

How to save money grocery shopping

There are two important things you should do before going to the grocery store, which should help reduce your bill and save you money in the short and long term.

1) Have a good meal before going to the grocery store, this will prevent you from buying unnecessary foods and products, I’m sure you’ve heard that shopping while hungry will lead to excessive and unnecessary buying, the food which will stay in the fridge or cupboard for months, and eventually go to waste.
2) Prepare a list of food items you need, do not buy in bulk as you will overeat, or will throw away after expiration. Buy for a week, or maximum two.

Now that you are at the grocery store there a few things you can do to save money.

Only buy groceries for the coming week, some people buy for a month and sometimes more, food will end up staying in your fridge for months, expire, and you will throw them away, this is a waste of food and money.

Buy good quality foods. Junk food will cause you digestive problems or worse and you will end up spending money on over the counter medication, and in some cases medical bills, doctor visits, prescription drugs, time off of work, etc…

Foods which are on sale are usually about to expire, or of not such great quality, again think about the quality of food vs quantity. It is better to pay $5.00 for a small steak, than $25.00 for a package of 10 large steaks. Cheap food is cheap in quality and you will end up paying the cost in medical bills.

Buy heavy duty grocery bags and reuse them, this will reduce cost for the grocery store, or you if you have to pay for them.

Your trip to the grocery store should be planned on the way back from other trips, this will save gas.

Finally do not let advertisers and coupons dictate what you are going to eat, you will eventually go back during the week and buy the items that you wanted in the first place.