If you’re a teenager, you are in a very powerful position. Starting good money habits now will put you ahead for the rest of your life.

5 Money Tips For Teenagers

1. Start A Money Saving Habit

If you start the habit of saving money now, that habit will always be with you. Every dollar you get, whether it’s a gift, an allowance, or pay from a job, get into the habit of saving a portion of it.

Half of it would be ideal and now is the time to start because you don’t have a lot of expenses.

2. Book a meeting with your bank

Talk to a financial adviser about the best current account and savings account (long-term and short-term) for your age group.

3. Get Educated

Do you know the difference between standing order and direct debit? You probably aren’t getting much education about personal finance in school, maybe none at all. The thing is; The more you know about money, the more aware you are when it comes to saving and spending.

4. Make Smart Decisions About College

A smart decision might be attending a local college for two years and then move on to University – all while working on the side. It means applying for every grant and scholarship you are evenly remotely qualified for.

RELATED: Preparing for College

5. Use Your Student ID

You can get so many discounts using your ID; Amazon Prime, tickets to museums, concerts, sporting events, restaurants, groceries, movies, train and bus travel, hotels, restaurants, newspaper and magazine subscriptions, clothing, electronics, shipping and lots more. Anytime you buy something, ask if there is a student discount.