Towards Being Money Wise
New age teens are not only tech savvy they are also very informative and keen about monetary needs and savings. Budgeting and financing monetary interests is very essential and this should be inculcated in children from a very early age. Teenagers should be encouraged to start saving with whatever amount they have. Therefore, listed here are a few tips for teens to grasp better money management better.
Start The Habit Of Saving
No matter whether it is little or more, start saving. Youngsters get pocket money, gift money or get paid for part- time jobs including payments for a few other odd jobs. Do not use up the whole money but start saving, If you want something like a new dress or a new gaming console, start planning months ahead and save whatever you can. The feeling of purchasing something with your own money is thrilling.
Make And Stick To A Budget
The most important aspect of money management for any one is making a monthly budget. As soon as you get your pocket money, sit down and make a budget list. Decide to spend only a specific amount of the lot and keep the rest for savings. Make a check list of what are the things you need like school books, stationery, new tights etc. and buy the things only mentioned in the list. Yes! It is very difficult not to buy those lovely leather shoes or a new tuner for the guitar when the old one is working absolutely fine. Refrain.
As soon as you get your pocket money, make a budget list. Decide to spend only a specific amount of the lot and keep the rest for savings
Avoid Credit Cards
Credit cards are a boon when used wisely but otherwise it will lead you to debts. So, be wise and stay away from credit cards. This is especially important for those who have started earning. No matter how lucrative you find them, do not invest in them unless you are ready to face the consequences.
It is important to know where to spend money and where to not. When you go out with your friends for pizza, always go ‘dutch’ as this will reduce the burden. When you go shopping, try not to pick anything which is not necessary as this will help you save money.