This week, we talked $$. Wishbone surveyed 100,000 teens about their spending and budgeting habits and we’re shocked with the results! Read them below, plus discover several money tips we’ve curated specifically for teens.
55% of teens don’t have a budget. Honestly, neither did we. However, it’s a great time to start practicing good money habits.
Spending Tip #1: Actually Keep Track Of Your Spending
Every time you make a purchase, write down the date, what you bought, and how much it cost. Physically writing out your spending habits will help you realize where you’re spending frivolously and can cut back!
Spending Tip #2: Practice Creating A Budget
Before embarking on your next adventure, set a strict budget for yourself. It will help you save money and also determine what you actually should be spending money on.
54% of teens don’t use student discounts at stores. Ummm, what? How do you think we afforded the sparkly jeans, layered tank tops, and spiky earrings we rocked as teenagers? On second thought, maybe we *shouldn’t* have used our student discounts so diligently. Today’s teens are much more fashion forward, so we’re sure they’ll appreciate knowing our next tip…
Spending Tip #3: Take Advantage Of Your Youth
Many retailers and businesses offer student discounts. As long as you show your student ID at the register, the discount is yours. Always ask! The worst they can do is say no.
Brands Who Offer Student Discounts:
65% of teens have a savings account. That’s amazing! Here’s the best way to maximize your savings…
Spending Tip #4: Make A Habit Of Saving Money
If you do something enough times, eventually it becomes a habit… and saving money is no different! Although it may be hard at first, try making a habit of putting aside a portion of all gift money or monthly allowance. By the time you have a career, saving money will be a habit.
60% of teens don’t have a job, which means they have plenty of time for hobbies. A fun and productive way teens can spend some of their free time is by learning to cook! It will actually pay off in the long run, too….
Spending Tip #5: Learn To Cook
Buying groceries and cooking at home can save you *a lot* of money in the long run. Learn to cook some of your favorite dishes to avoid overspending by eating out so often! Dining out is fun for special occasions, but it definitely adds up!
Have any useful budgeting tips to share? We’d love to read them in the comments!