Teenagers must be told about the importance of money from the very start. They must be advised on financial topics so that they can learn about earning, saving, investing, and storing money.
1 . Plan the Budget
Teenagers can save money by following a few steps and instructions. They can plan a budget. This plan can be weekly or monthly. They must conclude their expenditures and source of income. This source of income may be pocket money. By planning a budget, the limit will be decided to spend money.
2. Calculate Needs and Wants
Teenagers have a lot of expenditures. A wise thing to do is to calculate the needs and wants. The needs mean the things that are compulsory. And the wants are things that are luxury. Creating a balance between needs and wants can be beneficial in financial means.
3. Eliminate Extra Expenditures
After concluding the budget, one can get his compulsory expenditures and extra expenditures. A wise financial advice is to cut off the extra expenditures from life. This will not only save money but also will make a good routine of life. Luxury expenditures are always unhealthy for life.
4. Find Cheap Alternatives
Teenagers are advised to find cheap alternatives to expensive things. One product is available at different prices. Thus, a wise act is to hunt low prices and good quality products. In this way, teenagers are trained to do smart shopping. And they can save money side by side.
5. Start Savings
Saving money is the hobby of every kid. In childhood, every kid has a money box. In this money box, kids use to collect money from their daily pocket money. Some kids buy collecting boxes, and some make DIY boxes. Financial advice is to continue this saving more seriously than a hobby. Saying day by day can give a large amount at the end.
6. Find a Part Time Job
Yes, teenagers can do jobs as well. A wise act is to hunt a part-time job. It should be easy and convenient that must not affect the studies. It may be a waiter at MacDonald, a shopkeeper at a mall, or an ice cream seller. These small jobs can provide a handsome amount for teenagers.
7. Avoid Taking Debts
Taking debt is common among teenagers. They take debt from their friends, class fellows, and relatives. In this way, they get tangled in the wide circle of debt. And no income or pocket money will be enough to clear these debts. A piece of financial advice is to not take the risk of taking debt. Instead, ask for this money from their parents, or earn it by themselves.Â
8. Learn Investments
It sounds like not practicing, but it can be feasible. Kids can also invest their money. They can save a small amount from their pocket money and can invest this amount. Girls can purchase a small gold pendant or ring. Boys can invest their savings in banks or buy beneficial online accounts.
9. Seek Senior Help
Teenagers must seek any senior’s help because kids think only in their limited box. But the seniors have vast experience in their life. They can think big. They can provide the best practices for financial savings. They can guide teenagers with new ways and means to collect, save, and store money. Along with this, the motive of saving or creating money increases.
10. Be a Self Made Cook
Some kids have a hobby of cooking and baking. This hobby is not gender-based. Both boys and girls how interest in cooking. One man advises in the comments that one should learn cooking and baking from childhood. He has trained his kids to cook their food themselves. And whenever they ask to order a pizza, they bake it at home. This not only saves the money but also makes them a professional self-made cook.
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