Adolescence according to psychological studies means a period of transition from childhood to adulthood. This is the time when a person begins to learn many things towards adulthood. How to manage finances is an important thing that must be known by teenagers.
What makes teenagers need to understand how to manage finances? Teenagers need to know how to manage money so that they can save and be good at managing their finances when running a household, and have plans for a better future. They are able to protect themselves from emergency events, independent person, and others.
Managing finances is not easy, especially for teenagers. At this stage, not many teenagers are aware and understand the importance of managing finances, and the lack of awareness among parents about the importance of teaching children to manage finances. Schools also play less of a role in helping youth to understand effective ways to manage their finances. Managing finances is not easy even for adults. So, it would be better if the awareness was built as early as possible.
Manage Finance for Teenagers
Check out some easy tips to learn about ways for teens to manage their finances.
Make financial records by recording income and expenses. This is a simple and trivial thing, but getting used to being more orderly in making financial records can help us know how much money we spend, what we buy, which spending items are too big, etc., so that for the next we can evaluate to make savings.
Try to live frugally by spending money carefully. There are many ways to start a frugal life, for example bringing food supplies from home when going to work or school, not spending too much time traveling in expensive malls or cafes, not buying unnecessary things, or just chasing trends.
Taking advantage of discounts and sales promotions offered by many sellers at a certain moment is the right way and time to buy the items we need. Because, the discount period or sales promotion is an opportunity that doesn’t come all the time, and we can use it to buy the items we want at low prices. We have the opportunity to buy goods in large quantities, the quality of the goods is still good but the price is cheaper. Of course, taking advantage of discounts allows us to set aside money to save and use for other essential purposes.
You should avoid spending money on spending excessively because it can make you experience some financial losses. The amount of money that should be enough for one month’s needs runs out in a few days. Excessive shopping desires are stimulated when we visit shopping centers too often or visit online shopping sites. We recommend that you start limiting visits to shopping centers or visiting shopping sites.
Avoid wrong associations in adolescence which that period is a time of making friends, hanging out, and socializing. The nature of teenagers is very easily influenced by the environment need to be selective in choosing friends, which is very important for teenagers. Good friends bring good effects and vice versa.
Don’t be easily influenced by famous people. Nowadays, many teenagers make celebrities their role models and idols. But unfortunately, not many celebrities make video content with a positive charge. Most celebrities show only focus on hedonic lifestyles, squandering money on luxury goods. There are many cases of celebrities getting into debt to look luxurious.
Start Invest and Save Early
Must invest and save from a young age. Discipline saving or saving money do not come from leftover money. But set aside money from the start to save.
Having extra income isn’t just for adults. Teenagers must be able to do it and make sure that it will not interfere with their educational duties and obligations. Choose the type of work that teenagers can do, such as tutoring elementary school children, and so on.
Start saving and investing as early as possible so that you can get unexpected results in your old age so that the life of your old age and your offspring will not experience economic difficulties. Educate your children so that they can take advantage of that success wisely so they don’t slip in the middle of the road and return to a bad state.