Things To Save Up for as a 13-Year-Old—A Complete Guide (2024)

Being 13 means you don’t have to worry about paying the mortgage, bills, and food expenses as these are likely taken care of by your parents. This allows you to be more flexible with how you spend your money. Whether your parents give you an allowance or you earn an income from a part-time job, not having mandatory expenses means you can save a significant amount of money for personal needs and wants.

With such a wide array of spending options, determining whether to save up for items that will bring you long-term benefits or immediate satisfaction can be difficult. In this article, we’ll help you decide by presenting you with the best things to save up for as a 13-year-old, including both cool and practical goals to save for.

What Should I Spend My Money on as a Teenager?

Deciding what to spend your saved money on can be tricky—you may need to buy a new phone, but you may also be tempted to spend money on experiences like traveling. Prioritizing your needs over wants can help you decide which expenses need immediate attention and which can wait. Financial responsibilities you may have and should prioritize as a teenager include:

• School supplies
• Personal care
• Phone bills
• Weekend nights out with friends

Once these expenses are covered, you can consider saving money for items you want. However, make sure to discuss these purchases with your parents first, especially if you’re considering spending money on a big purchase like a car in the future.

Cool Things To Spend Money on as a Teenager

Besides the necessary expenses, you should also spend money on items and activities that make you happy. Recent statistics reveal that an average American teenager spends $2,600 per year on food and clothing, meaning that these are the most popular items teens save up for. Still, there’s a wide array of cool things to spend money on as a teenager besides food and clothing. Here’s a list of some ideas:

• Hobbies—Whether you like music, sports, or crafts, you can save money to support the activities you enjoy doing
• Gaming accessories—If you’re into gaming, consider saving up for new headphones, a cool gaming keyboard, or games for a console
• Entertainment subscription services—Spending time indoors can be more fun if you save money for subscription services like Netflix
• Tickets for a concert/festival—If you prefer spending money on experiences rather than physical items, you can save up for concert and festival tickets
• Travel—Travelling can help you gain new experiences and have fun in the process, so you can save up for a solo trip, a holiday with friends, or a family trip

Practical Things To Spend Money on as a Teenager

While fun things to save up for as a teenager can bring instant gratification, you should also consider saving money for expenses that will help you reach long-term goals. This means you should direct your savings toward improving your skills and collecting funds for larger purchases. More specifically, you can save money for:

1. A course
2. A gym membership
3. New tech
4. A car
5. College expenses

A Course

Investing money in a useful course is a fun way to upgrade your skill set. Whether you’re interested in business, coding, or finances or want to learn a second language, taking a course is the best way to gain extra knowledge that you may not be able to learn at school.

You can then include your new skills on your resume, which may help you find better job opportunities in the future.

A Gym Membership

Saving for a gym membership can help you develop healthy habits and teach you discipline and commitment. Spending money on improving physical health is a long-term investment, and starting early can help you stay dedicated longer.

If you don’t like lifting weights, there are plenty of physical exercises you can choose from, including yoga, pilates, or martial arts. Find the activity you like most and save money to cover the monthly membership.

New Tech

Having a phone and a computer is a necessity nowadays, so saving up for high-quality tech as a teenager is a great investment. If you don’t have a big allowance or you don’t earn much at your part-time job, don’t worry—you can always get an older phone model or buy one second-hand.

Saving up for a good computer or a laptop may take longer as both new and used ones can be quite expensive. However, it’s a worthy investment to make as a teenager since a quality laptop can serve you for years.

A Car

Getting a car is among the largest expenses you’ll have as a teenager, but it’s an important item to save up for if you want to have more traveling freedom later on. To avoid breaking the bank while saving up for a car, consider buying a used car instead of a new one. Used cars aren’t cheap either, but they’re a more affordable option, which is great when you’re buying your first car and are financially limited.

Saving up for a car as a 13-year-old gives you plenty of time to collect a substantial amount of money by the time you’re 16 and ready to drive. Plus, it gives you something to look forward to in the process.

College Expenses

If you’re planning on going to college, saving up for application fees and other college-related expenses should be at the top of your list of things to save up for as a 13-year-old. The average cost of college in the U.S., including books, supplies, and living expenses, is $36,436 per student per year, so the earlier you start saving, the better.

The first step you should take is to open a savings account with your parents’ help so you can keep your savings in one place and resist the temptation to spend the money. College funds can also help you save more money as they typically give you a return on your investments.

However, saving up to cover the full cost of college tuition and all related expenses can be challenging, so most students apply for federal or private loans to cover the remaining college costs. Private and federal loans like Direct PLUS require applicants to have good credit to get approved, which is why it’s important to invest in building credit while you’re still a teenager.

A great way to get started with credit building right now is with the help of FreeKick. This platform offers parent-sponsored credit building for children as young as 13.

FreeKick—The Best Solution for Credit Building and ID Protection

Provided by Austin Capital Bank, FreeKick is a combination of a subscription service and a deposit account that provides parent-sponsored credit building to minors and young adults aged 13 to 25. FreeKick also offers identity monitoring and protection services for the whole family of up to two adult parents and six children between the ages of 0 and 25.

Start Building Credit Early With FreeKick

Establishing a strong credit profile as a teenager can help you potentially save more than $200,000 throughout your adulthood. FreeKick helps you build good credit with your parents’ assistance, starting as early as the age of 13. To activate the service, your parents must open an account for you. Here’s how to get started:

1. Create an Account—Visit FreeKick.bank and choose a plan that best fits your needs and budget
2. Set It and Forget It—As soon as the account is activated, your credit will automatically start building over the next 12 months
3. Keep Growing—When the initial 12-month period ends, your parents can either close the account and get the full deposit back or renew it and keep building your credit to help you ensure a solid financial future

Keep Your Identity Protected With FreeKick

Besides establishing a credit history, you have to protect your credit profile from the risk of identity theft as statistics show that credit card fraud is the most common type of this crime. Teenagers are especially susceptible to ID theft—in fact, a child’s identity gets stolen every 30 seconds.

To keep you out of harm’s way, FreeKick offers comprehensive security features for minors and adults that help monitor and protect the identity of your whole family.

FreeKick Pricing

FreeKick offers affordable plans for everyone’s needs and budget. There are two pricing plans to choose from, and the deposits on both plans are FDIC-insured up to $250,000. Find the details in the table below:

Establish a strong credit profile early and protect yourself from the risk of identity theft—sign up for FreeKick today.