The Best Ways to Spend Your Money at the Age of 16
Money decisions have never been too easy, doesn’t matter how old you are. Being a young blood or an accomplished businessman, you still need to be quite careful and wise when the issue concerns money. Maybe, right now you are on top and it seems like it will continue forever, but you should know how to manage your budget and mindfully distribute your incomes. Nobody is fail-safe and that is why we’ve compiled this article suggesting tips on running your cash.
What is a Cool Idea and What is a Total Failure Concerning Money Spending?
It happens that we wish to turn time back and to do many things differently and avoid mistakes, which we have done. Unfortunately, it is just not an option. So, teenagers, take your chance and get to know how to operate your money thoughtfully. We’ll start with the things that shouldn’t be your solutions.
Don’t Opt for these Choices
1) Do not Go Crazy with the Newest Devices.
For sure, some gizmos might seem to be too tempting and really awesome. The desire to have them comes at ones. However, the number of novelties is uncountable nowadays and all companies compete to produce even better stuff.
Technology market is proposing new and new offers every day:
- Mobile phones
- Virtual reality
- Drones, etc.
All these things can be characterized with superior performance and have unbelievably cool functions. It is difficult not to purchase all them at once. But time goes fast and devices become outdated fast too. Whenever you decide to buy something from the sphere of technology, make sure that it is essential for you and will influence your life positively. Therefore, do not be too passionate about throwing oneself on the cutting-edge gizmos.
2) Make your Summer Profitable
Summer is the time when you rest from studying year. That is a lot of time, so why not to make it work for you? Obviously, you’ll be happy to earn some money during this time and have it for your own needs.
The thing we suggest is to make some money while you are being still this young. Get some new experience, which would also be profitable.
Do not think that it will completely take all your free time and the summer will be behind. You’ll still have a chance to hang up with your friends in the evening.
Believe me, you won’t regret and after a while you’ll look at this decision quite differently and approvingly. So, find an appropriate working place to earn a little and have fun.
3) Control Your Hormones
At the age of 16, young people are concentrated on relations and think that expensive presents can change many things. However, presents are not the only things that create impression about you. It is no shame that you are a teenager and cannot buy a two-grainer ring for your lady. Be honest and take care of the girl you find attractive.
That is what you might wrongly think about girls:
- They do not care how luxurious your car is if it doesn’t get rusty.
- It doesn’t matter that you are not making a fortune every month yet. You should have career goals and be motivated to reach them, but it is not a big deal if you are not a top leader at your 16.
- Being too concentrated on purchasing gifts is only your problems. Girls like when you pay attention to them, but not necessarily by presenting a golden necklace.
Girls, do not think that being a fashionista with the most charming makeup you’ll engage a guy you dream about. While cared-for is, in fact, a vital factor, it is not the only thing that can be attractive in you. Consider yourself a personality and do not be bent on wasting too much money on clothes, makeup tools and jewelry.
What money decisions are only for good?
You have already learned a few tips on what you shouldn’t do. The following list of ideas suggests some useful strategies on devoting money to something.
1) Think Ahead of College Tuition Fees
Obtaining higher education is the option most students settle on. The chances are better than even that you will go to college to get the proper education for moving up the career ladder. If it is what you are already thinking over, pay attention to such an important detail as a tuition fee.
Otherwise, you’ll be under the burden of a student’s loan that takes years to pay it back. This is what you can start your adult life with. Do not go wrong and start setting money aside for college.
2) Select the Most Suitable Studying Institution
Many students are attracted by beautiful campuses and other factors, which pushes them to head to a very distant university. Suddenly, in four years, they realize that it cost them an arm and a leg. Overall, it adds more than $150,000 to their loan.
Do not make the same mistake and choose the most appropriate location for your studying. Why is a college in your state that costs $11,000 not an option? You should be careful to those criteria, which are related to the studying process and the quality of schooling. So, if there is a place where you can get a very good professional education and graduate without debts, why not to choose this sequence of events?
3) Find out More about Investing Money
Investing is the money scheme that brings profit with time and requires regular putting money into. The favorable time to start doing this is when you get your first job. Once you have some income, begin with investing 15% of it. The later you start, the fewer you’ll get. Every year actually makes a difference.
Learn more about passive income. Right now you can use Wealthsimple or any other platform for investing. For the future, you can also buy real estate, start your own business, and create a website or anything else.
To sum up, young people should be conscious about their money. There are many temptations to waste it, but later you will regret doing this. Therefore, be wise when spending your cash and think over the ideas of how to get your profits. Avoid mistakes which can get you in debt for many years.