With the pace the world is moving at, it is wise to be smart about earning and saving. Here are a few tips for teenagers who are looking for financial advice.
It is smart to start earning as soon as possible, not only is the experience valuable, but you won’t have to depend on your parents. It is all the more better if your job has something to do with managing money; this gives you money-handling experience.
Set some aims
Decide on a thing you really want, research the cost, and start saving up for it. Set a target for yourself and set a certain time period in which you have to save up the amount needed. This will keep you motivated to save and not splurge.
Make a budget
Make a budget plan on how to make your money last all month and how best to spend it. Divide it accurately according to things you need and places or parties you have to go to.
Even if you have a budget, the urge to be a spendthrift may sometimes get the best of you. Spend, but spend smartly. Look for deals that will get you discounts.
Get a savings account
With the social pressure and all the teenage needs you have, it might be difficult for you to have any money to spare. Put whatever you can into your savings account, no matter how small the amount. It will help you in the future.
Know when to hold back
Say no sometimes. You don’t have to attend every party or buy everything you set your eyes on. Decide what is the most important and spend on that. Hold back when you can.
If you can help it, don’t borrow unnecessary money. This will upset your budget and put you back to where you started from.
Less credit card usage
Credit cards can make even the best of us splurge unnecessarily. Once the bill shows up, all your hard work and savings go down the drain. Leave your credit card at home whenever you can.
No cost is small
Often, you might disregard some costs entirely when making a budget plan. Always keep back up money for car repairs or some other emergency.
Keep your income steady
If you earn by babysitting or lawn mowing, your earnings may vary every month according to how busy or lazy you have been. Try and keep this income steady so that your budget needs can be met.