Personal Finance – managing your money smartly as a teenager (Part 2)
A few weeks ago, I started writing to you about the essence of spending your money intelligently and wisely, regardless of your level of income as a teenager. I hope you have started implementing the four tips I gave in the last post, and found them helpful. Just incase you missed it, I would advice you read it up via the link below: https://www.tgfgnetwork.org/%ef%bb%bfpersonal-finance-managing-your-money-smartly-as-a-teenager/
The greatest moment to start pursuing financial stability is right now, so you may realize all of your goals in life and have a promising future.
As promised in the last post, below are a few more tips to help manage your money wisely and gain financial stability as a teenager.
5. Avoid Impulse Spending: Most times when you have more than enough money as a teenager, you tend to spend on things that really do not matter. Temptations like wearing the latest shoes and clothes and following trends will come up, make sure you’re not influenced by the things you do not need. It is better if you only buy the necessary things and that will last, because sooner or later, trends will vanish. Another hack is to always try to take just the exact amount that you have budgeted whenever you go shopping; having your credit cards can spur you to buy things you didn’t plan.
6. Don’t give in to Peer Influence: Never let other people’s actions affect your financial decisions, and never let other people tell you what to do with your money. In most cases, it is much better if you go shopping with your parents instead of your friends, though this may sound ridiculous. Temptation is your biggest enemy, if you’re not careful, you may succumb to peer pressure from friends and purchase stuff you hadn’t intended to. Most importantly, always have a list of the things you need before you go shopping with or without someone.
Never let other people’s actions affect your financial decisions, and never let other people tell you what to do with your money.
7. Keep Track of Your Spending: You must keep account of everything that you spend money on. Look over your previous spending to find the things you should cut off.Check your list to see if there are any purchases you made that you didn’t really need and cross them off.
8. Reward Yourself: Although it may seem counterintuitive, concentrating too much on your budget might sometimes be detrimental. It occasionally could start to feel like a hassle and no one enjoys that sensation, either. Consider rewarding yourself occasionally to maintain your motivation. Even better, you may budget for it in advance and plan ahead so you have something to look forward to. You can reward yourself for a good job with even the littlest things, like buying a snack you like or whatever makes you happy.
In conclusion, as a teenager, good money management is a skill that you should cultivate and practice, just like any other skill. If you can follow all of these tips consistently, you will save yourself a lot in the future. The greatest moment to start pursuing financial stability is right now, so you may realize all of your goals in life and have a promising future.
