Handling Money

Money is everybody everyday thing. Money is everywhere, at all the time. People wake up in the morning wondering when the next time money is going to be in their pockets. Parents can teach teenagers how to earn money, how to manage it and how to save it through both discussion and example. Create a long-range budget for a year or more, one for the school term, and a short-term budget for each month. Keep paperwork. Keep receipts, bills, cancelled checks, and credit card statements in a jar or box in case you want to exchange your purchase and to help you put together an accurate budget. Keep a tax file. File all of your receipts. Be realistic and monitor your budget each month. Refine it, and then stick to it. Beware of credit card debt. Credit cards are convenient and a way to establish a good credit rating. If you have one use it only for emergencies or special items like airline tickets. Pay off the balance on a credit card immediately. Interest charges are expensive. You will be tempted to buy more with credit, and it is difficult to monitor how much you spend.
Make certain you have the money to pay for the items that you charge. Resist wasteful habits. Little indulgences add up fast. Children also learn to manage money by doing it and being able to spend some money without parental input. Have a list of items you need when you go into a store and don’t buy on impulse Pay cash. Don't use a credit card. Follow this simple rule: If you don't have the money, don't buy it. Keep your money in the bank and don't carry too much with you or have too much in your apartment. You will be less tempted to spend it if it isn't so available. Instead, use public transportation whenever possible or walk or use a bike/car pool if possible. Exchange room and board for work. Some students exchange room or board for lawn care, child care, housecleaning, and so on. Since rent is an expensive item in your budget, an exchange arrangement can save you thousands of dollars over a