How can I as a 15 year old save the most money by 18?

[cytkeenan]

Tbh I can’t stand living with my mom anymore and I want to move out when I’m 18. I have a job that pays $13.20/h and I work 1 hour a day after school ( I get out of school pretty late). Plus, I work 4 hours a day on non school days (excluding weekends). Can y’all help me start the process now?

 

[thelearner92]

@cytkeenan The easiest way will be to work very hard in school and get a scholarship for college that pays room and board. Then work very hard in college. Do as many internships as you can. Get an offer before you graduate. Live your life.

 

[vasukinv]

@thelearner92 Adding to this - learn the skills now to be a good roommate! Roommates are a lifesaver when you’re starting out on your own.

 

[chekwube]

@vasukinv Adding to this - study your ass off & tutor kids at college, easily charge $30+ per hour and multiple kids at once

 

[luke638]

@thelearner92 To add onto this, if you’re an RA in the dorms, most schools provide free room and discounted meal plans. Instead of the meal plans though, learn how to cook. Budget Bytes is a good website for recipes at lower costs. Cooking at home, and taking it a step further and meal prepping, will save you money once you’re out.

Look for a high yield savings account, you want a high APY. Ally is a good one. Some banks do require minimums, but there’s ones out there for you.

Keep your grades up, be an A+ employee at work and build that relationship. Don’t leave anywhere on bad terms, avoid work drama.

 

[kiwigirl07]

@thelearner92 I wish I knew the importance of scholarships and working towards applying for every single one I could while still in high school and into college.

But answering OPs question, save the money you have and keep saving. For anything regarding investing, I would be cautious of Reddit advice.

 

[arviescoot]

@thelearner92 Nope!

 

[debbieowete]

@thelearner92 this is kinda the plan.

 

[clothilde]

@cytkeenan To be able to support yourself you'll need to be in full time employment. You're years away from that, unfortunately. Putting yourself in a position to get a well paying job will be your best bet. Make sure you focus on your education and get the best grades possible. Be the employee that your current boss wants to keep. Qualifications, work experience and a good work ethic will put you in the best place to get a decent job, and that's what will enable you to leave home.

 

[jan32]

@cytkeenan good advice was to start learning to cook NOW.

this will aid you for the rest of your life (and personally I find it very enjoyable).

with YouTube, etc you can learn to cook ANYTHING that you want.

pasta dishes, ground beef dishes, slow cooker/stew dishes are very easy and very tasty.

Learn how to cook 1 cup of rice which can then go with any protein (1 cup of rice to ~1.5 cups of water). Learn how to easily cook a steak or chicken in a pan.

Gordon Ramsey has many very short videos on how to easily do all of these things listed above (or find the chef you like to watch best)

 

[aurablu]

@cytkeenan Practice cooking for yourself and learning about budgets. Do really well in school.

 

[sozo1517]

@cytkeenan Make sure your saved money is not in a joint account with your mother. She may try to access it and take it if it is.

 

[johni]

@sozo1517 At 15 you can't open a bank account without a parent or guardian to co-own the account. It sucks in situations like this, but unless Dad is better they might have to keep money somewhere safe or run the risk with Mom.

 

[bsniloy]

@johni Not true, I work at a financial where teenagers can get a solo checking account as long as they have a class A ID.

 

[johni]

@bsniloy I spent some time looking but only found vague references that there were banks that are fine with minor-only accounts. Don't out yourself, but is there somewhere OP should look to go?

 

[bsniloy]

@johni I would say to check with your local credit union

 

[seeker102]

@cytkeenan Take advantage of living at home. Don’t buy anything and save every penny. Work more. I was in a similar situation and graduated with 15k in the bank. Moved out went to a good but cheaper school. Picked up a full time job and paying my own way for everything. Do everything you can to get a scholarship and if you want to get emancipated that’s an option if she’s really that horrible. This also will provide you with Pell grants and more opportunities for scholarships.

 

[samaberle]

@seeker102 This is a smart strategy.

 

[gagthegoose]

@cytkeenan Start your own business and grind. Go buy 20 bucks worth of window cleaning supplies and start knocking doors. Good luck!

 

[frunziss]

@cytkeenan Can you start your own business?

Honestly, you can buy a lawn mower and weed eater from what you make at your job, and then fill your weekends with lawn care in your neighborhood for a lot more than $14/hr. Maybe further away if you have a vehicle.

I've had neighborhood kids show up after a fresh snow and offer to shovel my driveway for $20... And I have never turned them down except for one time when I didn't have cash on me.

I pay my housekeeper $30/hour.

The people who scoop up dog poop charge me $15 a week, and they are in my yard for all of 5 minutes.

If all that is not possible, check out the cottage industries laws in your state and start baking artisan breads. Sell them on FB marketplace and to your neighbors. If that goes well, break into cake decorating (sugar and butter are expensive).

Try starting a micro greens business.

If you're good at school work, start tutoring kids in grades below you.

Get creative on how to make more money. Eventually you should be able to make enough working for yourself that you can quit the other job.

And keep all your money a secret from everyone. Get a different bank than your mom. Get e-statements only-- no paper statements.

You hate living with your mom now, and I don't know if it's abuse or just normal teenager stuff... But don't give her or anyone else the opportunity to financially abuse you. As the saying goes, a fool and his money are soon parted.