Finishinghigh school and potentially going to the
university, starting a career, trying to decide what you really want to do with
your life, buying a home, setting up a business, getting married, and even
possibly having kids are all things that go through the mind of a progressing
teenager or young adult.
this busy time of transition and change, it can be hard to give your finances
the attention it needs. Today we are sharing the top financial moves for
teenagers and young adults.
1)Open and Contribute to a Savings Account
If you do not have a savings account you should open
one. Not only should you open one but cultivate the habit of contributing to it
regularly. It is necessary to have backup funds in case of emergency. You never
know what unexpected expenses will arise.
2)Start a Career
Trust me, your teenage years are
probably the best time to live with a rebellious lifestyle, but I would bet a
lot of us who take that approach end up regretting it later on. The older you
get the harder it is to find the energy to go to school and launch a career.
Plus at this age, we have all the time and energy to engage in productive
activities. Why not use it to kick start a career.
Not only will starting a career help
you financially, It will also help you “figure out” whether you like what you
are doing or not.
3)Learn New Skills
Learning new skills like
photography, make-up artistry, DJ skills, web design, baking, or even developing
your natural gifts like singing and modeling may also open up new income
streams.It will also give a feeling of
financial independence. It also keeps you ahead of your peers. As you know
quite a number of our Richteens have turned their skills and ideas into money making
4)Start Tracking Your Finances
There are two financial terms we need to understand
as regards to finances. These are “income
and expenses”. Theeasiest
definition of these two terms is; income is what puts money in your pocket etc
pocket money from parents, side hustles, and business. While expenses is what
takes money out of your pocket i.e. money spent on clothes, food, acquiring
material possessions. Understanding these two terms will go a long way in
helping you track your finances.
5)Make Long- Term Financial Goals
Making long-term financial goals is one of the best
life changing decisions you can make when young. Deciding what kind of home you
want to acquire, what sort of lifestyle you want to live.
Some of us have goals that will require more money
than others. If your goal is to launch a business, for example, you will have
to figure out how you will (financially) make that a reality. Having a clear
view of your goals will help you make the changes necessary to make them a
Avoid Having Kids
Imagine buying baby food,
nappies or paying for a babysitter at your age. Kids take time, money and make ourfinancial goals more difficult
because of the money and time allocated towards children.
tell us, what do you think is the #1 financial move a teenager or young adult
can make? We are open to your opinions.
Quote of the Day
“they say ‘live below your means’ , I say
expand your means, dream big and shoot for the stars”…… Bomia Gabice