Money management tips for teenager

· Limit your spending

As a teenager, you are encouraged to spend more money due to peer pressure or your unending desires. To manage your money properly and do not fall into the credit trap, you must learn to limit your spending. Learn to buy things that are absolutely necessary and that fits in your budget. Avoid buying useless things just because you find them attractive or cool.

· Start a saving account

When you start earning, it’s important that you also start a saving account, where you deposit a certain amount of your salary and avoid touching this money unless you’ve some sort of emergency. Having a savings account in your bank will also help you with additional money in the form of interest.

· Set a budget

A setting budget gives you a clear idea about your income and savings and gives you the clear amount you have in your hand to spend. In a budget, you must list down all the fixed expenses like rent, food etc. This will give you a clearer picture and help you limit your expenses according to your budget.

· Save while shopping

You can save more money while shopping if you choose to buy from a cheap place or place with an offer or sale. Avoid impulsive buying and try finding out rates from different marts before buying. This will help you save a lot of money.

· Set goals

Set goals like a vacation in two years or a bike or a mobile phone. Setting goals will encourage you to save money. Learn to always keep goals in mind and have a specific plan to achieve them. This will help you manage your money quite well.