Teen money management
"How to Save, Spend and Protect Your Cash for Teens" is an 11-page newsletter that I have at the Clay County Extension Office.
Saving money may not be as much fun as spending money, but it is still important to do. When you save your money, you can use it later to buy fun things as well as pay for serious things like college or a car. Teens have access to more money than ever before, thanks to allowances and gifts and, for many, income from chores, summer jobs or part-time jobs. Teens also are becoming more responsible for handling money and making decisions – or everything from small, everyday purchases to big-ticket items to saving for college. Set goals. Saving money now for use in the future gets easier if you know what you want and how much you will need. If you want to buy a $500 item within the next year, plan to save $50 a month for 10 months, which is just $12.50 per week. Every time you receive money – from your allowance, a gift, a summer job or some other source – try to automatically put some of it into a savings instead of spending it. That is known as "putting yourself first."