Save It: Money Saving Tips from Peers

Here are some more suggestions on how to successfully get into the saving habit, from a bunch of teens and a few folks fresh out of teenhood.

Ben Sheppard, 18: Don't carry any cash, if possible.

Clayton Smalley, 16: I used to be weak when it came to money. I couldn't go into a store without buying something. I'm glad I'm not that person now. I taught myself discipline by keeping a $20 bill in my pocket, walking around the mall all day and not buying anything. Now I don't have any urge to buy stuff when I go into a store. It worked for me.

Tacy Holliday, 19: When you buy something, only use dollar bills. If you buy a magazine for $3.25 and you pay for it with a $5 bill, you'll get back $1.25 in change. Put the dollar back into your purse (or pocket) and keep the 75 cents separate. Only spend the bills, not the coins. Put all the coins in a jar for savings. That way you'll always be saving a little.

Daniel Carroll, 16: I have a little bank that I put spare change and bills into. Whenever I have a significant amount in there, I'll invest it or put it in the bank. It's important to keep a routine. Every time I get money, I put some away.

Donald Hoang, 14: I deposit my money into a bank instead of my wallet, so the money is not there. and I have to take an extra step to get to it.

Jason Hart, 18: Take only what you really need for spending, and put the rest of it somewhere that's difficult to get to, such as long-term CDs or money market accounts. Making it inconvenient to get to your money might help you avoid the urge to spend it all. Also, decide exactly what percentage you will spend and what you will save, and follow your own rules.

Robert Morgan III, 17: Carry very little money at all times. You can't spend money if you don't have it. A candy bar would be nice, but without a dollar, you can't get it. Little things like that really add up quickly. I like to see the number of shares of stock I own going up, too. That's a great motivator.

Deborah Sperling, 14: When considering a major purchase, wait a week or so, at minimum. This will help you make sure you still want the item, and, as an added bonus, the price might go down.

Adam Kaufman, 15: Start with small amounts. When I first started saving to invest, I was saving $1 to $2 each day, so by the end of the month, I had $30 to $60, depending on what kind of month it was.

Jason Ramage, 20: I take advantage of automatic withdrawal from my bank account into my investment account, so that I'm always investing, and I'm forced to make do with a slightly tighter budget.

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