Teen's Personal Finance

ObjectiveTo teach children to budget, save and responsibly spend their money.
Description Buy a Car Cell Phone

If you are between fifteen and eighteen years old you are beginning to deal with more advanced financial concerns. You may be working or have a thriving small business. You may have hefty saving goals; for example, you may be saving for a car or to go to post secondary. You may also have monthly expenses such as a cell phone bill. It is useful for you to know how to manage your finances and to develop good financial habits during your teen years. 

Steps:

1. Starting when you get your first job or when your business begins to make money use a spreadsheet or a personal finance application such as Quicken to track and manage your income and expenses.

2. Set aside an hour or two once a month where you can review your financial standing. Are you making enough to cover your expenses? If not is there anything that you can cut or is there a way for you to increase your income? Are you saving enough money each month to achieve your savings goals?

3. Analyze your bank and credit card statements monthly. Look at how much you are spending each month, where you are spending your money and how close you are to achieving your financial goals.

  • Note: It is helpful to have a computer application were you download your bank statement into the application; however, you can achieve the same effect by manually inputting the information from a bank statement into a spreadsheet.

4. Talk with your friends or family about how you feel about your financial situation. Ask for advice to find solutions to any problems or concerns you have. You may also what to ask for advice on how to maximize you income and make smart investments.

5. Ask a friend or family member how they manage their personal finances. Ask if you can see how they set up their spread sheets and if they have a blank template that you could try out.

 

Complete When

Mark this activity as complete when you have set up a spreadsheet to track and manage your financial information, you are routinely checking your financial situation, you feel confident and comfortable with managing your finances and you have talked to other people about finances and how they manage their money.

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Age Range 15    16    17    18   
Activity Type Routine
Tags Logical-Mathematical Intelligence  Expenses  Budgeting  Income  Personal Finances  Intrapersonal Intelligence  Linguistic Intelligence  Saving 
CreatedCindyCindy
Last ModifiedRobRob

References

Reference Reference Note  
Squawk Fox

Thsi article is about how a Teen can budget for going back to school.

Student Budget Planner

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