Whether you’re a student or a young parent, saving money at a young age can be challenging, especially in an economy with rising prices and inflation.
With the right tools and resources, saving money can be done! Here are a few tips and tricks to saving money right now in your current season of life:
Start Saving Early
It is essential to start saving when you are young to have funds to use for emergencies. Reserving 20% of your income is a great way to build robust savings. Financial Advisors suggest that you need a cash stash equal to six months of expenses in your savings account. If you are under 18 and your parents are on board, they can open a bank account for you until you are old enough to take ownership of it. It takes hard work to save up thousands of dollars, but years down the road, the money in your account will grow because the bank gives you interest for money they hold for you.
Keep An Eye Out For Free Resources—They Exist!
If you find that financial issues seem to interfere with your hobbies, remember that many free resources exist in our community! There are stores and other places that let you borrow things or make crafts you can do for free to pass the time or be productive. For example, some libraries will let you borrow cake pans, fishing poles, musical instruments, and other project-related items in addition to books! Some stores offer free craft classes. These are great resources, particularly for moms looking to entertain kiddos on a budget!
- The Home Depot’s Kids Workshops on the first Saturday of the month, past projects have included building model race cars, mail organizers, picture frames, and planters.
- Michaels hosts free classes for kids several times a month on weekends. Sometimes they also offer weeklong events before big holidays.
- Lowe’s offers a variety of free DIY Kids’ Workshops. You can look up other stores in your area to see precisely what types of classes are offered.
If you face a financial crisis amid a pregnancy, resources and support are available. Resources such as Birthright of St. Charles can offer financial assistance, as well as professional counseling to help address the circumstances that may be affecting your financial situation and long-term goal setting. At Birthright, all of the services offered to clients are done so at absolutely NO cost.
Believe in yourself and your abilities, and remember that help is there and you are never alone!