Over the years I have come to realize how important it is to budget for my future. Unfortunately finances are not a major subject in school as you grow up so most of us have had to learn the hard way. Below I have listed some budgeting MUST tips for Teens:
Never take out a Credit Card until you have graduated from college or hit the age of 21. Which ever comes first! If you are not careful credit card companies will sucker you into applying for high interest credit card that begin at low introductory rates for free t-shirts, etc. But your credit line can be established later. Just open a bank account with a bank card to debit and withdraw directly for credit.You will be using only what you have.
Open a bank savings account. If you have a regular income put away 10% of every pay check. Do not touch this unless there is an extreme emergency. Clothing and nightly outing events do not qualify.
Educate yourself with financial terms. I know when I was younger it was all another language to me. This tip goes hand in hand with the lack of financial education in school systems. Take a look at some books your local bookstore/library to educate yourself.
Once you have a hefty amount saved consider investing. You can invest in Money Market Accounts (that yield high interest), CDs, IRAs and ROTH accounts, hobbies that can become a potential money earning venture (such as starting a business or selling goods) and a website for your hobby.
Save for Retirement! I had a good friend my sophomore year of college that told me she started a retirement fund. I thought she was crazy at the time but she was a genius. More people should start saving young. We cannot rely on government, 401Ks and pension plans to take care of us. The best security you will have is yourself. Save 5% of every paycheck. It will add up 50 years from now.
When you get the urge to buy a property, boat or car and do not have the full amount say NO! Financing your property is another version of gambling with someone else's money (a bank most likely). It is very possible to buy a home in one swoop. Save your money.
Good Luck with these tips.
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