The moment puberty hits, we start seeing things around us with a new perspective. Some of us tend to become rebels seeking freedom in every aspect of life; what matters to us the most is the liberty to make independent decisions for ourselves. It can positively impact our emotional well-being, but only if we are aware and literate enough to do that. Most crucial among all the aspects is the ability to manage finances. If you are a budding teenager or a young adult with this newfound love for money, this article will help you unravel different ways to focus on wealth building from a very young age.
Now is the technological era, and tech-savvy kids are well versed in managing their money online, mostly through a teenager payment app. These are mobile-based applications designed to provide ease to parents and their children (mostly between the ages of 13-19 years) in how they transfer money, monitor their transactions, and help build financial literacy among them.
What if you want to work online, part-time, as a freelancer, or in any job that suits your interest (thanks to digital proliferation, we have endless possibilities)? Once you have your source of income taken care of, the next thing is starting your savings account. You have plenty of options for opening a teenager savings account provided by many reputed financial institutions with exciting and irresistible features and benefits.
Following steps can be followed hereafter to ensure that by the time you finish college, you have enough funds in your account that you no longer rely on the monthly allowances you used to get as a teenager.
- Start by looking for a suitable teenager banking app: The first and foremost requirement is to look for a financial institution that provides banking services with minimum fees and doesn’t enforce a certain amount as a minimum required balance in the account. It should provide all the necessary services online and requires minimum documentation and a higher interest rate. Ask your parents for the best advice in this category.
- Start saving for the savings account: no matter if you are not financially liberated yet, spare a few bucks from the pocket money you receive and start depositing it. You can easily use any payment app in the future to utilize this money and spend your hard-earned or accumulated savings.
- Set financial goals: Aimless savings will take you only a little, as there will be a constant urge to spend that money in all necessary and unnecessary ways. But if you are strongly willing to attain a specific goal, for example, saving a thousand dollars annually for a dream vacation. That predetermined goal will always help you to stay motivated and push boundaries.
- Spend mindfully and stick to the budget: If you want to become financially aware and responsible, planning a budget for all your expenses is of utmost importance. It helps you eliminate all the unwanted expenditures, and sticking to this budget is another mental challenge for young individuals as endless temptations surround them.
- Plan to use your savings wisely: Once you have overcome the above challenges, you are already on the path to financial liberation. Now think of ways to use your savings mindfully for the desired goal. For example, look for the best deal if you are planning to buy anything and look for cost-effective and sustainable ways.
All the pointers mentioned above apply to individuals with immense self-control and sheer determination to achieve their financial goals. It might sound difficult, but once you enjoy the fruits of your savings, you will always resort to all possible ways to attain that.
