Things to Save Up For as a Teenager or Young Adult

As teenagers start making more money, parents naturally tell them they should save it. But what exactly should they be saving towards? How much of their money should they be saving? Should they be saving for short-term costs or long-term plans? 

Gen Z teenagers had an average of $115 in spending money each month, though this likely varied widely by age and socioeconomic status. Where that money was spent was influenced largely by social media, the ease of online shopping, suggestions from friends and parents, and personal identity. 

What are Teens Buying These Days?

Teenagers and older adults alike enjoy spending money on items that will immediately bring them joy. However, every dollar spent dilutes your savings power for what you want in the future. When possible, teenagers should be setting aside their money.

What to Spend Money On as a Teenager

Teenagers shouldn’t feel guilty when spending money on their current needs. For example, they may need to purchase a new laptop to complete school work and online side hustles. A teenager may need to buy a used car to transport herself to work or school. 

Teens Shouldn’t Purely Forsake the Now for Later

-Back-to-school clothing shopping - School trips - Streaming service - Games & gaming equipment - Presents for others - Prom expenses - Lessons for a hobby

Things to Save Up for as a Teenager

- College - Traveling abroad - Used car - Laptop - Security deposit for a first apartment - Furniture for a dorm or apartment

Things to Save Up for as a Teenager

- Movie tickets - School dance expenses, such as a new outfit - Souvenirs to buy on a family vacation - Non-essential sports equipment - Room decorations - Newly released books not available at the library

Things to Save Up for as a 13-Year-Old

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