Money! That is what we are talking about today because I get it as a student
all of the sudden for the majority of teenagers you are now in charge of
paying for gas, extra curriculars, dates, your own food, I mean the list can go on
and on and on about the expenses that you are now in charge of and you know
just throw on top of that that you need to be thinking about and saving for
college how are you supposed to do it? Well today I'm going to share with you
my best personal finance tips for teenagers to help you navigate this hard
time where maybe it's your first time with a job and some steady income or
maybe you're still trying to figure out how to manage your money and what you
should be doing with your money to maximize results. But I've got some tips
for you that I think will radically change the way that you view money and
the way that you look at your personal finance. So I'm Abbi J, I'm a life coach, I'm
a public speaker and for the best tips on adulting and personal development be
sure to hit that subscribe button to my channel AJ Life Hacks and while you're
there be sure to hit that little bell so that you're notified when I post a video
because trust me you do not want to miss a single video on helping you through
school and onwards to your career so without further ado let's continues to
talk about personal finance saving for college and how you can do that with
probably less than a part-time job money can be really tricky regardless of your
age and it's something that I'm pretty fanatical about because thankfully I
learned some awesome many principles at a young age thanks to you know some like
watching other people deal with money good and bad and also reading some books
so that's where a lot of these tips come from but also some of these tips are
coming from pure experience when I was in high school I never had a steady
regular job I had probably less than will for sure less than part-time hours
working and the majority of the money I earned was in the summer with like
family odds and ends jobs like maybe cleaning offices so I've been there and
I know what it's like to you know not have a lot of money and have a lot of
places it needs to go and so my first tip for you in dealing with that
situation is to actually sit down and think and ask yourself these questions
where's my money coming from how much do money do I need and how much
money do I currently get and in about a month I found that that's a really good
period of time to look at and say well you know typically I'm earning this much
by doing extra chores mowing the lawn or helping out at you know I had my aunt at
a cafe so I would work and waitress there sometimes but it was never steady
that might be the case for you or maybe you're one of those amazing all-stars
that has you know a steady regular job please take this time pause this video
and write down what you're doing for your money how much you're making and
how much you need in a month and now that you've got that right you've taken
the time you pause just thought about that you can move on to step number two
which is to figure out a budget now yes I'm sure you know what a budget is I'm
sure you know how to use one but are you using one probably not right and the
secret that I found with budgeting is to just find one that works for you for me
it's an Excel spreadsheet that I break out monthly um maybe it's pen and paper
for you maybe it's printing off a template online the reason that
sometimes like a template is really good is because a lot of times as teenagers
we don't think about all of the expenses that happen to be in our life right
we're like okay I spend this much on eating out and we spend this much on
like my food and gas and that's about it but are you thinking about maybe your
cell phone bill insurance dates dances events you know holidays birthdays
coming up I mean just random stuff can take your money away and
that's why your budget is so critical I've actually done a lot of money I've
actually done a lot of videos on money and so I talk about a budget and every
single one and it's because it's like the fundamental step of like getting
your personal finances in order and so find a system that works for you I'll
share with you a little bit of like what mine looks like but just find something
that works for you and I'll link down below for you
I'll do some homework find some budgeting systems that I think are
really great for teenagers and I'll link those for you below because this is
something you need to take seriously and once you find that system that works you
need to actually fill it out and take the time and say you know what I'm gonna
spend only twenty dollars a month eating out right or the rest of the time
I'm gonna go home for lunch or I'm going to pack a lunch and it's kind of hard to
limit yourself especially when maybe this is your first time with some free
extra cash and you're like I love going to the mall after school every day and
night just buy what I want to buy take the self-discipline that it requires to
put together a budget and say if I spend this much money
I'll have this much or I'll only have to work this much you can start to play
with the numbers and that's why a bunch is fun is you can say hey if I spend you
know twenty dollars less that's two hours list that I have to work at
McDonald's or blah blah blah right so start to play up the numbers and find
some that really feel good for you and do not forget and it's actually step
number three to pay yourself first now paying yourself first means that you
take out a certain amount of money into savings first regardless of a new outfit
that you want to buy regardless of prom coming up you without a doubt always put
out some money to pay yourself first and you set that aside this is the golden
magical rule that will help you save for college like I mentioned I I worked in
high school but it was never even part-time I like cleaned offices I wait
rest' a little mostly during the summer sometimes I'd
earn extra money by helping my dad with his business but I was able to save
enough to pay for my college and also use the help of like scholarships I
couldn't afford at all but I had to use scholarships and I had to continue to
work but I never took out a loan I never had to work crazy hours in college
because of what I was able to save and it might seem so small right now but
that savings is going to save your life later on trust me you will always always
be so grateful that you set aside some money for yourself and set it aside
don't even a lot of people counseled to not like look at that bank account or to
look at that envelope of money and just don't think about it it's like gone
pretend you're like paying somebody what's awesome you're paying your future
self now let's talk about step number four which is probably my favorite step
which is refused to pay full price now if you've been a fan of my channel for a
while you know that I am like avid about garage selling and repurposing I just
think it is the coolest thing that's cent sliced bread I love you know
marketplace and websites where you can like go consignment stores oh ladies all
my clothes come from a consignment store and I love it and guess what when I am
done with a fashion it doesn't fit anymore or maybe it's not my thing
anymore and I kind of regret buying it I take it and I can sign it and either you
can just straight up get money for it when that's sold or you can turn around
and use that money to buy more clothes now that might seem like wow you're just
spending more money well if that's the only money that you spend on clothes
think about all that you will save so some ideas for you in high school use
coupons on dates I know that like sometimes that can be embarrassing just
make it like really fun I remember my mom sending me with a coupon book and
I'd be like hey listen I've got these three ice cream places which one do you
want to go to you know and it just made it fun and it made their date feel more
comfortable because have you ever been on that date where
you know they're just dropping tons and tons and tons of money and they're not
even somebody that you're like really into it's just awkward and so I've just
found that people are so cool about coupons so that all like oh I can't
believe they're like coupon e that's gone so coupon go to consignment stores
um if you actually save up cash to buy some like bigger purchases if you ask
the person and say hey can I get a discount if I pay you in full in cash
99% of the time they're going to say yes just because you ask so do not be afraid
to ask for discounts don't be afraid to look to different sources than you
normally would um all the furniture you see behind me
not one of those things was purchased in a store I either bought them secondhand
or you know got them from a friend and neighbor and redid them or refurbish
them or something else so get creative and save that money you have worked so
hard for it do not give it up easily now before I talk about my last step because
I have to cap it somewhere I could talk about personal finances forever and ever
and ever and ever but if you want a little bit more I have a video called
how to save money even when you're broke and I go into a little bit more depth
especially about that last tip that we just talked about but I think it might
be really helpful for you even though this one's kind of targeted towards
teens and younger audiences money principles are money principles so
please check that one out okay let me give you that last tip which is to study
money a lot of teenagers that I talk to when I give them this tip or advice and
saying have you read you know the richest man in Babylon have you read
Dave Ramsey you have you read like all these books I've reread
you know these and they're like no those are for adults like oh why why would I
read those let's look hard and you're just like oh my goodness you have no
idea the treasure that you are throwing away by not studying money and the
younger you start the better off you are because these books are gonna teach you
how to push your dollar further they're going to teach you you know what to do
your money to help it grow and they're going to also help you understand the
power that you have to manage your money so many teams feel like money's kind of
out of their control but these books are going to help you even further your
personal finance savvy and learning what to do and saving for college is gonna be
a breeze I remember learning at a very young age you know probably a tip of
junior high - into high school when I really started to read some of these
books and it radically changed my life and I can say that in all honesty
because I'm reaping the benefits now I was able to graduate college debt-free
and then right out of college immediately buy my first home and you
know I own all my cars I like own everything you see and so it's something
that will pay off and it might take a little bit of discipline now to put in
the time to read to save right but studying money and to learn how to value
money will make all the difference in the whole world so I'm gonna link down
below some of my very very very favorite money books that I think will just
radically change your life if you will really study them and learn from them
because I know that by watching this video you're somebody that's serious
about your future and I want to make sure that you have the best tools
possible so be sure to check out some of those other videos that I've done on
money I'll also link some videos on you know setting goals some of my high
school themed videos that might be able to help you out in some of the other
areas of your life so be sure to check those out and I cannot wait to see you
in some of those other videos before you leave this one be sure to hit that like
button and subscribe if you haven't yet so I can see you in the next one. So
Abbi J out.
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