I am 16 years old. School is one of my biggest priorities, and I want to excel to the best of my ability and eventually go to college. I am a sophomore, and am enrolled in four Advanced Placement (AP) classes – which end in June with exams that cost $100 each! I wanted to fund this myself, as well as have extra spending money, so I set a savings goal.
I had the goal of raising $450, but there were very few jobs for a 16-year-old during the quarantine. Therefore, I started an online shop where I sell clothes that I have outgrown. After a few long weeks, I sold most of those clothes, but did not reach my goal.
One of my hobbies is sewing, and I like to design and make my own clothes. I decided I would start making clothes and purses that I could sell. I created my own designs for different shirts and purses, and was able to be creative. It became very popular, and after a few months of starting my business, I had over 150 sales.
I learned a lot about advertising, budgeting, and saving. As I got more orders for purses, I quickly had to learn how to track expenses. I had to factor in my expenses to make sure I was making a good profit. I learned if the cost to make the product was more than the profit, it would not be a good product to sell. If this were the case, I would have to change the price or source less expensive materials. I also wanted to expand my business, so I researched and started the marketing side of my business, which brought more expenses. Shipping was also a major factor.
I’m still maintaining my business, and as of March, have earned $3,000. I reached my goal to support my AP tests, and learned financial lessons in the process. Overall, it has been a great learning experience for me and an opportunity for me to save. I’ve also created my Sunward bank account during the pandemic and am saving money for college.
