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Personal Finance For Teenagers

There are a lot of different reasons why you should save your money

, especially when you're a teenager. If you can establish good saving skills when you're a teen, you'll end up making far better lifestyle choices than many of your counterparts. When your friends are spending their money on frivolous things you'll have money and be able to buy nice things. Whether your plan is to graduate high school and go to college with money in your hands, or you want to buy a new car, you'll find that a little saving when you're young goes a long way when you're older. Consider the following 3 tips that will help you keep more:

The Rule of 80/20 This is an interesting way to save money, and still enjoy having fun, going out, and whatever it is you might find yourself wanting to do. This rule requires you to spend 80 percent of your money on yourself, and 20 percent goes to saving. That's right, you can still have fun, you can still save, and you don't have to sacrifice a whole lot. This notion is assuming that there is a stream of income that is coming through.

Skip Weekends There are sometimes when you shouldn't go out, so take that time to just stay home or do something that costs no money. Starting a hobby, for instance, can be a low cost endeavor and can introduce you to a lot of friends in the process. You'll be able to enjoy a great deal of saving, and still enjoy friendships, relationships, and more that come with being a teenager.

Fight For Savings As a teenager; there aren't a lot of places that allow you to enter. Clubs, venues, and much more make you be a certain age to join in on the fun, so instead of just falling over and doing what everyone else does, save your money for a goal. Think about what you want in your life, and save until it hurts. If you're living under your parent's roof, make sure you take full advantage of their position, and have them help you out within reason. Be a blessing, even when it seems lame, and save your money at all costs. Do not lose your head, fight for your savings at all cost, and fight yourself to not spend it.

The aforementioned are just 3 simple ways that can help you with personal finance for teenagers. If you're a teenager and you're looking into financial help, make sure you keep it up. Never neglect to save, never assume you can't have fun and enjoy saving. If you can properly learn to steward you finances as a younger person, you'll be making major strides no matter what job you decide to take in the future.

Millions of people struggle with finances, simply because they don't know how to save. Don't be one of those people, start learning how to save when you're a youngster and you'll find a great deal of opportunity open up in the world.

by: Timothy Ng
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Personal Finance For Teenagers Chicago