10 Tips to Save Money at Any Age with Joanna

FOR KIDS

Tip 1: Make It Relevant

The goal is to make it a regular topic at home, just like discussing school or hobbies. It helps to talk about the concept of money in a simple and relatable way. My kids instantly zone out if I start using words like "budgeting" because it's boring to them. But it's more likely to stick if I teach them about spending and saving tangibly by giving them an allowance and something to work toward, like buying their favorite toy or going on a family vacation. I also like to involve my kids in real-life situations, like asking them how much they think it will cost to get snacks at the zoo. I'm always surprised at the conversations that can come from this—in a good way! 

Tip 2: Put Fun in Finances

Games are another helpful way to teach kids about money, whether it's a board game or on their iPad because it's fun for them. Of course, Monopoly is always a classic, and now they have so many themed versions to cater to your kid's specific interests.

FOR TEENS

Tip 3: Start Saving ASAP

I still remember getting my first paycheck. I was a summer camp counselor (just picture it!), and even though the money wasn't much, it felt like freedom. Looking back, I'm thankful that my parents set up a savings account for me ahead of time. It showed me that saving a bit from every paycheck can add up over time. It was like a fun game for me—I wanted to see how much I could save. I’d also say it’s important to set up a budget and track your expenses so you can see where and what you are spending money on. 

My other advice for teens is to consider putting at least a percentage of any extra cash, like gifts or birthday money, into the same savings account. Remember: Small steps today can lead to big rewards tomorrow, so start good habits now, and you'll thank yourself later. 

Tip 4: Make a Dream Board

By teens putting their dreams and aspirations front and center, they’re constantly reminded of what they’re working towards, whether it's that spring break trip, new products at Sephora, or future college plans. This visual motivation helps them stay focused and resist the temptation to splurge on unnecessary things. Plus, it’s a fun and creative way to set goals, and there's something incredibly satisfying about checking off each achievement. It turns saving into a game, making the journey just as exciting as the destination. 

P.S. Pick up a copy of our new book, The Home Edit for Teens, here for more fun ways to set goals and stay organized! 

Tip 5: Create a Checking Account

Giving teenagers a checking account is a fantastic idea because it teaches them real-world money management skills early on. It's like giving them training wheels for their financial future, but way cooler. They learn how to budget, understand the value of money, and even get a little thrill from watching their account grow. Plus, it’s a great way to instill responsibility and independence, as they get to make decisions about their own spending. And hey, it saves parents from constantly being asked for cash – it’s a win-win! 

FOR YOU

Tip 6: Save Automatically

Want to put your money-saving on autopilot? Set up your bank account to automatically transfer money into savings every time you get paid. It takes the stress out of saving because once it's set up, you don’t have to think about it. Every month, a portion of your paycheck goes straight into your savings account, and before you know it, you've built a nice little nest egg without even trying. It's perfect for those who might have a tendency to spend first and save later. Plus, it helps you reach your financial goals faster, whether that's buying a home, planning a vacation, or just having a solid emergency fund. It’s the ultimate set-it-and-forget-it strategy for financial peace of mind. 

Tip 7: Know Your Benefits

From 401(k)s to HSAs, many people skip out on some exciting employee benefits because they are too overwhelmed by the jargon attached to it. But trust me, you want in on these benefits! 

Tip 8: Get a Financial BFF

You might think you have to be super wealthy to have a financial professional, but that's not true! Whether you are starting your first job, saving for your dream home, or planning your retirement or kids' college fund, meeting with a personal finance coach can help you bridge the gap between where you are and where you want to be, no matter your age or account balance. There's nothing more reassuring than having clarity about your financial future, and isn't life stressful enough? 

Tip 9: Make Simple Swaps 

Making simple swaps in your daily routine is a smart way to save money without overhauling your entire life. For example, how many subscriptions are you currently paying for? How many do you actually use? How many did you forget about? Do any of them do similar things? Prioritize and pare down accordingly, just as you would your physical items. Even eating a bagel with scallion cream cheese at home a few days a week rather than stopping at the deli for breakfast on your way to work every morning can go a long way. Okay, I'm definitely talking about myself here! 

Tip 10: Download THE Money Guide 

Looking for more resources to help you on your financial journey? We worked with our friends at First Horizon Bank to create THE Money Edit—an easy-to-understand guide with helpful tips to get your finances organized and save for the things that matter, including a Q&A with our BFF (Best Finance Friend), Lori Carver at First Horizon, who answers all the questions our team has too been embarrassed to ask, and a glossary to help you understand all the confusing financial jargon, once and for all. Download THE Money Edit here!