I am now getting to know things that I wish had on how to make money as a teenager, when going past teen years. I believe I am not the only person looking back now, but if had these facts when I was young, I would be well off than I am today.
My goal is to teach teens about best jobs for teens, best paying jobs for teens, and most importantly how to get a job as a teenager, thus showing them the value of money, that will get them on the right track.
Teaching teens how to make money as a teenager is not a bad thing, no one would say that, but as to how to go about it, is the tough task. To go about this, I will put forward 4 essential principles that will help you.
You will need to educate yourself as a teenager on these topics listed below:
- How to make a budget
- Impulse buying
Set a good example for yourself. It is one thing being told about something, but if you are doing something different, you will get to learn from the things you do than what you say you would do. Learn one habit at a time.
You are not going to become skilled financial planners in no time, or in a month, or even in a year. Your aim is to go step-by-step. So study one thing at a time, until you have mastered the skill. No need to rush.
Learn them by taking action. You can’t make money as a teenager by only learning. Forgive yourself if you make mistakes from the beginning. Research about these mistakes. Soon enough, you will be on the correct path by taking action.
1. How to make a budget.
As a teen you must have control of your money and this can be achieved through budgeting. Don’t think money will always be provided for you as a young adult, that you don’t have to be held accountable for your spending. A budget is to help you control your spending.
For instance if you are at the moment spending 40% of your money on eating alone, try as much as possible to cut this. And do the same for other expenses — Have full control over your money.
In the end you will likely be able to cut down on unnecessary stuff. Learn to save for other things if you want them. After a period of time, you will learn how to take decisions, through trial and error. This will take time, but it’s excellent you learn now as a teenager.
Once you become fully aware that there’s more to money than just spending, you will not like to spend on something which is bigger than the amount you have on budget. That is when you begin to learn about setting saving goals.
You might also create a table on the computer, that shows your goal, and little savings achievements along the way. That way you can get excited about watching your savings grow. This is will help you make more money.
If you have an aim for making investments, you can cut down on spending to do that faster.. and also earn more money. You can begin learning this lesson as a teenager, by making and investing money on the side through doing extra tasks, such as by doing a quick work for a relative, return items you bought, sell things you don’t want or get a part-time job.
4. Debt reduction
Learn about unplanned buying. Take time and reason out well before buying, impulse buying normally comes with (increased heart beat rate, heavy-breathing, other similar body signals), use a 30-day list before buying anything that is not totally necessary, and cut your need to compete with others and buy luxury things to appear impressive in the eyes of others.