Step-by-step finance management guide for teenagers

From ArticleWorld

As a teenager you start to become more financially independent. Now, is the time to learn how to deal with your money effectively. There are ways to help you with this a step-by step approach, if you will. Here is some basic information to get you started.

Pointers

1. Look up articles on “Make Money as a Teen.”
2. Try to put away as much money as possible.
3. When you think you have enough saved put it in a savings account. You may need to ask your parents to open one for you.
4. If you make $6.00 an hour, save about $150 a month, after a year you would have saved about $2,000.
5. You can also earn money in other ways, especially if you are not old enough to get a job. You can work around the house, make a proposal to your parents: for every A, you get 5 dollars.
6. It is know time like the present, start saving your money young. For every, $10 dollars you get, put away $5 dollars. That is $240 a year, you might even save enough to buy your own car when you are 18 years old.

Do’s

Do save half of everything that you get, if you are ambitious try to save all of it. Do begin saving at a young age. Do keep away from your savings as much as possible, i.e. old enough to go to college. Do let your parents buy you a car if they want, use your savings to fix it up or maintain it.

Don’t

• Don’t spend your hard earned money on junk food.
• Don’t be afraid to ask your parents to keep an eye on your savings. If you have trouble being disciplined, and who does not, eliminate it by asking for help. They will want to give it.
• Don’t bring money with you when going to the mall or downtown. The key is to avoid putting yourself in situations that will tempt you.