It is never too early for you to learn about the value of money as a teenager. Many teens have no concept what it takes to earn money or what it costs to live. Lifestyle may have an influence on how you understand money since this is especially true for teens from affluent families. If you live in low income area like other teens you may often struggle to obtain money sometimes resorting to criminal acts to get money when you need it. The following article discusses some important things about teens and money issues including:
Earning Extra Money
If you are a teen looking to get some extra money you have some options available. If you have not saved money in the past you will be starting from scratch. It is possible for you to earn money by doing odd jobs around the neighborhood such as mowing lawns and babysitting. Some teens will even start their own lawn care business and that’s an idea you can use. Pet walking and pet sitting is also another great way for teens to earn money until they are old enough to get a job; so consider these ideas!
When teens have found a way to earn money they should start saving some of what they earn. Remember good money habits start young! If you have a bank account you can deposit some of your earnings there. However you may also have an account managed by your parents that you aren’t given access to until you are a certain age. Another way to save your money is to have a place in your room where you can safely keep the money they have earned. Even though your will have access to this money at all times you will be able to see how much they have earned and can keep some money put aside.
It is very common for teens to not understand the value of money. This is generally because they have not had to work for their money. You may receive it in gifts from family members and friends.
Teaching Value to Young Teens
Your parents and other adults in your life should teach you how to manage your money. Once you have found a way to make money the best thing is for you to have a savings account. Each time you earn some money part of the amount should be deposited into the account. This will teach you how to save and will also show them that they are being rewarded for your work by having the ability to watch their account grow. If someone in your life tries to teach you these tricks of money management make sure you pay attention!
Older Teens and the Value of Money
It can be harder to learn the value of money by the time you are 15. You might find that you want to buy the latest things on the market and you might not be so concerned about the value of money or what these items truly cost. If you are in this age group and do have a part-time job you’re allowed to spend some of your money but do need learn! Having an ATM card can help you learn how to manage your own money and realize that you can only spend what you have earned. Once the money is gone it’s gone!