The Frisky
  • Home
  • News
  • Health
  • Celebs
  • Movies
  • Love
  • Relationships
  • Style
  • Entertainment
  • Parenting
  • Royals
  • Travel
  • About Us
  • Latest
  • Contact Us
  • Terms and Conditions
  • Privacy Policy
The Frisky
  • Home
  • News
  • Health
  • Celebs
  • Movies
  • Love
  • Relationships
  • Style
  • Entertainment
  • Parenting
  • Royals
  • Travel
Money

Money Lessons Every Teenager Needs to Know

by Maja Vucetic January 22, 2019
by Maja Vucetic January 22, 2019

You can never be too young to learn the value of money. In fact, parents are urged to teach their children money lessons as early as possible. Developing reliable financial habits all through your teenage years will set you up for a better, more financially solvent future.

Everyone has their own way of dealing with money matters. That said, there are universal principles when it comes to personal finance. If you’re just about to turn 20 (or even if you’re already enjoying your 20s),
here are money tips you need to practice:

Contents

Learn to be fluent in the credit card language.

source: cntravellerme.com

Credit cards have a bad rep. When people see a credit card, most of them would think of a mountain of debt or headache-inducing financial obligations. But, in reality, there are tons of upsides in owning a credit card. You can pay for a product or a service if you don’t have cash at hand. If you’re in dire need of money, a cash advance on your credit card can save the day. And possibly the most important of all, a credit card can help you build a solid credit score and a good credit ranking.

The main thing about having a credit card is being responsible. Just because you have the means to pay for something fast doesn’t mean you can swipe your card anytime you want. It’s also better to pay off your debt in full to avoid penalty fees and higher interest rates.

Monitor your spending.

source: getmeabettercar.com

When you keep track of your money – the ones you’ve saved and the ones you’ve spent – it’ll be easy to see if you’re cautious or careless with your finances. It’s important to monitor your spending so you know where your money is going. This is particularly necessary if you already have a job. Tracking your money will let you effectively budget your income.

There are a variety of ways to monitor your finances. You can do the traditional route of jotting down your expenses with a pen and paper. You may use Excel or Google Sheets. You can also use apps that are specifically designed for such things. Choose whichever works for you. And then once or twice a month, have a date with your notebook/app so you can review your finances.

Watch out for extra charges.

source: kiplinger.com

If you’re working and studying at the same time, chances are you still aren’t making a lot of money. This is also true even if you opted to skip college to work full time. As such, you should be mindful of unnecessary fees.

When you open an account in your local bank, choose a student checking account that has cheaper monthly minimums than standard accounts. Learn how to do your banking online and do virtual transactions as often as possible. Generally, an online account doesn’t have a monthly minimum requirement.

According to Muhammad Imran, an app consultant and the editor at on air story, you can try to shop at stores that have student discounts. There are also restaurants that offer a price cut for teens. Check reimbursement programs in your campus to see how you can further avoid incurring extra expenses.

Be smart with your loans.

source: bowaterecu.org

Issues with – or worse, the lack of – money happen. There will be situations that will require you to spend cash that you currently don’t have. When this happens, getting a loan is an effective solution.

Being in debt may not be the best answer, but it fixes the problem at hand. It’s not the most ideal because loan interests are usually expensive. For instance, the interest rate of credit card cash advance is rarely low. But if the most viable option is a loan, do your research first before borrowing. If you’re getting a cash advance, make sure to compare different loan providers’ interest rates. There are also tons of cash advance apps available that you can use to make accurate comparisons. Be smart with your loan so you won’t be in debt for a long time.

Spending your own hard-earned money is fun because it gives you a sense of pride and independence. But it’s easy to get caught up in the process. It’s important that you learn to say no to yourself every now and then. Figure out what you really need from all the things that you want. Indulge yourself occasionally, but for the most part, being smart with your finances as early as today will serve you well in the future.

Cash AdvanceCredit CardExtra ChargesLoansMoneyMoney Lessonsmoney tipsSpending monotoringValue of Money
Maja Vucetic

Maja is a talented writer and content editor at TheFrisky, with a diverse range of interests spanning from the arts to gardening and interior design. A graduate of the Faculty of Arts, Maja brings a unique perspective and a passion for creativity to her work.

previous post
The Importance Of Protein In Your Diet
next post
The Internet Is Amazed by the Pics of Babies Born with Full Heads of Fluffy Hair

Related Posts

Learn How to Track Your Spending in 2023

May 11, 2023

Keeping Your Bitcoin Secure: Tips for Buying Bitcoin...

April 6, 2023

What Are the Options for Financing a Food...

April 5, 2023

Recent Posts

  • What is a VIN Number and Why It’s Important

    June 8, 2023
  • The Best Outdoor Activities When You’re Short On Time But Crave Fresh Air And Movement

    June 8, 2023
  • The Role of Power in Influence: Understanding and Managing Power Dynamics

    June 8, 2023
  • How CSGO Skins Boost the Game’s Popularity

    June 8, 2023
  • Car Cleaning Tips from A Professional Detailer

    June 8, 2023
  • 4 Ways to Download Your Instagram Reels with Music

    June 8, 2023
  • What to See in Busan in 3 Days

    June 8, 2023
  • What’s Happened to The UK Property Market in 2023?

    June 7, 2023

Categories

  • Accessories
  • Animals
  • Anime
  • Art
  • Astrology
  • Beard Care
  • Beauty
  • Betting
  • Biography
  • Blog
  • Business
  • Buying Guides
  • Cannabis
  • Cars
  • Casino
  • CBD
  • Celebs
  • Children
  • Citizenship
  • Clippers
  • Clothes
  • Computer
  • Couple Time
  • COVID-19
  • Crime
  • Crypto
  • Culture
  • Design
  • DIY
  • Economics
  • Education
  • Entertainment
  • Environment
  • Family
  • Fashion
  • Featured
  • Food
  • Food & Drink
  • Furniture
  • Galleries
  • Gambling
  • Games
  • Gardening
  • Gifts
  • Girl
  • Gossip
  • Guide
  • Guys
  • Hair
  • Hair Care Tips
  • Hair Dryers
  • Hair loss
  • Hairstyles
  • Health
  • Highlights
  • History
  • Hobby
  • Home
  • Horoscopes
  • Hot Rollers
  • How to …
  • Industry
  • Internet
  • Interview
  • Law
  • Legal Advice
  • Life
  • Lifestyle
  • Love & Sex
  • Love Your Self
  • Makeup
  • Marketing
  • Medicine
  • Mind & Body
  • Money
  • Motorcycle
  • Movies
  • Moving
  • Music
  • Nails
  • Net Worth
  • News
  • Parenting
  • People
  • Pets
  • Photography
  • Products for Hair
  • Real Estate
  • Recipes
  • Relationships
  • Religion
  • Royals
  • SEO
  • Shopping
  • Skincare
  • Sports
  • Studying
  • Style
  • Super Stars
  • Tech
  • Technology
  • The Body
  • Tips
  • Tips & Tricks
  • Tools
  • Toys
  • Travel
  • Type
  • Uncategorized
  • Vehicle
  • Video
  • VR
  • Wedding

Contact us:

santosmilewa [at] demotix.com

Footer Logo
  • About Us
  • Latest
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

© 2023 - All Right Reserved.

TheFrisky.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

We at TheFrisky participate in various affiliate marketing programs, which means we may earn commissions on products or services that we recommend or promote through our website. When you click on a link to purchase a product or service that we have recommended or promoted, we may earn a commission from the sale. This commission helps us maintain and improve our website and provide you with valuable information and resources.

The Frisky
  • Home
  • News
  • Health
  • Celebs
  • Movies
  • Love
  • Relationships
  • Style
  • Entertainment
  • Parenting
  • Royals
  • Travel
© 2023 - All Right Reserved.

TheFrisky.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

We at TheFrisky participate in various affiliate marketing programs, which means we may earn commissions on products or services that we recommend or promote through our website. When you click on a link to purchase a product or service that we have recommended or promoted, we may earn a commission from the sale. This commission helps us maintain and improve our website and provide you with valuable information and resources.

Terms and Conditions - Privacy Policy