Save a constant amount every time you get paid.
The saying, "Pay yourself first," is a powerful thing to remember at any age, but especially when you are a teenager. A good savings target is 10% of your gross salary.

However, if this isn't doable, you can save $1,000 each year just by setting aside $2.74 each day. Hmm...a little does add up to a lot.

Open a Savings Account
Having a savings account is one of the many ways where you can set your money up to work for you. Your initial deposit of money grows whether or not you make additional deposits.

For example, if your savings account has a yearly interest rate of 4.25% and you fund your account with $100 at the beginning of the year, its value will be $104.25 at the end of the year. The following year, its value increases again to $108.68. (This doesn't happen if the money is stored in the shoebox under your bed!)

A local bank is an ideal place to open a savings account, so is a credit union and, if possible, an online bank like ING Direct. When choosing a savings account, aim for a high interest rate.