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Teenage Money Skills

  1. One of the best things about having your own money is that you get to choose how to use it. Whether you get a weekly allowance or get paid for walking your neighbor’s dog, your first step in handling your money well is to think about short-term and long-term goals. Then make a plan to reach them. It takes a bit of practice to master your money, just like it takes time to learn to ride a bike. But once you get the hang of it, you will be ready to tackle all sorts of money twists and turns.
  2. LEARN TO EARN – Earning is the first step in your journey to managing money wisely so that you can build a successful future. We all have different talents and abilities. It is important to take the time to recognize your strengths and develop your skills so that you can excel at what you do. By investing in your education and interests, you will set yourself up for a path to success.
  3. BIG IDEAS, BIG MONEY – You can earn money doing what you love by becoming an entrepreneur. Being an entrepreneur means using your skills, interests, and unique ideas to build your own business. Anyone can become an entrepreneur with enough hard work. Many teens have built amazing businesses right out of their homes. Some have started tutoring younger kids, selling handmade items online or even organized their own catering services.
  4. MAP YOUR CAREER PATH – You may have had a lemonade stand to make money as a kid, but how do you want to earn money in the future? Not sure where to start? Your school’s library and career club are great places to research your interests and potential careers. You do not have to decide on a career right away, so do not limit yourself to one area of interest. You can grow your skills and learn more about your potential careers by taking a class at your local community center. You might not be thinking about a career yet, but planning ahead will help you in the process of getting there.
  5. GET SAVVY AT SAVING – MAKE IT A HABIT – Making smart choices with your money is the first step toward becoming financially fit. The easiest way to save is to pay yourself first. That means setting aside a certain amount of money you earn and keeping it in a savings account. The key to saving successfully is by making it a regular habit. By saving early and often, you will set yourself up for a brighter financial future. It is important to save money for a rainy day, just in case you need it for any unexpected expenses like a broken laptop. Another portion of the money you receive should be set aside for your various goals. These goals can be categorized as short-term, medium-term, or long-term. You can reach your goals by saving your money over time.
  6. SHARPEN YOUR SAVING SKILLS – It is tempting to spend all of your money as soon as you earn it, but you will be better off in the long run if you save a portion of it. Think about a short-, medium- and long-term savings goal and determine how much you can save each month toward each goal. Remember, the amount that you contribute per month toward your goals cannot be more than you earn that month. Then calculate the cost of your goal divided by your weekly contribution to find out how long it will take you to reach each goal.
  7. WATCH YOUR MONEY GROW – Savings accounts enable you to keep your money safe and help it grow with interest. You can open an account and start saving at any age with the help of your parents. The longer you leave your savings untouched in a bank, the more your money will grow. You should limit how often you withdraw money from your savings account and only do so if you really need it. When you open a savings account and deposit money into it, the bank will increase your savings by a certain percentage every year. This is called interest. Compound interest is when you earn interest on both the money you have saved and the interest you earn. If you save a little each week, your savings will grow over time with interest.
  8. BUDGET BUILDER – IT’S A BALANCING ACT – You need to buy a jacket, but you also want to buy a new phone. How do you choose? To make good decisions about how to spend your money, start by setting your money goals and work toward achieving them with a plan in mind. A personal budget is a plan that helps you put the money you have earned toward savings, expenses (lunch, bus, or entertainment money) or paying off debt (money you may have borrowed). When you are creating a budget, it is important to understand the difference between something you need to have and something you want to have. Remember to take care of your needs first, so you can think about saving for what you want. A budget can not only help you consider your immediate needs and wants but prepare you to achieve your long-term financial goals. You may have some short-term goals that you can achieve in a matter of weeks, or long-term goals that will take years to attain.
  9. IT ALL ADDS UP – Start creating a budget by setting goals for how you would like to spend and save your money over a specific time period. Be sure to consider everything you may want or need to purchase and separate those into categories. A ride on the bus would go under transportation, and a slice of pizza would fall under food.
  10. TURN SPENDING INTO SAVING – The goal of a budget is to have money left to save. Once you can see where you would like to allocate your money, you may be surprised by certain categories that add up to more than you thought. These can be good opportunities to cut back. The money you spent on a trip to the mall might be better spent somewhere else, especially if you have $0 in your total savings for the month. Planning a budget helps you make choices about which goals you want to prioritize. Occasionally, something unexpected happens and you must spend more money than you planned. Whether it is something small like stepping on your sunglasses and having to buy a new pair or something bigger like needing a new smartphone, it is always good to have money saved for a rainy day.
  11. SMART SHOPPING – HOW TO SPEND YOUR MONEY WISELY – Spending may seem like the easy part of managing your money, but there are many tips and tricks that can help you save. As you make smarter decisions with your money and think carefully about your purchases, you will notice that saving a little with every purchase adds up over time. Using a budget and learning to plan your purchases can make it easier to save money. The key to spending is to stay within your means. Do not spend more money than you have. As you plan to shop, make sure you keep your goals and your budget in mind.
  12. THINK BEFORE YOU SHOP – When you make a decision, you are often weighing a lot of factors — not just how much money you are going to spend. Before you make a purchase, look at lots of different options to make sure you are getting the best deal. Rather than buying the first expensive pair of gym shoes you see, plan ahead to make sure you are getting the best value by researching quality and comparing pricing at multiple retailers — this is called comparison shopping. The exact same pair may be cheaper at another store. If you want to go to a concert, there will be ticket features you want and features you need. When all you need is a basic ticket, you may sacrifice the features you want in order to save money, while still enjoying the concert.
  13. SO MANY WAYS TO SAVE – When you do finally decide what to buy, you will notice that you usually have a few options, such as name brands or generic items. A name brand is recognizable; if you see one of its products you are likely to know the manufacturer. A generic brand item is one that typically is not advertised. Many grocery and multipurpose stores have their own generic versions of products. Most of the time, there is no significant difference between the two items besides price. Generic items are usually less expensive — making them a great savings opportunity. Sometimes, spending can also pay off in the long run. If you have your own business, you may need to spend money to be able to better serve your customers. For example, if you start a lawn mowing business in your neighborhood you will need a lawn mower, gas, and potentially other landscaping tools down the road.
  14. PAYING IT BACK – DO YOU WANT TO GO TO COLLEGE OR BUY A CAR SOMEDAY? You can reach your long-term goals by borrowing money and paying it back later. You may have borrowed money from a friend for an after-school snack or from your parents to see a baseball game, but in the future, you might need to borrow more than a few bucks. The cost of going to college or buying a car is usually more than you have saved in your bank account. Luckily, investing in your future or purchasing an expensive item is still possible with a loan. When you borrow money from a bank, it is not free money — you must pay it back, plus interest. This means you must pay back all the money you borrowed plus extra for the service.
  15. IT’S PAYBACK TIME – Everyone borrows money at one time or another. If you make a plan to pay the owed money back on time and within your budget, your debt will not be out of control.
  16. WHY CREDIT MATTERS – Take control of your credit score by managing your debt. The amount of debt you are in may impact how easily you can qualify for future loans after you turn 18. There is a written record, or credit history, which tracks how you have repaid previous loans, any outstanding debt and other financial history. Your credit history determines your credit score, which helps lenders decide the credit risk associated with loaning you money. Credit scores range from 300 to 850. Generally, the lower your credit score, the higher the interest rate you will have to pay on future loans because it is assumed there is a higher risk you might not pay it back on time.
  17. KEEP YOUR MONEY SAFE – PROTECT YOUR DIGITS – Earning money is hard work. It takes time and effort, and it is just as important to protect your money as it is to make it. The easiest way to protect your hard-earned cash is to keep it in a safe place. A bank is one of the most secure places for your money because it is the bank’s job to keep it safe. It will give you peace of mind knowing where your money is at all times. Just like you would not leave your backpack unattended outside, you should not leave your money where it could be stolen or lost. Protecting your financial information online is just as important as keeping your money in a bank. You can access nearly any information online, but with all that access also comes responsibility. What happens when someone gets ahold of your information? They can use your personal information to steal your identity and illegally obtain jobs, credit accounts, mortgages, and car loans — not to mention withdraw money from your bank accounts. Luckily, most banks protect your account from those kinds of crimes, but it is essential to keep your other information safe from the start. Personal information of any kind is important to keep secure, even information about your schooling or family.
  18. MAKE IT PASSWORD PROTECTED – It is important to put a plan into place when handling your information, including your bank statements and passwords for important online accounts. You should always use strong passwords, which contain uppercase and lowercase letters, numbers, and symbols — not recognizable spelled-out words. You should know how to access all your online information and paper documents if you need them. Your passwords and documents should be kept in a safe place where they cannot get into the wrong hands.
  19. KEEP AN EYE OUT – There are a few ways to protect your money and private information. Use the Internet Wisely Everyone receives unwanted emails or “spam” from unknown sources, which solicit people by sending emails to a large number of email accounts. Delete spam emails, especially those that ask for personal information, and keep your anti-virus and anti-spyware software up to date. Shop online only on secure web pages (check the address bar for “https” next to an image of a lock). Never email or share images of your identification, bank cards or other personal information on social media. Destroy Personal Financial Records Did your parents help you set up a savings account at a bank? Your bank will send you monthly statements telling you how much money is in the account, as well as the number and dollar amounts of withdrawals and deposits. Shred unneeded bank documents and other files that contain your personal financial information so that they cannot get into the wrong hands. Beware of Scams Your parents may have told you about being aware of scammers. These are people who contact you via phone or email claiming to represent a bank, a credit card company, a government agency, a charity, or any other organization. Never give out information about your bank account or passport. If you think the request is legitimate, have your parents contact the company to directly confirm its request.
  20. SHARE THE WEALTH – HOW TO GIVE BACK – When you think about tomorrow, what kind of future do you envision? Whether you are passionate about the environment or about medical research, there are so many worthy causes that are in need of skilled people like you. Giving back can come in many forms. You can give a portion of your savings to charity, volunteer your time, or donate items you no longer use. Making an impact, changing the lives of others, and building a better future are all rewards that benefit you when you give back.
  21. SHOW YOU CARE – You do not have to give big amounts of money to make a difference. Even small change adds up. When it comes to money, it is best to give with a plan in mind. Charitable contributions should be included in your budget. However, make sure you prioritize your needs. You would not want to give away all your money and have nothing left for your daily life. When you are setting aside money for your goals, think about other ways you can put your money to use. While you may want to save for a new pair of headphones, it can be even more worthwhile to pack away a small amount for causes you care about.
  22. CHANGE THE WORLD – Whatever cause you care about; your contribution can make a difference. When you are saving to give money to charity, make a plan for how much money you want to give. Maybe you want to set aside 10% of your allowance each week. If you are getting $10 per week, that is $1 each time you receive your allowance. Have you decided on a cause? Reach out to your friends and family and get them involved too. Contributing with a group can make an even bigger impact.

Source – Practical Money Skills