As a teenager it's important to put your own savings plan in place so you can set yourself up for good financial behaviour and smart money habits in the future.
Here are our three top tips for teenagers that want to save their money:
1. Get out in the working world
From paper rounds to waiting-on tables, there are so many jobs for young Australians to take advantage of.
Of course, having a job provides a regular income that can be used to fund your fun expenses as well as contributing to your savings. However, it's much more than that - a job teaches important interpersonal skills. From communication to resilience, confidence to independence, a job at this age is the perfect transition into becoming a responsible adult.
2. Cut back on small expenses that make a big difference
Did you know that buying one coca-cola three times a week costs around $230 a year? At the time, these small individual costs seem insignificant, however, figures like the above prove that they can soon add up. This is why it's so important to identify and cut back on non-essential items. Failing to do so can impede your saving goals.
Instead, try and adopt a few saving-savvy swaps. For example, if you're guilty of grabbing a fast-food bite to eat at lunch twice a week, you may find yourself spending around $20 per week. Swap this spend for a packed lunch from home. Over the course of six months, you'll have saved around $500!
3. Open a high-interest saving account
Did you know that you can earn financial rewards just by being a little saving savvy? Opening a savings account and depositing a set amount per month can help cash-conscious Australians reach their savings goals. In fact, 52 per cent of Australians claim that transferring funds to a savings account is the secret to their savings success (MoneySmart data). If you want to set up a great high-interest savings account, it's as easy as popping into your local BOQ branch or heading online. Here, anyone over the age of 14 can set up their very own Fast Track Starter Account. This allows teenagers to start earning high interest straight away! In order to qualify for the 4.% p.a interest on balances up to $10,000 simply deposit $200 a month into your linked BOQ Day2Day Plus Account.
Better yet, there are no hidden account maintenance fees and users can take advantage of free unlimited transfers and withdrawals. Make this process even easier by setting up an automatic payment each month to make sure you never miss out!
If you're aged over 25, you can also get in on the saving action with our Fast Track Saver account!
If you'd like to start saving seriously, head into your nearest BOQ branch and speak to a member of the team today.