Teenagers Money Management
Teenagers Money Management is just a simple list of ideas and tips to help you become more effective at managing your money. You can even send us your great ideas and we will add them below.
Discipline is the big thing when you focus on Teenagers Money Management. You need to plan or budget how your money will be spent, saved, etc
Work out your total income. Deduct your bills or essentials if any. What you have left is either for spending or saving or both.
Saving is generally a must assuming you have enough money to be able to save. How much you save will depend on how much you have and how much you want what you are saving for. For instance if you want to buy something for £100 you need to save at least £8 per month for 13 months. Can you wait 13 months or can you sacrifice something else (snacks) and save a little bit more money per month and get it sooner? (Doesn't include interest you might make in a bank).
List your priorities for what you want to buy. What is most important and what is least important.
When you buy something make sure you really want it. Don’t impulse buy. Set a limit for what you will spend when you go shopping. Just take that amount of money with you. If you find yourself wanting something badly sleep on it. The chances are you might not want it the following day. If you do shop around and you might even get it cheaper.
If you spend money without thinking about it your money will go fast. If, however, you think about spending money and note what you are spending it on you will become more effective in your own money management.
If you are buying something shop around. The internet is fast becoming the place to go for most things as the sellers have no overheads like shops and staff. Use Ebay for used items as there are fantastic bargains to be had. For instance you could get something well below its value as many sellers have no reserve on their items.
Don’t always buy the most expensive thing especially in the supermarkets. Shop around for other name brands. A lot of them are just as good.
If you buy books, buy them from Amazon as you can sell them back through Amazon.
Don’t fall into the trap of credit cards unless absolutely vital. The interest rates are generally very high. If you do use them try and pay the full amount off each month.
Look after what you’ve got as it gets expensive to buy the same thing again.
Here is a thought. Every minute 20 children die in the world of poverty. They will never get the opportunity to go to a cinema, eat a snack whenever they want or buy some nice expensive clothes in a fashion shop. Enjoy your life, that’s why you were given it, but never, ever overindulge or create waste in the world. Instead give some money to a charity that might be able to help a kid live. Now that is noble.
We would like you guys to add your ideas to Teenagers Money Management. We are sure your ideas will be extremely helpful to everyone else. Please complete the boxes below. Many thanks.
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