Penny pinching tips

Ways to save money and keep your finances on track


Photo by Alyssa Kift

People are spending money recklessly instead of saving up for a rainy day. The wallet used to be full until the money was wasted.

Story by Joseph Asher and Cameron Murry

Money. It’s an item that has acquired so much value over the years — the one thing that powers the world and keeps the economy booming. But are people spending too much?

Summer is one of the best parts of the year. It’s full of fun and warm weather. For most, the summer includes having a job, which means having more money. One mistake teenagers often make is spending all of the money they have and that can be changed if they noticed the importance of saving money.

Summer jobs are great for many reasons; they teach responsibility to teenagers, improve skills for future endeavors, teach money management and allow for resume building. Money management, however, is perhaps one of the most crucial and beneficial things that come from having a summer job, or any job, for that matter.

Teenagers have encountered issues with blowing through checks and not giving one thought about saving money. In high school, students are often faced with the option of making senseless purchases. By saving up for college necessities and buying items that last, you’re helping yourself in a major way. Managing your money is a great skill to have, and it will save you a lot of stress and worry in the future.

The phrase “Save your money for a rainy day” is what seems so important, especially in today’s economy where many individuals are unsure about what the next day will hold in store. Don’t splurge on non-essential or random items. Stay away from retail therapy and pointless shopping trips. If you don’t have money for the things that you really need or that you have listed in your expense book or bucket list, don’t buy other things.

Money management, however, is perhaps one of the most crucial and beneficial things that come from having a summer job, or any job, for that matter.”

— Cameron Murry

If people are always driving around aimlessly, burning up gas, eating out, and/or spending loads of cash on shopping adventures, the need for a savings account becomes useless. Make an expense notebook that contains the cost of items you want and keep yourself on track to only purchase those things. Make lists to place items under. Make room for gas money. You don’t have to be extremely strict on yourself, but you should keep in mind that your expenses are up to you.

Everyone can see that when you do have money saved up, it’s quite the blessing. It gives you a sense of security in times of need. It also allows you to save up for the big ticket items you may want.

Opening a savings account helps keep students on the right track. Whether it’s saving up for a new laptop or just saving casually for college, having money stored away and purchasing something that you’ve wanted for a long time is satisfying.

If anything, having just a little bit of money to fall back on is good enough. It would be, and probably is, very difficult to survive off of paychecks with little money left over.  

Saving your money often means you can’t spend any of it, which is not true. It just means that you should record how much you are spending, and save up a portion of your money or check as well.

Another downside you may feel is when you may spend a little extra than you had originally planned, which is okay, as long as you save a little extra from the next paycheck. Living a frugal life isn’t as hard as people think— the act just takes a little thought and the end result is quite the reward.

There are several ways to be cost efficient and save up your money. Each one is easy to do, and the end result is rewarding in all cases.

Here are some simple tips to help you save your money:

  • Take a percentage of your paycheck and put it in your savings account.
  • Don’t spend that five dollars on food when you could go home and get a meal.
  • Instead of spending money to go see a movie at the theater, watch one at home.
  • When you think about making plans with friends try thinking of ideas that are either cost efficient or cost no money at all
  • Like going to the park, going on a picnic or having an at home movie night.
  • Saving the change you get up, because after a while it starts to add up.

Sure, everyone is guilty of splurging. Spending money can make you feel good. It’s okay to treat yourself every now and then, but just keep in mind how much you are spending and set a limit for yourself.