Money Tips for Teens

There are many articles out there providing financial advice but most of them recommend things like investing and retirement plans. Those things are great but for someone just starting out in the world of finance it can be a bit overwhelming. I’ve put together a list of my top financial tips. I’ve gone back to the basics to help you gain a firm foundation for your financial future.

1. Start a savings account

This is something that is so important to do. I can’t tell you how many people I hear say that they only have a few dollars left in their bank account. It’s so hard for me to imaging someone spending all of their money like that but when I actually think about it I realize how easy it can be if you don’t have a strategy in advance.

I do think it is fun to go out with your friends and have fun which is why I won’t recommend putting all you money away and never spending anything but I think it’s important to save for emergencies and bigger purchases. I would recommend putting 10% of your earnings into a savings account each time you get paid. If you get into the habit of it now while your young it will help build a healthy financial future for you and your loved ones.

2. Create a Budget

This one is hard for me personally because it seems crazy to design a budget if you don’t have any bills and hardly and regular expenses besides trips to Taco Bell;) although it is very important to begin early and know exactly where each dollar you spend is going.

3. Make Money

Seems obvious right. A lot of teens today feel like their schedules are too busy for them to have a job. Maybe they are too busy for them to work a consistent schedule at the local grocery store or fast foods restaurant but these days there are so many other opportunities for work. You just have to be creative. If you want a list of unconventional jobs for teenagers, subscribe to my blog and come back next week to find out what I would suggest.

4. Educate Yourself

This is a topic you don’t learn about in school so your going to have to do some of your own research if you really want to be successful in this. It may take some digging as a lot of financial advice out there is geared toward adults with full time incomes. That’s one reason I was inspired to create this blog because as a teen myself I feel like it’s hard to find tips that are specific to my lifestyle.

5. Take responsibility

Until now your parents have probably provided everything you need and maybe even handed out extra cash for spending. Even if that’s still the case you can still take some responsibility for your finances. Begin by implementing some of these tips into your life and see your money flourish.

Starting good money habits now will prepare you for success in your adult life. I hope that you found something helpful here and if you decide to use one of my tips I would love to hear your success story! For more content like this subscribe to my email list below!