Money Management for Teens

Money+Management+for+Teens

Emma Vergara

Money Management for Teens

            The teenage years are used as a transition from child to adult. It stands as a trial period where teens get freedoms, but still, have to listen to whatever the adult says. One thing teens have to learn when they begin adventuring into the adult world is how to manage money. It can be a hard skill to learn, especially when it can feel so free to do whatever you want with your paycheck or Christmas money. Here are some tricks to help manage your money.

  1. Separate your money.

Separate your money into what you want to save up and what you want to have to spend that week or month. If you want to start saving up for something expensive, put aside a fraction of your money to that specific savings, and soon it will add up to your goal.

  • Plan your week/month.

If you have a paycheck/allowance once every month, plan your month, and the same for if you get paid once a week. This will allow you to plan what money you need to spend.  Plan your week to find out what you need to put aside money for. If you have lunch with your friends later that week, plan out how much you will spend on that meal and put it aside until that day.

  • Decide the differences in your necessities and wants.

Before you go spending your leftovers on whatever you lay your eyes on, figure out what the logical way to spend your money. Don’t spend all your money on that pair of shoes that you’ve seen someone wear when you don’t even know if you would actually wear it. Be wary of the things that you are dying to spend your money on, and decide if that’s the only reason you want them.

  • Put aside money for emergencies.

Emergencies happen every day, and it’s better to prepare rather than panic at the moment. Save even as much as two dollars for you to have on a rainy day. If you continue to save money for those days of emergencies, you’ll eventually have enough where you can save yourself from emergencies that you often don’t see coming.

  • Don’t go overboard.

Although it does seem like a good idea to save heap loads of money instead of spending some, make sure you don’t overwhelm yourself and save some money for what you like to do. You’re still a teenager, so make sure you save money for the time you spend with your friends. Make sure you have money for the impromptu karaoke night or for the snacks for your secret late-night movie marathon of childhood memories.

Of course, the way you manage your money is all up to you and your paycheck.  But money management can be an important skill to learn, and the earlier the better. If you learn the discipline of money management as a teen, it will most likely help you in your future adulting affairs.