financial advice for teens?

Question

im almost 18 and have been at my job for a year and a half..
last summer i went a little crazy with the cash i was making and it set me up for a really tuff year having to pay my insurance and gas, ect.

i have been more responsible this summer but i constantly stress about my bank account..

i was wondering if there are any tips or advice you can offer me to be good about my spending and stuff...

thanks!

Answer 1

That is great that you already understand the importance of being responsible with your finances at your age. Some people figure it out too late...

Here are two tips I swear by:
1. Budget. Write down all of the money you make and write down all of the money you will spend in a month's time. Make a list of what needs to be paid each month. You should not have any money "left over." (You can have categories such as fun and entertainment, movies, etc.) If you don't tell money where to go....it leaves. If you want to check out someone who REALLY knows about budgeting...google "Dave Ramsey." He is a genius when it comes to finances!

2. Don't get a credit card unless you are able to charge a small amount each month and pay it off before the grace period is up. Credit card debt is one of the worst things you can get yourself into.

Answer 2

Direct deposit your check. Take out a set amount of cash for misc. expenses each week, month (or whatever frequency works for you). Once you spend that cash that's it. Use the money thats in the account to pay your gas and insurance or other bills you have.

Takes discipline, but don't stress yourself. You're too young for that. If you have enough you also may want to look at setting up an automatic draft to a savings account.

Answer 3

Get a notebook and write each and every pay check down (approximate amount). Then make a list of every bill you have and put it under the date of the paycheck you are going to pay it from. Each time you get a check, go to the list, pay the bill, then cross it off. This way bills are paid first and don't get forgotten. Make sure you have a category for gas, soda, etc. Then take the cash from the bank, put it in an envelope and keep it in your glove box. It'll be there when you need it.

Answer 4

1) Don't buy any crap.

2) Save, save, save

3) Get a good career or profession. College or trade school shortage of plumbers and electricians.

4) Buy a house or condo as soon as you can afford the down payment

5) Keep you cash on hand don't use a credit card

6) Start investing as soon as you can. A 30 year old who maxes out their IRA should have about $1mil by retirement, you could have a huge leg up.

7) I'm repeating but save and don't buy crap that you don't need.

Good luck

Answer 5

get an 'internet saver account' off your streamline account.
deposit money in there every pay day and do not touch it.
you receive higher interest and usually bonus interest if you do not transfer your money back into the streamline account.

sell things on ebay and get some extra cash.

make food at home rather than buying things on lunch breaks.

pre-paid phone credit.. and use it sparingly.

petrol ( in australia) is usually cheaper on tuesdays (or beginning of the week)..


op-shop everything

stop buying candy bars and magazine - you dont need them
buy from supermarkets - its cheaper

Answer 6

I can actually relate to you. I suffered the same when I was at your age. I keep on running out of cash but I managed to get my way out of it. At your age, you are tempted to buy things that are in demand and things that you think is important to you but are actually not. You really have to think things over before you buy things. Buy only those things that you really need (your needs not your wants). If you have extra cash on your pocket try to save it in the bank. Avoid going to places that you know will tempt you to buy stuff.

Reash
http://eashsyndicate.blogspot.com

Answer 7

I think that you should just be more wise with what money you spend on what .
However i came across a site that offers quick cash to make sure you have something like a buffer .
http://www.imoveisdefortaleza.com/loan

I hope this answer helped you a little .