5 Pieces of Money Advice for My 16 Year Old Self

Jun 05, 2023

5 Pieces of Money Advice for My 16 Year Old Self

If you have started working in your teens, firstly – congratulations! A part-time job is a huge undertaking and is a great way to learn life skills before your mates. However, it is so easy to take that job for granted and spend yourself silly with everything you could ever dream of buying. I did that, too! So, I’ve compiled 5 top money tips I wish I could tell my 16 year old self. You’ve already secured the head start of earning your own money at a young age, so make the most of it and don’t let this opportunity go to waste! Let’s get started.

1. Create a Budget

This sounds scary but it’s not, you don’t have to be an accountant to keep a basic budget. Just list how much you expect to make from each shift, and any pocket money you might be lucky enough to receive from your family along the way. Then, keep track of any money you plan to spend – movie tickets, lunch money, sneakers, the list goes on. Put these two categories under the headings of ‘money in’ and ‘money out’, and voila you have a budget! This is the best way to start being money-wise, if you don’t know how much money is coming in and going out, you can’t possibly save.

2. Prioritize Saving

Now that you know where your money is going, allocate some of that ‘money out’ to saving. Aim to save at least 10-20% of your earnings. This won’t be much when you’re only working here and there around school, but it will start to rack up quickly. You can open a savings account at a bank and set up an automatic transfer to deposit a portion of your income directly into your savings. Over time, your savings will accumulate, and you'll have money for future goals or emergencies. Plus, some bank accounts accumulate great interest – yes, that’s money from the bank for saving your money.

3. Avoid Impulse Buying

Coming from a life-long shopaholic: resist the urge to spend money on impulse purchases. It’s so fine to treat yourself and buy something cute (you’ve worked hard!), but before making a purchase, give yourself a cooling-off period of a day or two. Consider if it's something you truly need or if it aligns with your long-term goals. By being mindful of your spending, you can avoid unnecessary expenses and save more.

4. Comparison Shop

Before making a purchase, compare prices at different stores or online. Look for sales, discounts, or promotional offers. Many retailers offer student discounts, so don't forget to ask if they have any special deals for teens. By taking the time to research and compare prices, you can find better deals and save money.

5. Reduce Entertainment Expenses

Instead of spending money on expensive entertainment options, look for low-cost or free alternatives. Explore your local community for free events, concerts, or festivals. Utilize your library for books, movies, and other media rather than purchasing them. Consider organizing game nights with friends or participating in outdoor activities like hiking or a cute aesthetic picnic. By finding affordable or no-cost entertainment options, you can have fun without breaking the bank. By the way, many of your friends won’t have a job so they’re definitely not going to protest this idea!

So go forth and make the most of your part-time job! Trust me, your future self will thank you and you’ll look back with such gratitude that you didn’t take the opportunity for granted.

Still on the hunt for your perfect part-time job in hospo? Check out our hiring jobs here!