Teenage Money Management & Helpful Financial Planning Apps
If you’re a teenager, or are raising one, the most important thing to remember is that your financial future depends on how you manage your money today.
Money management involves understanding the value of money, how to earn it, what you want in life and then making decisions that will help you get there.
What is Money Management?
Teenagers are often subject to financial, emotional and psychological changes that can cause them to make impulsive decisions about the timing of their goals or how they reach those goals.
Why is Teenage Money Management Different?
If you want your money to last a certain amount of time, then divide the number by how much you earn each week and make sure not to spend more than this amount.
→ Establish and Manage Your Income
As a teenage money management tip, you’ll want to track your expenses over time to make sure they remain consistent or predictable. If not, you might need to control them better or learn how to earn more money through working more hours or getting another job.
→ Create a Budget
When first starting to earn money, teenagers need to have several important conversations about money rules, money responsibilities and money boundaries. As the child becomes a teenager, these will all shift in some sense or fashion.
→ Align on Money Rules
Swipe up for more of THE Teenage Money Management & Helpful Financial Planning Apps