By: Grace W.
It is never too soon to start thinking about finance! In this blog post I am going to be sharing 5 top tips for teen finance. These tips go along with the upcoming Facebook Live Program “Teen Finance 101” that is happening on Friday April 16 at 4:00 pm. If you can’t make it to the live stream, be sure to check out the video later for more in-depth finance tips.
- Separate Saving and Spending: If you have a bank account, you will likely have two separate accounts; one for saving and one for spending. If you don’t have a bank account, it is a good idea to keep your money in two separate sections for spending and saving. This makes it easier to keep track of things and helps you make sure that you are saving.
- Track your Expenses: This is a great thing to do because it allows you to be aware of where your money is going. You can do this with paper and pencil, a word document, excel, or google sheets. You can start by listing money that is coming in such as birthday gifts, allowance, or money from a job. You can include the amount, the date, and the reason for each entry. You will also want to have a separate section for money that is going out. You can track similar things such as the amount, the date, and the item you are buying. Doing this every month is great way to get an understanding of where your money is coming from and where it is going.
- Get a Summer Job: A summer job is great way to start bringing in more money. There are a lot of different summer jobs out there, so there is something for everyone. Some common summer jobs are babysitting, working at a summer camp, doing things around the house or for your neighbors like pulling weeds or mowing the lawn, becoming a caddy at a golf club, or plant, pet, or house sitting for neighbors who are going out of town.
- Volunteer: Volunteering is not something that you can get paid for, but it is a valuable use of your time. It allows you to gain skills that you might be able to use to get a job next summer. If you make a good impression with the organization, you might be able to find a reference for future job, college, and scholarship applications.
- Think about the Future: You are going to have to think about college and your future at some point. Having a plan of what you want to do can really help you save money down the road, so it is never too early to start thinking about your future career. Doing research about financial aid, scholarships, and other options such as trade schools, can help you make a good choice for your future and your wallet.
- Time is on your Side: The sooner you start saving, the better. Not only are you going to be developing good habits that can set you up for success later in life, but if you put any of your money into things like stocks and bonds, the sooner you start the more time your money has to grow. That is going to be huge for you in the long run.
Check out these online courses from Universal Class and LinkedIn Learning to learn more about personal finance.