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Money

Teens And Money Management

Last updated on September 15, 2016 by TT Staff Leave a Comment

piggy bank and teen girlIdeally, children will learn about money management from their parents. After all, unless a student majors in finance or economics, the finer points of money management are not covered in the classroom. Begin with a stable personal money management system and teach it to children early. Teenagers will always want something; teach them money management by making them earn their next cell phone, iPod or other electronic gadget.

Selling Before Buying

Video games, toys and clothing are all famous for being new every single year. Owning the next best thing is important to teenagers for social status and can be a source of enjoyment. Acquiring a massive amount of possessions should not be the goal for teenagers. Before starting the process of buying a new gadget, focus on the importance of downsizing. Sell an old cell phone, assuming it’s not broken. Donate old clothing and re-gift old toys. This will cut down on clutter and help teenagers realize what things they really need or want to have in life.

Spending Wisely

The concept of wise money management does not apply solely to buying useful things. Applying this to how money is spent, regardless of the purchase, is crucial. Teenagers should not just buy the first item that fits their requirements. Shopping around and comparing prices or quality often means a more satisfying and prudent purchase.

Secondly, sometimes spending is, surprisingly, more efficient then saving. A fifteen year old may think that saving up for gas money when they can drive the next year, is more efficient than buying that new bike. However, the new bike offers useful enjoyment now. Saving up gas money will not amount to enough cash to last very long with gas prices today. Taking a part time job to fund a driving habit is a smarter idea. The difference between cash flow and saving is intrinsic to understanding lifetime financing.

Giving Back

Celebrities are often lauded by how much they give back to the community. Teenagers should be as well. Instilling a charitable attitude in teenagers will give them the tools of compassion and discernment. It may be more fulfilling in the end to sponsor a child in a third world country, or give to the SPCA then buying that brand new video game.

Educating teenagers about money will not be an easy process. Giving in and just giving them what they want instead of making them earn it will often be easier. However, this disservice will harm them down the road. Stay firm and kind while educating them, because the bank will not treat them that way when they begin making mistakes with a credit or debit card. It is up to parents to facilitate financial responsibility in teenagers.

Filed Under: Money

Tips for Teens to Save Money

Last updated on September 5, 2016 by TT Staff Leave a Comment

The value of money is hard to define. It is even harder to define as a teenager when funds from flipping burgers at the local diner are not paying for the brand new video game console. Ask yourself the following questions to help prepare and save as a teenager.

What are my financial responsibilities?

From car payments to birthday gifts for friends, you will have responsibilities to save for. Make note of these responsibilities and plan accordingly. You may need to spend more money around the holidays or when going back-to-school shopping. It is important to plan for unexpected costs as well. Your car may need a new battery one day or you may want to go out for the baseball team and need to pay the registration fee. Financial responsibilities could also include clothing, hygiene products, admission to social events, gas, and car insurance. As a responsible individual, be aware of the cost of your needs and wants.

What is my budget?

When determining your budget, think of all your expenses. Consider how much you want to spend on each expense a month. Consider if you need another job to help pay for your expenses. Think about future expenses and how you will be able to cover them. Reevaluate and adjust your budget on a month-to-month basis. Keep track of what you spend in order to be prepared for the future.

Do I have set goals?

With the responsibility of saving and budgeting, it is also important to think about the future. Every teen should set financial goals for themselves. Many teens save for going to college or for moving out of their parents’ home when they turn eighteen. Other common expenses of a teenager include: buying a car, recreational activities like sports and video games, clothes, and books. It is important for you to consider the long term effect of saving as you set financial goals.

How am I using my bank account?

Benjamin Franklin once defined savings as “a penny saved is a penny earned.” Bank accounts are a great tool to help teenagers save. With a bank account, you can manage your own money, learn about the value of interest, and gain the responsibility of a bank relationship. Many banks offer special savings accounts for teenagers; although, some require a parent to co-sign the account.

Are my parents helping too much?

Parents are a great resource for advice on how to save and budget money. Talk to your parents about ways to save and what financial plan is best for you; they may offer help and financial assistance. Accept their help but know when to say no. Take advantage of any jobs parents have available around the house. It is easy to get comfortable spending your parents’ money, but as a growing young adult, do not rely on them too heavily.

Photo credits: Top © WavebreakMediaMicro / Fotolia. Middle © Dmitry Sunagatov / Fotolia. Bottom © Florin STRUGARU / Fotolia.

Filed Under: Money

Should My Teen Get a Job?

Last updated on August 26, 2016 by TT Staff 1 Comment

When today’s parents were teenagers, their own parents (today’s grandparents) probably had very different expectations for the career paths of their children. In the 1960-70s, many young teenagers set out to work as soon as they were able, and most of their parents, with their 1940-50s values of hard work and frugal living, encouraged this wholeheartedly. Many of these former waitresses and busboys, however, have very different expectations for their own children.

Today’s teens are more likely to attend college than their parents, meaning they are probably more likely to place a higher degree of emphasis on their high school education. This means that for some teenagers, a part time job hasn’t even crossed their mind. What’s more, with today’s economy detracting from the number of jobs available even to experienced workers, many parents wonder if their child even could obtain employment. If you are a parent wondering if your teenager should get a job, consider the following tips before making a decision:

Consider the benefits of a job.

For some teens, a part time job could be close to the best thing that’s ever happened to them. Jobs can help to teach your child about responsibility, time management, and “the value of a dollar.” Other potential benefits include the following:

  • The opportunity to explore possible career areas
  • An increased sense of independence
  • Extra spending money/ money towards college, a car, etc.
  • Practice with interviewing skills
  • More confidence with social skills
  • Experience compromising with coworkers and superiors

Allowing your teen to get a part time job while still in school could help them to develop valuable life skills and give them the experience they’ll need when they enter the “real world” later in life.

Remember that there are some drawbacks.

Part time jobs benefit many teens, but there are also some negative aspects of teenage employment. Teens obviously will have less free time on their hands, so if your teen is not mature enough to handle the job, this could lead to a number of issues. If your son or daughter allows their work schedule to get out of control, they could see a decline in their performance in school, in the amount of time spent with friends and family, and in their interest in exercise and other hobbies.

If you set guidelines for your teen, however, these negative aspects could be avoided. If you determine that your teen is ready for employment, be sure to clearly establish some basic rules regarding the number of hours they’re allowed to work and your expectations for them as a student, athlete, or family member.

Evaluate your teen as an individual.

Many parents want a simple answer to the question of whether or not they should allow their teen to get a job, but the truth is, it depends entirely on the personality and responsibility level of your son or daughter. There are no hard and fast rules regarding teen employment, so you’ll have to evaluate your teen on an individual basis. There are some questions, though, that can help to make your decision easier. Before reaching a conclusion, ask yourself:

“Does my teen/ Will my teen be able to…”

  • Perform well in school?
  • React well to criticism (an inevitable aspect of any job)?
  • Have a sense of maturity?
  • Know how to handle themselves in stressful situations?
  • Have some sense of time management?
  • Take their job seriously?
  • Generally act responsibly?

Make sure your teen understands that even though this is their first job and it is only part time, they should still take it seriously. They will likely want to use this position as a reference, even if only for their next few jobs, so it is important to respect it.

Filed Under: Money

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