TEENAGE RELATIONSHIP WITH MONEY

          Everybody loves money, because money can solve a lot of problems in a person's  life. A research was done, and it was discovered that as children grow into adolescence, they  develop this great affinity for money without knowing how it comes or how it is managed. 

          Parents play an important role in shaping their teen's  financial behaviour and attitude towards money. Many teenagers rely on their mum or dad to set the right example when it comes to managing finances. Of course it’s not always easy to talk to teenagers about money, particularly as they approach adulthood.

          The early teen years can be a tricky time for kids.

Not only are they encountering new social situations and gaining more responsibility, they are also forming a big part of their relationship with money.  

                           COMMON MONEY MISTAKES. 

1)No Planning for the Future. 

          Teens live in the moment. They tend to spend whatever they have in their pocket and just assume they will get more when they need more. It’s a normal part of adolescence 

2)Impulse Buying. 

          Many teens like to “hang out” at the mall with their friends. Unfortunately, they tend to purchase things they don’t need and didn’t even want before they saw it. Teens have poor impulse control and are susceptible to peer reinforcement and/or pressure. Impulse buying is a terrible habit that can wreak havoc on a budget,  

3)Lending Money to Peers. 

          Teens are often eager to help their friends out, which is admirable, but when it comes to money, teens are not reliable in paying back a friend.  

4)Spending Too Much. 

          Spending priorities to teens are not always in alignment with the real world. With little experience in spending, teens tend to buy more than they need, buy according to brand names, and/or buy to impress others.

5)Not Budgeting. 

          Budgeting allows you to control your spending and know where your money is going. It is absolutely one of the most important financial tools that every adult should use, but if we don’t teach our teens to budget, they will likely not develop the habit when they are an adult.  

                LAWS FOR BUILDING A STRONG FINANCE. 

                                          (Rick Warren) 

             It is very important you understand these laws, how they operate now as a teenager, it would help you build your financial life. 

1) THE LAW OF OWNERSHIP. 

              Taking God as the source of your supply. Acknowledging that the source of all wealth is from God. " What you think is your own is never your own."

2)THE LAW OF TITHING. 

               Honor God first. Put him first in everything. Tithing is a sign of trust in God. It can also be seen as an act of worship. 

"Malachi 3:10 Bring your full tithe to the Temple treasury so there will be ample provisions in my Temple. Test me in this and see if I don't open up heaven itself to you and pour out blessings beyond your wildest dreams."

3)THE LAW OF INVESTMENT. 

              Save your money. When you invest your money, it works for you, not you working for your money. "Saving is a test of IQ."

4)THE LAW OF ACCOUNTING. 

               Keep accounts of your money, know where your money is entering. 

5)THE LAW OF BUDGETING. 

               Plan your expenses. Don't spend carelessly. Live by the budget. 

This would reduce useless spending. 

6)Enjoy what you have. 

"Ecclesiastes 5:19 Yes, we should make the most of what God gives, both the bounty and the capacity to enjoy it, accepting what's given and delighting in the work. It's God's gift!" 

FOLLOW GOD'S PLAN. 

You can build a better financial life.