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How to manage money


Jerry Vuohelainen


How to manage your money?

Saving money is not rocket science, yet most people have a habit of getting into debt at a young age. To make matters worse, social media influencers are promoting their expensive “over-the-top” brands to young children. This can influence them to purchase something that is very overpriced and poor in quality, although they could potentially get the same item for a cheaper price from a different store. Most people, who buy expensive clothes just jump on the bandwagon; they want to be just like the celebrities. People should be educated about the importance of earning and spending money at an early stage. Reckless spending by irresponsible children should be controlled by their parents, yet parents with big bank accounts don’t tend to do this. Because of this, many kids grow up thinking they’re morally superior to other kids and they end up being foolish, ending up in debt within a couple of years. I think that financial advice from my parents has been invaluable. If it weren’t for them, I never would’ve been able to discover the value of money, in the true sense of the word. I don’t go around spending my money on things that I don’t utterly need; It would be like going on a wild goose chase; It’s completely pointless. I always conserve my money for a rainy day; I think it’s the wisest decision anyone can make. Comparing prices, budgeting, saving and earning are the most essential elements about managing money in a positive manner.

Teens can acquire money from their parents by accomplishing different chores (e.g cleaning the house, mowing the lawn, taking the dog out for a walk). There are also some people, who have a part-time job while they’re studying. They’re literally killing two birds with one stone; earning money and educating themselves at the same time. That takes a lot of coordination and time management skills. Teens can also get a full time job in order to procure money, however it can be very difficult, especially if you’re under the age of 18, since the tasks that teens are allowed to perform are limited by the law. Most people, who are in my position, earn their money from summer jobs which can be really beneficial. There are also teens who gamble and invest in stocks; it can be quite risky, since you’re not guaranteed to make profit from it. Acquiring money as a teen can be difficult, but with the proper tools anyone can become rich right from the get go.

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Most teens, that I know of, spend their money on food, electronics, clothes and accessories. Food is one of the biggest expenses for teens, since school food just doesn’t cut it sometimes. I cross my fingers in the hopes of having tolerable school food, so I don’t have to constantly make a habit of wasting my money on food. There are some teens who are completely loose cannons; They spend money on everything – clothes, electronics, accessories, branded items and whatever comes to mind. Then there are also the conservers, who are consistent at saving money. They try their absolute best to prevent the use of money. Some, who take this to the extreme, leave all their money at home under lock and key. Most people in their teens tend to spend a bit too much of their money, however, I think they also know how to save up money, they just need a good reason for it.

A young person should never buy used items as a primary option. There are many scammers, who can accept your money and not send you anything in return. Also, some items can be falsely advertised. If someone is selling good looking shoes and you buy them, they might send you broken ones. You should always be preconceived when shopping online; always assume everyone is trying to scam you. That way, you’ll do some research and find out if the person selling the items is legit or not. Shopping online needs to be taken with a grain of salt; there are scammers on the internet and if you fall into their charade, it’s inevitably your fault. It’s always better to buy something in person or from official sites, so that you won’t get scammed. People should also keep track of their budgeting plans, where they keep track of their incomes and expenses, so that they can save up money for future expenses. There are many hoaxes out in the world, but it’s everyone’s own responsibility to care for their money, so they don’t fall into the scammers’ deceptions.

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In a nutshell, I’d like to consider myself to be quite good at sustaining a functioning livelihood. I know how to control my expenditures rather adequately.

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