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5 Realistic Savings Goals Every Teen Should Set Before Graduation

Graduation is a big deal. It’s that exciting moment when you leave secondary school and step into a world full of opportunities—and yes, a bit more responsibility. But here’s the truth: success doesn’t begin after graduation. It starts right now with the habits and choices you make.


One habit that will serve you for life? Learning how to save money. Why? Because saving helps you plan for the things that matter, stay ready for the unexpected, and build the independence you’ll need to thrive.


Imagine this: what if you had enough money saved to buy what you need or want—without always asking friends or family for help? That kind of freedom is empowering.


In this post, we’re sharing five practical savings goals every teen should consider. These goals are simple, realistic, and will set you up for success after secondary school. Let’s get started!

1. Save for a Gadget Upgrade


Imagine you’re preparing for the university or your first job after school, and your old laptop is like a desktop, or your phone is always hanging and slowing you down. Whether it’s a new laptop, phone, MiFi or another essential gadget, having reliable tools can make life so much easier.


But instead of waiting for someone to buy it for you, why not save up for it? Here’s how:


Step 1: Set a Clear Goal


Start by deciding exactly what you want. Do some research and figure out the cost of the gadget you need. Once you know the price, set a savings target. Be realistic—don’t aim for the most expensive option if a more affordable one will do the job.


Step 2: Break It Down  

A big number like ₦200,000 can feel overwhelming, but breaking it into smaller chunks makes it more manageable. For example:

  • If you want a laptop and have twelve months to save, divide ₦200,000 by six. That’s about ₦17,000 per month.
  • If you notice that you cannot achieve the goal in twelve months, you can always extend the time or change your goal to something that works within a year.


By setting smaller, regular savings targets, you’ll feel more confident about reaching your goal.


Step 3: Find Ways to Save or Earn  


Now that you have a target, think about where the money will come from:

  • Save from allowances: Set aside a percentage of your pocket money every week or month.
  • Do extra chores: Offer to help out at home for a small reward, like washing cars, cleaning the storage, etc.
  • Try a side hustle: Sell handmade crafts, tutor younger students, or explore other small money-making activities.


No matter how small the amount is, it would add over time.


Step 4: Look for Deals and Discounts  


Before making the big purchase, shop smart. Compare prices online, wait for sales discounts like black Friday or holiday discounts. You might be surprised at how much you get what you want without compromising on quality.


It’s easy to get distracted when you see something else you want to spend your money on. Stay focused by reminding yourself of why you started. Keep a picture of the gadget on your phone or write your goal down where you’ll see it daily.


2. Start a Rainy-Day Fund

Life is full of surprises—some good, some not so much. Imagine your phone screen cracks, your school bag rips apart, or you suddenly need to buy materials for a class project. These unexpected expenses can be stressful, but having a rainy-day fund means you’re prepared. Here’s how to build yours:


Step 1: Set a Realistic Goal  


Start with a small, achievable target. For example:

  • Aim for ₦50,000 in 6 months as your initial rainy-day fund.
  • This is enough to cover everyday emergencies like a cracked phone screen or replacing school supplies.


Step 2: Save Little by Little  


You don’t have to save the entire amount at once. Here’s how you can do it step by step:

  • If you can save ₦2,000 each week, you’ll have ₦20,000 in just 10 weeks.
  • Got some birthday money? Add part of it to your fund.
  • Whenever you get extra cash—maybe from a holiday gift or chore payment—set aside a portion.


Step 3: Keep It Separate  


To avoid spending your rainy-day fund on non-emergencies, keep it in a separate place. This could be a small savings account or a secure digital wallet. Just make sure it’s easily accessible in case of an emergency.


Step 4: Know When to Use It  


Your rainy-day fund isn’t for snacks, games, or a new T-shirt—it’s for true emergencies. Before spending from it, ask yourself: “Do I need this right now, or can it wait?” This habit will make sure the money is there when you really need it.


Step 5: Refill After You Use It  


If you dip into your rainy-day fund, don’t forget to refill it as soon as possible. Emergencies don’t announce themselves, so it’s important to always keep your fund topped up.


Having a rainy-day fund is like having an umbrella—you might not need it every day, but you’ll be glad to have it when rain starts falling. Learning to save for emergencies now will also help you handle bigger financial challenges later in life.


3. Save for a Tush Outfit for Special Occasions

Whether it’s graduation night, or a cousin's wedding, there’s always that one event where you want to look your absolute best. Having a stylish outfit ready for those special occasions can boost your confidence—and saving up for it yourself makes it even more rewarding. Here’s how you can do it:


Step 1: Plan Ahead  

Think about any upcoming events where you’ll need a special outfit. Is graduation night a few months away? Or is there a family celebration on the horizon? Start planning early so you have enough time to save.


Step 2: Set a Budget  


Research how much the outfit might cost. Don’t forget to include extras like shoes or accessories. Once you have a budget, decide how much you’ll need to save each week or month.


Step 3: Look for Affordable Options  


Saving for a dream outfit doesn’t mean breaking the bank. Here are some tips to stay within budget:

  • Check sales and discounts: Stores often have sales, especially around holidays or end-of-season clearances.
  • Consider thrift shopping: You can find stylish, high-quality outfits at a fraction of the cost.
  • DIY or customize: If you have sewing skills (or know someone who does), you can create a unique outfit for less.


Step 4: Enjoy the Process  


Saving for a dream outfit isn’t just about the end goal—it’s about learning to budget and prioritize. Celebrate your small milestones along the way, like reaching half your savings target.


Saving for something special, like an outfit, teaches you how to work toward a personal goal. It’s also a reminder that flexing yourself doesn’t have to mean spending impulsively—it can be thoughtful and intentional. 


4. Save for University


Heading to university is a big step, and while your parents or guardians may cover most of the expenses, having some savings of your own can go a long way. Whether it’s for application fees, books, or hostel supplies, saving now gives you a head start. Here’s how to begin:


Step 1: Identify Your University Needs  

Start by listing what you might need money for. Some common expenses include:

  • Application fees (₦10,000–₦25,000)
  • Books and study materials
  • Transportation or hostel supplies
  • Personal upkeep


Having a clear picture of these costs will help you set a realistic goal.


Step 2: Set a Target Amount  


You don’t have to save for everything, especially if your parents are covering the bulk of the costs. Instead, pick one or two areas to focus on. For example:

  • Save ₦50,000 for books or supplies.
  • Put aside ₦30,000 for transportation.


Break this target into smaller, manageable amounts. For instance, if you have eight months before school starts, saving ₦6,250 monthly will get you to ₦50,000.


Step 3: Find Ways to Save or Earn  


You don’t have to depend on allowances alone. Here are some ideas to grow your savings:

  • Freelance or part-time work: Offer tutoring, design services, or writing for extra income.
  • Sell items you don’t use: Old gadgets, clothes, or books can bring in some cash.
  • Save gifts or rewards: Instead of spending all your birthday or holiday money, set a portion aside for your university fund.


Step 4: Avoid Dipping into Your Fund  


It can be tempting to use your university savings for non-essentials, but remember your “why.” Saving for university teaches responsibility and gives you a sense of ownership over your education. Plus, having your own money to handle smaller expenses makes adjusting to university life much smoother.


5. Save for Skill Acquisition


Let’s face it—schools can’t teach you everything. To truly thrive after graduation, you’ll need to pick up key technical skills like coding, photography, graphic design, public speaking, and more. These skills can open doors to opportunities you never imagined. That's why investing in learning a new skill is one of the best things you can do before graduation. Here’s how to save for it:


Step 1: Choose a Skill You’re Passionate About  


Think about something you’ve always wanted to learn or improve on. For example:

  • Coding or graphic design for tech enthusiasts.
  • Fashion design or sewing for creatives.
  • Cooking classes if you dream of becoming a chef or just want to cook better meals.


Research the cost of courses, materials, or equipment you’ll need. Online courses might be as low as ₦5,000, while in-person classes could cost ₦20,000 or more.


Step 2: Set a Savings Target  

Once you know how much your chosen skill will cost, set a target. Break it into weekly or monthly savings goals. If the course costs ₦30,000 and you have three months to save, aim for ₦10,000 monthly or ₦2,500 weekly.


Step 3: Start Small but Stay Consistent  


Here’s how you can build your skill fund:

  • Skip unnecessary expenses: Forego a few snacks or outings and save the money instead.
  • Monetize a hobby: If you love drawing, sell small art pieces. If you're good at writing, you can do projects for your course mates for a fee.
  • Ask for support: Let family members know you’re saving for something meaningful—they might pitch in.


Step 4: Use Free Resources to Start  


While you’re saving, take advantage of free learning materials online. Platforms like YouTube or websites like Coursera, GreatLearning offer free tutorials can help you get started without spending a kobo.


One Good Habit can Change Everything


Saving money as a teenager might not seem like a big deal now, but it’s one of the most important habits you can develop before stepping into adulthood. 


Each of these goals helps you build discipline, take responsibility, and plan for the future. The best part? You don’t have to do it all at once. Start small. Pick one goal that resonates with you the most and focus on it. 


It’s also okay to make mistakes along the way. Maybe you’ll dip into your savings for something you didn’t plan, or perhaps you’ll fall short of your goal the first time. What matters is that you learn from those moments and keep going. 


Think of this process as practice for the bigger goals you’ll set in the future—saving for a car, a trip abroad, or even your first apartment. The habits you build now will give you the confidence to handle those challenges when the time comes.


So take the first step by setting a goal on the Earlybean app today. Your future self will thank you.


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