The rich people son's often get financial knowledge from the parents. They can manage the money better since they are teenager. As a teenager, you can follow the advice to make your life better.
1. Learn about budgeting
Your mom or father give allowance for monthly or for daily. It is no problem whether your parents give the allowance, you have to save the part of allowance.
Calculate what your needs such as lunch, bus fare, book, notes book, handphone voucher, cloth, and others. List the spending on your notes and the type all the entries on spreadsheet.
The amount of spending should be balance with the allowance. As a teenager, you can seek out the new income. Sell the used bottle or can to the recycle shop.
Today the teenager can make money easily with internet. They can blog and make dozen or hundreds dollar. It will not takes the times to blog. You need only one to two hours a day.
2. Saving the excess allowance
Do not return back the allowance to your parents. You are better to save the excess money for other things. Perhaps, you want to buy iPad or new notebook. There are some book or dvd that you like but you have no money. You can save some money and buy it.
Save the money in the cash box or piggy bank. The piggy bank will be full if you save constantly. Remove the money from the cash box to the saving or investment. Ask your parent to invest your money at equity, mutual fund, ETF, and others. You can buy precious metal too and save it to your parents.
3. Financials goals
The teen should have a goal? The short term goal is the goals that you can reach in one year. Example: You want a new skateboard, or chicken coop at the backyard. Write the goals in your diary or blog.
As a teenager, you must have a ideal. Some teenager are confused to choose the ideal that is fits with them.Consult the ideal with your parents, teacher, or friend. They may direct you to right ideal. Some kids ideal is to become a doctor. The teenager can help the father to enlighten the medical school fee that is very expensive. Find the scholarship to support the medical education fund. Borrowing from student loan may be not a good idea. You will difficult to pay off the debt.
5 Ways to save money on Food
The envelope Budgeting
Fundamental Investing for Financial Planning