Essential Tips Every Teen Should Know About Money

Money is the general means of exchange for goods and services, and the medium of settling debts.

Money is an entity.

It is essential, as without it, majority of our daily transactions might have been on hold. Gone are the days when we lived in the barter era. Now, it’s about the currency and everyone is willing to have it.

This entity also yields a wielding power, and for every teen, the crave is huge. However, there just might be few things to note.

1. How to view money

It will go a long way if money is seen as it is- a tool. Quite understandable that everyone desires a van full of cash, however, it shouldn’t cloud judgments. In choosing a career, your main motivation should not be to desire to end up with a high paying income, just because of the money. You never might tell, time and tides change. The highest paying job of yesteryears is history now when it comes to rating. Money should not be the lens of sight. Just see it for what it is!

2. How to earn

This entity requires circulation. Teenagers should be coached on how to keep it flowing. If you had a thousand dollars in the bank and kept up with spending, it might just survive a few months. They could take up part-time jobs, be given extra commissions, or otherwise. But they should understand what it really takes to make money.

{Read: Side Hustles Students Can Engage in With Profit}

3. How to spend

Teens are in a stage in life where they want everything they can lay their hands on, that computer, game, wear, eat-outs, to mention a few. It takes real study to learn to spend on a budget, to keep yourself in check. Prudence is key!

{Read: Budgeting- How to do it Right}

4. How to stay debts free

Money becomes a nagging sore in the throat when it’s not in your hands, but you have to work extra hard to place it in another person’s hand. Debts are bad and could get worse. Teenagers should be taught how to stay without debts, just within their own income.

5. How to save

This is the greatest magic. You are never too young to save, In fact, the younger the better. It gives a sense of responsibility. For every extra cash, teens should know how to keep it for the rainy days. They never might be able to tell just when it could be handy.

{Read: 8 Money Management Tips For Teenagers}

6. How to plan for the future

With money, a great plan is a bonus. The positive thing about money is that you do not need to wait for a 9 hours job, every day of the week that pays some cash at the end of the month. Even with business, you just might get better. Teens should be taught about the future, in case there is a business idea they want to venture in someday.

Above all, every teen should know life and money work together, you need it to make life get through for you.

{Related: 5 Things Teenagers do not Know About Money}

Are there more tips to add? Feel free to share in the comments below.

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