The Working Teen & Money Management

Before I delve into this topic of money management, I must say thanks a million to my mom, who, despite my years of shutting my eyes and spending (her money), saw it critical in teaching me the value of money. The direct conversations about it didn’t do much in making me value it, hence, she found other ways and means to have me understand and appreciate it. In November of 2015, approximately a month after I moved here for school, my mom insisted that I applied for a job. With no working experience and no idea of where to submit applications, I became hesitant and laid-back with my job hunt. Eventually, I submitted about five applications, all in retail, with only one responding positively. Honestly, I just think it’s dumb that businesses demand experienced workers but refuse to train inexperienced individuals. Like, we all need a head-start, helloo??

In the initial stages, my current job was just a placeholder until I began college this semester. Now, despite the long & dreadful hours in retail, my job has become a priority in my life. Not only has it given me a head-start in the working world, but it has opened up an entirely new perspective on money- a perspective that my mom has tried to reveal to me in the past few years and also, it has made me into a more independent young lady.

How To Manage Your Money

I’m so proud to be able to share with you how I manage my money, something that I didn’t see myself doing anytime soon. Heck, I didn’t even see myself working lol. When you start making your own money, you’ll eventually realize how parents feel when they have to spend on you unnecessarily, and you’re going to want to do nothing else with your money but save it. However, as a teen or young adult with a weekly income and little or no bills to pay, you might just be tempted to buy those super fab shoes or that Kate Spade handbag you’ve been drooling over (relating from experience), but before you go on a spending rampage, there are a few things you should do in order to keep track of your spending and manage your savings.

  1. Visit your local bank

Check with your local bank on the types of accounts they have to offer. If you’re a student, inquire about student accounts, they tend to be no fee guaranteed until a certain age or until you’ve completed college. Also check out their interest rates and their banking policies. After you’ve been satisfied with all the details, have a seat with a financial adviser and proceed to open your account.

2. Open two accounts: Savings & Checking

When I opened my personal account with my current bank, I had only one account which was a savings account. With this saving account, I was given an ATM card which proved to be very inconvenient for me. I then made a second trip to my bank and explained my issue to them. What I wasn’t aware of, was, in order to obtain a debit card I’d have had to open a checking account and have my company deposit my paychecks directly. I was then explained the various types of checking accounts available and the ones I’d be eligible for, so right then and there, I proudly opened my new account. I was also given the option of joining my savings account to that one card so I can access cash at the ATM if needed.

3. If applicable, download the mobile banking app on your cellphone.

If your financial provider has a mobile banking app, i’d say go with it. Many may be skeptical about this move due to fraud and online banking, but I can assure you that you will be well protected and IF anything was to actually happen, you would hold no responsibility.

With my app, I check both my accounts on a daily basis. I can see daily transactions, pending transactions, I can deposit checks and I can make transfers from one account to the next i.e. savings to checking, checking to savings. This proves to be very convenient when you’re always on the go.

4. Budget

The “B” word. Lol, many of us hate hearing this word. I’m sure when you hear it you automatically begin thinking about nothing but restrictions. Well my friend, that’s right. A budget is supposed to be a restriction. It’s an annoying restriction that’s meant to serve you well in the long run.

With your weekly paycheck, decide how much you’re willing to blow. Every week, I give myself $50.00 and nothing more. The balance goes straight into my savings account untouched like the virgin Mary. Whatever you do with that weekly budget is left to you, your pocket and God, so have fun!

5. Starve

I bet you didn’t think I’d hit you with this huh? Well, speaking on behalf of all those making money with little or no bills, when you blow your weekly allowance this is what you do. You starve until your next paycheck. Well technically no, mom cooks at home, but still, when you’ve cashed it all out, this is when you’re allowed to use the term “broke”, in my book. Oh trust me, I’ve been broke on MANY occasions because of cute clutches, shoes, food and home decor.

With experience and maturity comes the ability to manage money properly. I’m no expert, but I’ve been given the opportunity to begin learning at an early age and therefore i’m open to share my limited knowledge with you. Realized that I didn’t make mention of credit cards? Yea, that’s because I don’t have one and because I don’t think I’m ready for one just yet. But in due time, i’ll sort that out to build up my credit.

I hope I was able to enlighten you on my key tips to money management as a young adult. Thanks for reading!



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