It is a good idea for teenagers to use money wisely. Managing money is a responsibility for them, especially if they wish to attend college. Finding a job is a good way to start, and certainly learning how to handle money can be useful for the future. Here are some tips for teens who wish to spend and save money the right way.
Getting a job
Typically, teenagers who are interested in going to college need to find ways to save money. Getting a summer and/or part-time job is, first of all, a perfect stage to accumulate savings needed to get a higher education. In the United States, many businesses, such as department and grocery stores, require teens to be at least 16 years of age to work. Others, however, do hire them at a lower age.
Obviously, teens need jobs to support themselves. Where is the best place for them to work? Fast-food restaurant giants including McDonald’s and Wendy’s are often filled with under-aged teen workers behind the counter. Supermarkets are also a highlight for the teen’s first place of employment. Jobs, including working at a cash register, bagging groceries, and stocking products, are generally safe and easy to handle for those skilled young workers.
Opening a bank account
While teens are working, it is highly recommended that they obtain a bank account. Opening the account certainly helps them toward accumulating the earnings made from working. However, many banks require a minimum balance to keep their accounts available to use. If teens live in an area where there are a few banks or other savings institutions competing with each other, they can open an account at a local credit union. Credit unions can mean lower fees than most other banks and often give the teens a better value. Also, if the teen has a parent who works for a business the credit union occupies, he or she is strongly urged to walk in and sign up for a membership card.
Teens enjoy spending on movie and concert tickets, clothes, music CDs, and jewelry. Teenage workers can create a budget list to control their way of spending cash. They can estimate how much money they need for the following week. For example, a 17-year-old teen may jot down the price of gas and lunch that have to be paid after his paycheck arrives.
Depending on the frequency of their paydays, teens should ponder very hard and balance what they need and want. The needs include savings that are especially made for college. The wants can basically be, for example, entertainment goodies (CDs, iPods, DVDs).
Working teenagers deserve a sense of independence and reliability. One of those privileges involves making wise money choices. In the future, they should learn how to cope with hard decisions that require spending money. Working adults deal with this sort of obstacle everyday. This is why it is very important for teens to deal with economic usage appropriately. Because the earlier they get their hands on financial responsibilities, the better chance they will not make a risky financial mistake.