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Issue date: May 2, 1999
Financial
advice for teens, from a teen (no kidding)
Special
Report: Teens & Money
Ryan's
tips for other teens
By Ryan Sylvester, USA WEEKEND Guest Editor
 Financial
advice from a true expert: You may be past the days of selling lemonade
on the corner to buy the latest GI Joe or Barbie doll, but as a
teenager, money is still important to you. In order to manage your
money responsibly, consider two not-so-tough concepts: how much
money can you make in a year and what your long-term goals are.
Being the eager and mature teenager that you are, you jumbled over
applications to get a summer job (proving to your parents that you're not as
lazy as they think). From June to August, you are a moneymaking machine, but
then school quickly sneaks up behind and kicks you in the butt. School can
limit or even cancel one's income. Thus, you should form a plan to wisely
live off your summer moola from September through May.
When making this plan, you should be precise. (It's not a test; you can use a
calculator.) Figure how much you can spend a month and what kind of extra
money you need for gas, food, emergencies, etc. Some people call this a
"budget," but you can call it anything, such as "Jill's Amazing Money Saving
Thingy!"
Making money is not the problem, but holding onto it is. Consider
your long- term goals before buying that soon-to-be-passè
outfit. Long-term goals can be a new car, a computer, a trip to
Europe or college. Such investments will help kick-start your thrilling
post-high school life. Not letting your green slip through your
compulsive-buying hands comes from good habits.
Go to the top
SOME TIPS
Leave your money at home. This can keep you from caving in on sales that you
would normally be rushed into.
Don't date someone with expensive taste (ice cream is better than sushi
anyhow).
Stash your money in a jar. Tape a picture of your long-term goal on it as a
reminder to keep your spending-hungry hands out of the jar.
If you can't handle having your money in a nearby jar, then let the
professionals take care of it for you. Go to your local bank and open a
savings account.
Ride your bike and save gas
Bet yourself or a friend that you can go a week without spending a dollar.
If you're still having trouble, there's only one thing left to do -- ask your
parents; they have a lot more experience with money and you can learn from
their mistakes rather than your own.
Ryan Sylvester, 18, a senior at Gunnison High School, Gunnison, Colo., was
one of two teen editors of this Special Report on Teens & Money.
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