How to Manage Your Money (for Teenagers)
Get some money., Save as much of the money you make as you can. , Once you have enough, ask your parents to open up a savings account for you., If you are not old enough to get a job, work various jobs around the house, picking things up when you...
Step-by-Step Guide
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Step 1: Get some money.
Check out other articles such as Make Money (for Teenagers). -
Step 2: Save as much of the money you make as you can.
, This will eliminate the temptation of wanting to spend that money. , Also, work out a deal with your parents involving your grades--for example, for every 'A' grade, you get £5 ($5). , Let's say you get £10 ($10), save £5 ($5), and have the other £5 ($5) for yourself.
After a while, this can really add up.
If you save £5 a week, that is £240 a year.
If you keep that up until you get a job you can have quite a bit of money saved. (i.e. lets say you start when you are 12 years old. £240 ($240) per year * 5 = £1,200 ($1,200).
You could have £1,200 ($1,200) saved up for when you reach 17 and are in need of a car, and have the freedom and pride of driving yourself around. , Monitor every cent that moves in and out of your bank account and your pocket, and keep every receipt with the paper clip.
This allows you to maintain an extremely accurate appraisal of your spending, updated with every purchase available on demand. , You could get a tin of hot chocolate power, finish it or empty it, and then glue the top on. , When your money is in that tin, there is no way you can be tempted to spend it, but don't put all your money in the tin because you won't be able to get it back for a while! , This is a great option for people who are bad at saving, can't get a bank account, or often find spare change that they left in a draw months ago! -
Step 3: Once you have enough
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Step 4: ask your parents to open up a savings account for you.
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Step 5: If you are not old enough to get a job
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Step 6: work various jobs around the house
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Step 7: picking things up when you are not asked
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Step 8: or working extra hard on something that could earn some money.
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Step 9: Start saving young.
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Step 10: Keep an organized analysis pad (which can be bought at any office store)
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Step 11: a calculator
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Step 12: a paper clip
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Step 13: and three pens - one red
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Step 14: one blue
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Step 15: and one black.
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Step 16: Another excellent idea is to buy or make a tin that can't be opened.
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Step 17: cut a slit in the top wide a long enough to fit coins.
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Step 18: Once you've filled the tin
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Step 19: open it with a can/tin opener!
Detailed Guide
Check out other articles such as Make Money (for Teenagers).
, This will eliminate the temptation of wanting to spend that money. , Also, work out a deal with your parents involving your grades--for example, for every 'A' grade, you get £5 ($5). , Let's say you get £10 ($10), save £5 ($5), and have the other £5 ($5) for yourself.
After a while, this can really add up.
If you save £5 a week, that is £240 a year.
If you keep that up until you get a job you can have quite a bit of money saved. (i.e. lets say you start when you are 12 years old. £240 ($240) per year * 5 = £1,200 ($1,200).
You could have £1,200 ($1,200) saved up for when you reach 17 and are in need of a car, and have the freedom and pride of driving yourself around. , Monitor every cent that moves in and out of your bank account and your pocket, and keep every receipt with the paper clip.
This allows you to maintain an extremely accurate appraisal of your spending, updated with every purchase available on demand. , You could get a tin of hot chocolate power, finish it or empty it, and then glue the top on. , When your money is in that tin, there is no way you can be tempted to spend it, but don't put all your money in the tin because you won't be able to get it back for a while! , This is a great option for people who are bad at saving, can't get a bank account, or often find spare change that they left in a draw months ago!
About the Author
Dennis Martinez
Experienced content creator specializing in crafts guides and tutorials.
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