Being a teen can be complicated. It is during this time than ever before that they are learning things to help them when they are out on their own. Being financially savvy is one thing that they need to learn prior to them being out on their own. Here are some tips for teens to make sure that they will be financially ready to leave the nest.
First of all it does not matter if you have a part time job or just a summer job; you need to be saving money. It may seem strange to worry about having savings built up before you even graduate high school, but you never know when you will need it so you should just start saving now. If down the road you need it and you do not have it you will really be sorry that you did not start saving young.
As a teen you should know how to budget your money and live off of what it is you are making. Do not just go out and spend all of your money. Learn how to create a budget and make sure that you stick to it. Review it once a month and revise it as necessary. This is one skill that is invaluable for your future.
Keep track of your spending and your savings. Keeping track of your spending will help you to save more. Keeping track of your savings can help serve as a motivation to keep saving. Once you see how fast it builds up you will want to put as much into your savings account as you can so you can continue to see the growth in your savings.
Get together with your friends and work together to not spend money. Have sleep overs instead of going out. Have contests to see who can save the most each month. Make a game of it all. It will be easier to save money instead of spend it if you have your friends helping you along the way.
Find local places where you can learn financial literacy. This is an education that you need to have for your future. There are many different places where you can learn about personal finances and money management. No matter what you end up studying in college, this education will always pay off no matter what. Get your friends to learn about it with you, that way you are more likely to stick with it.
As a teen you should be preparing to live on your own. You must be financially literate if you want to be able to live on your own and not have to move back in with your parents. It is never too late to become financially literate, but the sooner you start the better off you will be.
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