Two teen girls having boba and donuts while discussing finances with Greenlight's money app for teens

Intermediate

How to spend smart — and make your money last

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Have you ever?

Had a $0 spending balance days before your next allowance or payday?
Bought something instantly as soon as you saw it?
Made a purchase. Then totally regretted it later.

You’re right there with…. Oh, everyone who’s learning to manage money on their own! Here are three things you can do to help make your money last.

Tip #1: Resist impulse buys.

You might find it hard to pass that random thing calling your name in the check-out aisle. Or feel like you absolutely *must* have the latest product release. It doesn’t mean buy today. It’s usually best to wait.

Give yourself time to think, because chances are… that urge may not be as strong later. And something you want even more may be right around the corner. Slow the “buy now” mentality by thinking about what you’d be giving up to make that purchase. That’s the opportunity cost of a tempting buy.

Tip #2: Do your purchase research.

If you’re making a purchase — especially a larger one — do your research. Compare brands. Compare product features, like its specs or special qualities. Compare reviews from other buyers. And drum roll… compare prices.

Look around at different places to buy so you can find the best bargain for the item you selected. Why do we love sales? That’s extra money right back in your pocket. Don’t forget to calculate the total cost of the item (including tax and shipping) if that applies.

Tip #3: Make your spending plan.

A spending plan is also known as a budget. It’s how you can manage money like a pro. When you know exactly where you want your money to go, smart spending is that much easier.

Another pro tip: Make the most of your Greenlight app. We’ve got a few ways that we can help: Spend Controls. Savings Goals. Round Ups, just to name a few.