Wouldn’t it be great to have someone with you all day to tell you whether you’re making the best choices with your money? Unless you can take your mom with you to college, try using these simple strategies for smart teen money management.

Ten Ways to Save Money

  1. Clip coupons. Many stores offer coupons online, so keep an eye out for these coupons and use them when you shop. Some stores also offer frequent buyer cards (usually free) that let you earn points for every dollar you spend.
  2. Keep track of your expenses for a week. This isn’t easy to do, but it can be a real eye-opener. Note every purchase you make (including coffee, gum, and snacks) for an entire week to see where you can cut expenses.
  3. Stay home. Going out every weekend can be expensive. Get a group of friends together and take turns making dinner at each other’s houses (or dorms if you’re in college). Have everyone bring something to contribute to the meal. Save more money by renting DVDs instead of going out to the movies. Just make sure everyone takes a turn hosting so one person doesn’t end up doing all the work.
  4. Let someone else wear it first. Most college towns have great consignment and used clothes stores. Nothing can make you feel smarter than buying someone else’s hundred and fifty dollar J. Crew sweater for six bucks.
  5. Look for sales. Even though back-to-school clothes arrive at the end of summer, wait a few weeks for the big sales. Depending on where you live, you won't wear the clothes you buy in August until late September, October, or even later.
  6. Choose your shopping companions carefully. It’s a fact of life—some people have more money than others. Don’t shop with friends who spend lots more money than you should. You may find yourself spending money you don’t have.
  7. Open a savings account. And make sure you deposit money into it regularly. If your money is in the bank and not in your sock drawer, chances are you won’t spend it as quickly.
  8. Leave your money home. It’s too easy to spend money that's in your wallet. Carry only what you know you will need.
  9. Buy used. College textbooks can be very expensive, so look online or on boards for students who want to sell lightly used textbooks. Another great resource is textbookrevolt.com. This free service was created to help students get college textbooks cheap or free!
  10. Trade with friends. Whether it’s a novel or a formal dress, trading with friends can be a great way to save money.

Ten Ways to Lose Money

  1. Pay only interest on credit card bills each month.
  2. Pay for friends who are short on funds.
  3. Buy insurance you don’t really need.
  4. Buy on impulse.
  5. Treat yourself every day.
  6. Carry lots of money.
  7. Buy designer brands.
  8. Pay full price.
  9. Purchase items you don’t need.
  10. Shop with (wealthy) friends.


Source:
textbookrevolt.com