6 ways to save when young

Consider opening a savings account at a bank or credit union. Having a designated place to keep your savings reduces the temptation to spend. You can add money to it regularly, and some accounts even offer interest on your balance.

Keep a record of your spending. Use a notebook, an app, or even a spreadsheet. Understanding where your money goes allows you to identify areas where you can cut back and save more.

When you see something you want, pause and consider whether it’s a need or a want. Impulse buys can quickly eat into your savings. Wait a day or two before making non-essential purchases.

Define what you’re saving for. It could be a new gadget, a trip, or college expenses. Having specific goals helps you stay motivated and focused on saving.

A budget helps you allocate your money wisely. List your income (allowance, part-time job, etc.) and your regular expenses (phone plan, transportation, etc.). Allocate a portion for savings and stick to it.

Instead of buying something immediately, challenge yourself to wait. Delaying gratification strengthens your willpower and helps you make better financial decisions.