5 Ways to Stop Wasting Your Money

Most kids struggle to save money. It’s hard for us to see the big picture and how saving now will be worth it when we get older.

ADHD can be an added challenge when trying to address kids’ typical poor spending habits. When we want something now, we want it now! (am I right?)

When we’re growing up, kids are often asked if our money is “burning a hole in our pockets,” and often the answer is YES!!!

It’s easy for us to make impulse purchases that we regret a few hour later. We like to beg mom or dad to let us get that thing that we will only use once.

What’s the solution? Well, I’m working on saving for a couple of bigger things… and in order to do that, I’m learning about money.

I’m not perfect, but here’s what I’m trying to do.

Five Ways to Stop Wasting Money and Save for Something Big…

Wasting money on fast food

1. Never Spend My Own Money On Fast Food

… that’s what other people are for. :^)

Even though you might crave a some fries or a burger, buying fast food adds up quickly. Since I’m still at home and food is free, not buying fast food is an easy way for me to save my own money.

2. Make Bigger Plans

Like maybe you want to have a car in high school. A nice car is much cooler than a bunch of random garbage. Big dream purchases are good also because they take a while to save up for. This means that by the time you have the money for it, you’ve waited a long time and clearly really want it.

I also know exactly which car I want, and how long it’s going to take me to save for it.

Money into the Bank

3. Feed the Piggy

If you don’t already have one, go out and buy a piggy-bank for all your loose change. It adds up fast!!

4. Use a Savings Account & Leave it Alone

I try to put 70% of all the money I have ever made and ever will make in my savings account. The plan is to leave it it there and not touch it. I know I’ll thank myself later.

Saving money for a car

5. Keep My Eye on the Prize

Now that I have a bigger goal, I try to stop before buying anything. If I don’t really need it, maybe I don’t buy it.

How Much Money Did I Waste?

I hate to think of all the money I’ve wasted, so I’m trying hard to do better at this.

I have always struggled with being smart with my money and I regret always buying huge amounts of candy when I was little.

I still remember for 5 months straight, I would buy about 3 bucks worth of candy almost every day on my way to school in the morning. That 5 months means around 100 days (5 months=20 weeks x 5 days). That’s 100 days where I spent money on candy. At just $3 a day, that’s around 300 dollars that could have gone towards a vehicle or a computer that instead went towards sugar I would eat within minutes.

Money wasted on candy

That’s 300 Dollars Wasted on candy!?!?!

Learn from me: don’t buy candy, you don’t need it and the money is not well spent.

Here’s one thing I try to keep in mind. The more time between when I want something and when I actually buy it usually means the more likely it’s a good purchase.

Like if you see a candy bar right at the checkout and buy it 1 minute later, it’s probably not as good of a purchase as a skateboard you save up a year for. Right??

What are you saving for?

~ jeff

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