You're a teenager or in your early twenties. You're in high school or college. You don't have a long resume, and you don't really want to - or have time to - simply go out and get a job. Flipping burgers for minimum wage isn't your thing. Yet, you need money. You may even need to make money fast. So...what do you do?
The key to making money - at any age group - is to earn more money than you spend. If you earn $100 each week, you need to spend LESS than $100 each week. Otherwise, you'll be losing ground - going deeper into debt to your parents, friends, or credit cards! As a young person, you do NOT want to damage your credit or run up your debts. Instead, you want to build up your savings.
Ways to Save Money
Ideas to cut back on your spending and save money include:
- Start keeping a budget - and then stick to it!
- Look for ways to save money on gas, such as by planning your trips more carefully (share rides when you can, combine your errands, etc.), avoiding fast acceleration and hard braking, and checking your air filter(s) and tire pressure
- Get a jug or jar - and start putting your coinage from each day in the container
- Cut back on soda and/or coffee
- Cut back on eating out
- Skip the name brands - settle for clothes, accessories, etc. that are of similar quality (but for less money!)
- Avoid paying full price wherever possible -- look for coupons, great deals, used videos, matinee movies, etc.
Ways to Make Money
Once you have a budget in place and have cut back on your spending, it's time to see if you can increase your income!
Start with a sense of your strengths and weaknesses. Your strengths may include special skills and/or knowledge in writing, web design, computer repair, landscaping, etc. Make a list of the things you are good at - and that you don't mind doing. Also...if you're not married and don't have any kids, you can add time and flexibility to your advantages.
Your weaknesses may include a lack of credentials (no degree, etc.) and/or a lack of name recognition. If you have a disability or some health issues, they would be included in your list of disadvantages as well.
Once you have a clear sense of your strengths and weaknesses, then you need to look at the marketplace. Understand that the economy is all about supply-and-demand. So, ask yourself...What can YOU supply that is in demand?
Some ideas to get you thinking...
- Do you live in a neighborhood with a lot of young families? If so, babysitting is probably in demand.
- Are there lots of home-based businesses in your area? If so, computer service and repair, web design, and other IT-related services are sure to be in demand.
- Are there lots of senior citizens in your community? If so, then you could set up an errand service and/or offer to get groceries for them.
- And so on...
The ideas are endless. You just need to take time to think through the market and what you have to offer.
