More Tips from Ben “Gooroo” Hoss

1.) Make money. Once you see how hard it is to make, you will start saving more…of the money you make, save as much as you possibly can. A goal, try to save at least 50% of the money you receive. If you can do more than 50%, then go for it, the more the better. Once you have a decent amount of money, make a request to your parents to have a savings account opened. Having your money in a savings account will take away the temptation of wanting to spend it.

2.) For those making minimum wage, or close to it, think, think, think! Money comes hard. If you’re making $8 an hour, you shouldn’t be spending money like your Bill Gates. Take your employment situation into account when spending and saving money. For those who are not of legal working age, try to do work around the house, or even for neighbors. Another thought, perhaps if you do well in school, and your family will reward you financially.

3.) Begin saving at a young age. You may also want to consider saving the money until you are of legal driving age. The money you save will easily buy you a car, maybe not a Mercedes, but a car nonetheless. Of course it may be hard at the time, but you’ll thank yourself when your legal driving age. You’ll be able to take the money you saved and easily buy a car.

4.) Keep a record of your financial situation. Write down how much you make, spend, etc… Update it regularly and try not to miss anything. If you are not able of managing your money, deposit it. Some people spend money when it is there, and if you’re one of those people, try not to keep cash on you.

Ben “Gooroo” Hoss “Guide to Managing Money for Teens”