What to Save For by Taylor Maiers

In a money management test taken by high school seniors, the average score was 52%, as reported by Jumpstart Coalition. Although many teens would like to save money for future expenses, they are not sure of what they should be saving for. What teens don’t realize is they can save up for long-term or shorter term payments.

For example, teenagers could save up for gas or a new car. The price of gas adds up quickly, especially if teenagers have many activities to attend. Saving up for a car and gas may be necessary, and although the purchase may require a large amount of money, it will pay off in the future.

Teens should also save for emergencies or issues that may appear out of the blue. Examples of unexpected mishaps include a broken phone or a dented car in need of repair. Saving money for emergencies also prepares teenagers for life after high school. Although the prices may range greatly, saving some money can help pay for an emergency and prevent panic over paying for it.

Five hundred dollars may seem like a lot to save, but it will cover entirely or lessen the price of a more minor accident.

It is also never too early to start saving for college. Whether the teenager wants to save for a dorm room, tuition, or expensive school supplies, it is a good idea to just start saving. College is expensive, and teens may not realize they have to pay for these other variables, not just tuition. Since money is scarce during college, a teenager should think about putting money aside to pay for these future expenses.