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Going to college is the dream for many teenagers. Experiencing new things, living away from home for the first time, and making life-long friends are some of the exciting things you can hope for when you go to college.
However, college is expensive!
Did you know the average cost of college for just one year is $35,720!
Some of you will get funding from parents or other family members to help cover the cost. That’s awesome! Others will have to use student loans that can take decades to pay off.
The good news is that if you start saving money now you can have some money of your own to put towards college. Not having to borrow as much or anything at all means you can start your life after college debt-free!
Let’s have a look at some amazing ways a teenager can save money for college.
There is one simple step you must take before you get started – open a savings account!
You need somewhere to save your money for college that can grow until needed. Ask your parents or guardian for help with this. If they already have a savings account started for your college fund, then you could add extra money to this.
Otherwise, look at all the options available to you for saving. Ideally, try to find a savings account that pays interest which means your money will grow further!
The more money you have saved the better as that means you won’t need to borrow as much. The perfect result will be not having to use student loans at all!
How To Save Money For College As A Teenager
As promised here are some awesome and simple ways to save money for college. All the savings you make could be added to your college fund.
Spend Less On Dating
Dating when you are a teenager should be fun and something you can look back on with fondness when you are older.
Should a date always cost lots of money? No! You can have some amazing and romantic dating experiences either for free or extremely cheaply!
Cheap date ideas include going for a picnic, a bike ride, baking together, or a movie night. It’s always tempting to try and impress your date -that’s natural. However, you must prioritize your college fund – add more to your savings by spending less on dating and avoiding extravagant trips out and gifts.
Check out this epic list of 51 cheap date ideas for teenagers. There are lots of ideas that suit all budgets whilst still providing a memorable date!
Get Free Shoes
A quality pair of shoes or sneakers can be expensive. Buying cheap pairs often means you spend more in the long run as they need replacing sooner.
The best thing to do is get quality shoes for free!
There are several ways you can do this. Start by searching for one of the many product testing opportunities online. Big brands like Adidas, Vans, and Nike all have programs that give you shoes for free. All you must do in exchange is wear them and provide your honest feedback. Easy!
One other great way to get free shoes is to buy them using gift cards or free cash earned online. Sign up to reward sites like Swagbucks for opportunities to earn in exchange for completing simple tasks. Tasks include surveys, watching videos, and playing games!
Getting free shoes online means the money you would’ve spent can be added to your college fund instead!
Direct Shipping Freebies
If you can get something for free, then you can save the money you would’ve spent. Direct shipping freebies are a great way to get free products.
In case you don’t know a direct shipping freebie is when a seller gives away stock that they hold too much of. It’s often cheaper to give it away for free when compared with the costs of storage.
To get these freebies is simple. Search online for direct shipping freebies, sign up using their forms (usually a Google docs form), and wait to receive your free stuff!
What if you get stuff you can’t use? That’s OK. Anything you receive that you don’t need you can sell yourself either on eBay or by having a yard sale. Any money you raise can be added to your college fund.
The best way to get money to add to your savings is to start earning! There are several ways you could earn your own money.
First, you could get a job in your local area. Typical teenage jobs include cleaning, babysitting, or working in a restaurant. Labor laws may apply so check first to make sure you are working in accordance with all relevant laws.
Another way to earn is by asking parents, neighbors, and family if they have any errands that you could do in exchange for cash. Mowing the lawn, going to the store, dog walking or washing cars are some things you could do for cash.
Finally, starting a side hustle is a potential money-making idea. Blogging, streaming, or becoming a YouTuber are just some of the things you could do to earn your own money.
Think about your skills, time available, and search online for suitable ideas.
Just don’t let work interfere with your schooling!
Learn The 30-Day Rule
It may seem obvious but one way to save money is by spending less! A great way to do this is by using the 30-day rule.
The 30-day rule is extremely easy to understand. When you want something don’t buy it straight away. Instead, put the money aside for 30 days. At the end of the 30 days, you can buy the item if you still want to.
However, the reason this rule is a good one is that often you don’t buy the item. Once the initial desire has passed, the money can be added to your savings instead!
Please note, no one is saying you shouldn’t have any fun. After all, you are only a teenager once and should enjoy it! The idea is to simply be more mindful of what you are spending.
Only spend on things you truly want and save the rest!
Saving Money For College As A Teenager Summary
Although your parents will try their hardest to help with college costs in many cases, they can’t cover it all or simply don’t earn enough themselves to save much.
Any money you can save yourself will be a fantastic bonus for your college fund. Remember – the more you can save means finishing college hopefully debt-free.
Another bonus of saving yourself is learning the value of earning your own money and building savings. Adulthood can be tough for many people that don’t learn these lessons when they are younger.
Knowing the importance of saving will help you get off to the best start when you begin your life after college!
Hey, I’m Chris. I have a degree in Business Economics from the University of Liverpool, own a small fast food business and run LifeUpswing.com. I will help you to make money, save money, and think about money in a way that will give you back your freedom.
Also read: 15 Money Saving Hacks