How To Save Money?

How to save money as a teen?

• Problem is not where to get money from(I get pocket money about £60 a month and soon i will gate EMA £120 a month). I just CAN'T save money when i'll get pocket money i'll go shopping and spend it all. I can't save i tried. I don't really need much (sometimes i need to buy make up but that's it) I'm not crazy about clothes but shoes(i damage shoes easily so my thinking is the more shoes i get the less i wear them and the longer they will last so i kind of think i need to buy them all the time). I don't have a goal to save for something(this might be a problem)but i just want to save and have a lot of money on my saving account just because i might need them one day or something. I alos like to donate money for animal charities. Any good saving methods?

• Answer:

  You obviously have one or more parents as you are getting pocket money. Why not ask them to save a fixed amount of your pocket money by putting that amount into a good savings account or an ISA account every month for you? They can do that by a bank standing order. You will then be given a smaller amount of pocket money in cash. Tell your parent that no matter how much you ask for some of your saved money you can't have it. You then can't spend it as it is locked away in the bank. You aren't the only teenager to have this problem, so don't worry about it. You will get over it when you too have responsibilities. Setting yourself a long term aim, ie to buy a car in 5 years, or something along those lines is always a good way to convince yourself to save. Giving to charities is a good thing, but remember, charity begins at home. Do you not have a friend, or an old neighbour less well off than you who might appreciate a nice gift? It doesn't have to be cash you give them, just something they might appreciate, like a bunch of flowers? or a new CD they want? You could always tell them you got two of the same one given, rather than make them feel like a charity case.