Teenagers and Money

I wrote this piece for a magazine that was exclusively printed for a select few. So enjoy:

Being young is fun especially if you are lucky enough to have uncles and aunties who give you money whenever they come to visit or if your parents give you an allowance regularly. It is important however to start learning financial accountability; not because your parents expect you to but because it makes you know how every kobo received was spent. So here are a few tips to help you make the most of the money you receive:-

 Give 10% to God. One good way to ensure your money never runs dry is by paying your tithe. A tithe is a spiritual act that tells God you are grateful that He gave you the money in the first place. It’s the first thing you should do when you get an allowance; it motivates God to give you much more.

 Write down ALL transactions. It’s important to write down not only how much money you received and when but also what you spent it on, how much it was and when you spent it. This way you’ll have a record of all your spending decisions and be better able to improve how you spend.

 Be a smart shopper. Moms are the best buddies when it comes to buying things at least expensive prices so tag along whenever your mom goes shopping or offer to assist her buy things like recharge cards, grocery etc. That way you’ll know how much things cost and where you can get the best deal for your money’s worth.

 Invest. Another way to make sure you never run out of money is to look for opportunities that increase the money you have. Buy something you can sell that you know your classmates will want to pay for e.g. Pencils or erasers or even biros. Tell them about it and make sure you collect the money before giving them the goods.

 Save, save, save. Whenever you receive money, always put aside an amount you won’t touch until absolutely necessary. You could save up for a project like tickets to the cinema once a month. Don’t carry around all the money you have because you’ll be tempted to spend it all at once. Break up your money into bits and promise yourself you won’t spend more than a particular amount. That way the day you aren’t given an allowance, you can actually have some money to fall back on (your savings).

There’s so much to learn when it comes to handling money. Many adults are still learning about it, so go easy on yourself, one day you’ll get it right. It takes great practise to become great with money but once you do, you can handle any monetary twists and turns.