How to save $10,000 by the time you are 18.

I have always been the type of person who is driven by money. As terrible as that might sound, it is simply the truth. I mean who doesn’t love money? It helps you buy the things you want, eat the things you want, and strive for goals as well. However, making money does not always have positive outcomes. Something I have noticed about kids my age is that they spend all the money they make. When you first start to make money it is very hard not to spend it. Finally, you can have financial freedom from your parents and started spending money on things you have always wanted. However, it may not necessarily be smart to buy everything you lay your eyes on. Here are my tips on how I was able to save $10,000 by the time I was 18. Disclaimer: I am in no way trying to brag about how much money I have, just simply giving you all my tips and tricks!

GET A JOB

Of course, it seems pretty obvious that money does not grow off trees or simply start to appear in your bank account. (Unless you have some bougie parents…) You must earn your money by working… there is no way around this. When I first turned 16 I immediately started applying for jobs. The summer after I turned 16, I found a minimum wage job and started to work part time during the summer in between my sophomore and junior year. However, I did not spend one penny from my job that summer, in fact I never even looked at my bank account. I let all the money accumulate in my account without me knowing how much went in. In the time I was not working, I babysat and walked dogs to use as my spending money. This is where my next tip comes in.

2. CREATE A BUDGET THAT WORKS FOR YOU

Everyone’s money spending habits are going to work out differently, it is very important to create a budget that works for you and your circumstances. Since I was saving all the money I made from my normal minimum wage job, I needed a side hustle to make money to spend on things I wanted like food, or clothes. My side hustle was babysitting and dog walking. I used all the money I made from babysitting and walking dogs as my spending money, while saving all the money from my actual job. However, now that I no longer babysit or dog walk I created a weekly budget of what I want to spend and what I want to save.

3. HAVE A GOAL TO WORK TOWARDS

It is essential that you create a tangible goal for saving your money. Goals are what drive people to success, without them you are simply floating through life. Originally, my first goal that was “money oriented” was to buy my own car. We are all given different circumstances and some parents are able to buy a car for their kids and some are not. My parents wanted me to buy a car on my own. I know I needed $5000 to buy the car I was looking for. This is why I got a job as soon as I turned 16, and for the whole summer I saved every penny I made from that job. In result, I was able to make enough money to buy my car that December. But this brings up an important point, sometimes you will HAVE TO buy things that are essential and this may set you back. After I bought my car I only had $500 in my bank account and I had to start all over again.

4. MAKE YOUR GOAL REALISTIC

Everyone’s goals are going to be different. I was blessed with a family that is able to support me financially with groceries, a place to live, and clothes on my back. Some people have to help pay for these things from a very young age, if you are in this category of people you can still make financial goals and a budget! Even if it you are only saving $5 every paycheck, your money will start to add up. Starting to save your money will help teach you how to use your money responsibly.

5. FIND HOW TO MAKE YOUR MONEY MAKE MONEY

This may sound like a weird concept but trust me it works! There are many banks that will give you free money by starting an account with them. For example, I opened a bank account that gave me $400 for having at least $1200 of money directly deposited in my bank account. Since I was working a lot of hours, this was totally doable for me. There are plenty of opportunities out there to make your money, make money. You just have to do the research to achieve it!

6. BUY USED PRODUCTS

I personally am a clothing addict and tend to spend most my money on clothing. However, the clothing prices at some of the most popular stores are absolutely INSANE. Instead, start to buy used clothing from thrift shops or online resell accounts. A great place to buy cute, but used clothing is Plato’s Closet, which actually happened to be my first job. They buy fashionable clothes and sell it for incredibly cheap prices! An added benefit is buying used fashion is great for the environment! Also, you can find a very cute room décor at thrift shops for very low prices!

7. LIMIT HOW MUCH YOU EAT OUT

This is probably the hardest thing I have had to do because I LOVE FOOD. And I especially love when other people make my food…it just tastes better to me. But the amount of money you waste on eating out could be easily saved to use on something better. Try learning how to cook things that you like to eat at restaurants, but make them at home!

8. TREAT YOURSELF

A big problem I had when I first started saving money was that I never bought things I wanted, but I was working a ton and had little reward! It is totally okay to treat yourself to something you want. Do not limit yourself because you are going to end up unhappy and potentially stop having motivation to save money. Let’s say you make $120 in a paycheck, put the $100 into saving and spend the $20 on something you like. Or if you are saving for something bigger like a phone or laptop, save the $20 and put the $100 towards your new purchase!

9. DO NOT OVERWHELM YOURSELF

Of course, if you are under the age of 18 you are most likely in school. Do not overwhelm yourself by working too much. School should come first and work should come second. During my junior year of high school I worked two jobs while also going to school and taking several AP classes. I 100% do not recommend this. You still need to enjoy your life so that you do not miss out on things that are irreplaceable like football games, fun events, banquets, etc. Do not burn yourself out or else you will hate what you are doing! You will lose the motivation to save your money!

10. ENJOY THE PROCESS

Growing up is incredibly exciting and so is making money! Make sure you like your job, and have fun! Saving money is exciting because it sets you up for a positive future, and lets you achieve your goals. Once you reach a goal, set another one. Your opportunities will be endless!