What Things Should Teenagers Save Up For?
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.
What are Teens Buying These Days?
Teens need to be able to differentiate between needs and wants. Teenagers who drive cars need to have car insurance and gas money. These types of responsibilities need to be focused on first. Having the ability to drive to a job can increase profits overall.
What to Spend Money On as a Teenager
High school seniors might need to pay college application fees for their dream schools. Needs like these actually help a person towards their future goals and shouldn’t be lumped into the same category as name-brand clothing and just-for-fun technology.
Teens Shouldn’t Purely Forsake the Now for Later
Teenagers’ savings goals should have a mix of long-term and short-term goals. Some popular short-term goals include: - Back-to-school clothing shopping - School trips - Streaming services - Games & gaming equipment - Presents for others - Prom expenses
Things to Save Up for as a Teenager
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