Teen Save Your Money

Published on by CMe

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Tired of losing money?
Have you ever looked into your wallet and surprisingly there was no money in it?
You might be wondering where it all went. Well the answer to your question is really simple indeed. Your spending way above your limits! Having no money in your wallet could affect you in many ways you could never imagine.

Real Life Situation
So your coming from the gym with some friends. One of your friend spotted a pizza store and you guys decided to stop to grab a bite and relax a bit. All of your friends made their order and it was your turn to do so. You asked for a slice of pizza with a sprite soda which cost $3.50 altogether. After making your order, you looked into your wallet and saw that it was empty.

You then recalled on how you wasted your money, spending it on useless things for example, "lottery tickets, playing cards, smoking and drinking."  

Never spend your money before you have it.
This quote by "Thomas Jefferson" has a strong meaning behind it.Spending your money before having it is like you turning in a test before answering it. Well, this takes us back to the "Real Life Situation". After realizing you had no money left after ordering the pizza and soda, what is the common mistakes someone would make?

Borrowing money! Yes, borrowing money is one of the biggest problem teens are facing currently. Many teenagers are borrowing money from their friends which can lead them into huge amount of debts. Many people lose their friendship over money. Why? Because their friends don't pay them the money back! I have seen it so many times, people borrowing a lot of money, having a lot of stress finding out ways to pay it off. This is what it means to be in debt. Debt is owing money to a certain person or place. No one wants to be in debt because being in debt leads to stress and stress leads to lack of performance in school.

How to Save Your Money (Kid or Teen)
Are you a hard working teen or kid trying to save your money? Are you not sure how to save or what your goal is? Learn how to save your money, define a goal, and follow tips to avoid spending your money before you get to your goal.

  1. Define a goal. Think of what you want to save up for long term wise. A car? College? A house? Write it down. Think about what you want to save for short term. A camera? A camcorder? A book or a movie? Write that down too.
  2.  Decide how much you want to save for each item. Do you want to set aside 50% for each goal? For example, of 100% of what you make 50% goes into short term and 50% goes into long term. Keep in mind that you might want to set some money aside for spending, or for charity, or for emergencies. No matter what it's up to you.
  3. Create a savings box. Get an oatmeal can, coffee can, or any other type of round container. A jar also works well. Wrap a piece of construction paper around the can or jar. Label it and put the percentage on the can or jar. Put a picture of what you are saving up for on the can. make similar ones for your other categories. (short term, long term, etc.)
  4.  Keep track of how much you put into the jar each week by pouring out the contents and counting up the money.
  5. Buy the item of you choice after the money has been saved.

Tips

  • Spending money is okay, just remember to think carefully about whether or not that soda will really make you happy.
  • Putting a picture on the savings box really does help. When you look at the can instead of taking some to buy candy you see what you are saving up for and you are reminded of your goal
  • Put some money aside for college, even if you think you don't need it. You will eventually.
  • Do not put money in your wallet if you are saving. You will be tempted to buy something.
  • Save up loose change and look for pennies around the house. A penny saved is a penny earned.
  • Before saving have an exact goal defined. Such as: Smart Car not Car, or 'the wind in the willows' not book.
  • Living at Home Is Easy
    When teens live at home there are many financial decisions that they never have to make. Parents worry about how much to spend on housing, food, bills, clothes and entertainment. These things never have to cross the high school students mind.
  • In college teens suddenly have to handle these things on their own. If you spend money recklessly you will quickly find yourself tapped.
  • Smart money saving tactics can make a major impact on your finances and your future. Here are some tips and ideas to make your financial transition that much easier.
  • Know Your Cost of Living
    Make a list of your mandatory monthly expenses so you understand where your money has to go. Things like, rent, utilities, transportation, groceries, parking, school supplies, debt repayment, and student or activity fees fall in this category. Once you know where your money has to go each month you'll be able to set up a discretionary fund and a savings plan.
  • Give Yourself an Allowance
    Put yourself on an allowance for things like entertainment, eating out, clothing, and special purchases. Stay on budget no matter how tight things get. It's never too early to start saving money. Even if it's only $20 a week try to put something aside in a savings account.
  • Organize Your Receipts
    Keep your bills, bank statements and receipts all in one place. Organize them by month and by category, for example; rent, bills, and expenses. Keep them in a safe place. Make sure to go over your bank statements carefully and keep all ATM receipts. Have your bank return cashed checks to you or at least ensure that you can see copies of all cashed checks online.
  • Become Frugal
    Look for creative ways to save money. Consider carpooling, public transit or enviro-friendly biking as a means of getting around. Bring lunches and snacks from home. Buy your text books and lab supplies second hand if possible. Instead of paying a tutor set up a peer study group in classes that you need extra help with.
  • Understand Your Debt Load
    Student loans aside there are other ways that students get in to debt. Credit card companies target cash strapped students, most of whom are inexperienced with unsecured debt.
  • When handled responsibly credit cards can be good things to have. If you do any shopping on the Internet you will probably need to have a credit card. Many credit card companies offer theft and fraud protection. Read the fine print of your credit card agreement to find out if you’re covered for these things.
  • It's a good idea to have a credit card for emergencies or for major purchases like books or a bike but avoid using plastic for day-to-day spending or for entertainment.
  • Watch Out for Identity Theft
    You are never too young to fall victim to identity theft. In fact, young people with little or no credit history are good targets. Keep your personal information well guarded.
  • Limit the information you post in your profiles on the Internet to first name and last initial, gender and general area of residence. Social networking sites have become havens for people looking to steal identities.
  • Never leave ATM or debit receipts behind, always take them with you. Keep your credit card numbers private and only use them on web sites you know you can trust. Always shield your personal identity number (PIN) from prying eyes.

Follow these guidelines and you'll be in good financial shape now and in the future.

http://tinyurl.com/35vqqvjSavings and Investment Information for Teens: Tips for a Successful Financial Life; Including Faxts About Economic Principles, Wealth Development, Bank ... Mutual Funds, and O (Teen Finance Series)
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