As a teenager, you are a valuable commodity to the world. You are our future leaders, our future doctors, lawyers, CEO’s, political elite and business owners. You are very important indeed!
Teenagers today embrace the changing pace of our world, the freedom of information via the internet and advancements in technology. Given teenagers are so important and crucial to our world moving forward, couple with the fact that they are our future leaders, it is important they be equipped with as much financial knowledge and money management skills as possible.
With this in mind, here are some basic tips to get started:
// Start now, regardless of how small. Tidy and unclutter your room, organise your paperwork and save all coins you find in a jar in your bedroom. Tidy out your car, handbag or wallet, under the cushions on the lounge etc – it all adds up!
// Recognise your wants from your needs. If, after 14 days, you still really need/want the item then the purchase becomes planned – you have allowed yourself time to remove emotion from the mix.
// Keep all receipts for things you have purchased regardless of how small as they may be useful in claiming tax deductions at the end of financial year if you are eligible.
// Learn to budget early. Understand how much you are earning (at work, pocket-money or part-time jobs) and live within your means. Basically, don’t spend more than you are earning. Don’t borrow money from your family or friends.
// Limit your budget busters such as online shopping, eating out and drink purchases because if we indulge in these things every day, you can say goodbye to life’s luxuries such as holidays, new clothes or a car! While we are on the topic of drinks. Consider avoiding buying bottled water and energy drinks, and buy yourself a water filter jug and refill your bottle as often as you like – your body will thank you for avoiding the caffeine fuelled, sugary energy drinks too.
// Bad coffee habits are the same as bottled water – make a cuppa at home and save your $3 a day. Some people can save upwards of $1000 a year by removing their regular coffee and bottle water habits.
// Become a wise consumer. Learn to shop around. Shop at discount stores for everything from groceries to stationery and toys.
// Enrol in scholarships and financial education courses
// Find cheaper beauty or hair treatments. If there is a beauty school or hairdressing college in your area – get your hair and beauty treatments done there for a fraction of the price of regular salons – they are supervised by professionals and staff learn the latest styles and techniques.
// Consider selling unwanted items such as clothes, DVDs, bags and more online via eBay. This is a great way to de-clutter your room and get some extra cash.
// Rent library books, DVDs and look for free activities such as music festivals in the park, or go to the beach rather than expensive theme parks, movie theatre or shopping trips on a weekend.
// Pay your phone bills on or before the due date to save penalties and incur the often offered discount if paid on or before their due date.
// Never boil a full kettle, turn off all lights when not in use and not only will you save electricity dollars, the environment will thank you too.
// Consider taking a part-time job such as that of a secret shopper, typist, administrator, babysitter and more.
// Look for daily deal or discount websites offering some great bargains – just be sure you really need or want those items before purchasing otherwise it blows the budget and falls under impulse buying.
ABOUT THE AUTHOR
Jodie Nolan was born in Darwin in 1976. She grew up in a supportive family who taught her a lot about money and management when she was young. Jodie is married to Peter and lives with her daughter and son in Sunshine Coast QLD. Jodie is passionate about teaching people about money, the core fundamentals that should be taught in our schools – but still aren’t. Jodie is making a real difference in not only adult financial education, but more importantly for our next generation to give them the best financial start possible. {www.jodienolan.com}
Excellent article, good succinct tips that anyone can use
SO relevant for me right now, thanks 