What are the Teenage Money Management & Helpful Financial Planning Apps?

With money management for teenagers, you’ll also encounter a teen’s income for the first time. And with that, the ability to make some of their own choices on how to spend it.

What is Money Management?

Money management is a series of decisions you make about how to spend, save, invest and generally use money. It’s also a way of thinking about your future finances.

Why is Teenage Money Management Different?

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.

Financial Planning and Advice for Teenagers

Managing money as a teenager is difficult because it’s likely the first time they’ve been given this level of financial responsibility. Therefore, the following steps will be useful for alignment between parent and teenager.

How to Manage Your Money as a Teenager

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

How to Manage Your Money as a Teenager

Each month at a minimum, you’ll want to check on this and make sure you add your income and expenses to keep track of your money. As a teenage money management tip, you’ll want to track your expenses over time to make sure they remain consistent or predictable.

→ Create a Budget

How to Manage Your Money as a Teenager

Some money rules to consider: - Spending thresholds – A quick speed bump to protect against large, impulse buys. - Categories of items they can buy – Regardless of whether it’s their money or not. - Saving money rules – Making sure your teen understands the importance of thrift and saving toward goals. 

→ Align on Money Rules

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