Why Teenagers Shouldn’t Spend All Their Money

Emmanuela Geneste, Why Teenagers Shouldn't Spend All Their Money

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You walk into DSW and buy a brand new pair of Adidas Yeezys for $80 because you wanted to be the first to outdo your friend who always has the latests shoes.  You had saved up $150 and was planning to attend your best friend’s birthday party at Skyzone, but suddenly you’re broke. 

Whether it is on a daily basis or something we do from time-to-time, we spend. However, when we spend, whether we want to believe it or not, we tend to spend our money on things that may not even be a necessity. Among all the social age groups, teenagers spend money the most. What many of us fail to realize is that we have become experts when it comes to spending money, and strangers when it comes to saving it. We must acknowledge that overspending has become a huge problem for us, especially teens. 

Whether we’re going to an event, planning the event, or were just invited to that event as a guest, there will always be some type of financial cost. Whether it’s for food, clothing, shoes or even tickets to that event, all of that costs money. School events such as football games, homecoming, prom, senior banquet, field trips, and even college applications are all very important moments that require a great deal of money to be spent. However, if you are not careful with your money, you may find that when one of those important moments arises, you won’t have the money for it. So what happens when you need money, but you have spent it all on food, clothes, shoes, or gifts? The answer is, you can no longer attend some of these events because your spending made it more difficult to find money because what you had  saved up is now gone.

For those who experience this, it can be frustrating. They want to be able to have these experiences and be able to spend somewhat indiscriminately. Another thing that makes it even more frustrating is when parents won’t lend you any money because they believe you’re  at an age where you can get a job and take care of yourself.   

Many times when we find out something new has just come out like the latest shoes, a new movie,  clothes, or even a new food item that has just been added to one of our favorite restaurants, we feel the need to be the first to try it. According to “How are Teens Spending Money?” from Marketing Charts, “Teens in the U.S. dedicate around 40% of their spending to clothes, accessories and footwear, with another fifth going to food.”  That’s a lot of money wasted on unnecessary items. It’s essential that we understand when we need to spend money on something and when we need to save it. As young adults, teens should understand  that overspending is a very inefficient way to prepare you for life as you get older. This is why money management is important even if it seems a little boring or less fun than spending. 

Oftentimes it’s a challenge to get teens to focus on money management and learning where we should spend most of our money, what to spend it on, and when we should just save our money. In her article “ How To Save Money As A Teen,” Chris Muller explains the different methods teenagers can use when it comes to money management and spending. She explains, “You can save money easier if you keep a book of your purchases. That way you have a record of your spending so you know whether you’ve been spending more than you should be. If you’re not into the old-school method of writing stuff down, you can look into apps like YNAB, Good Budget, and Mint to track your spending.” 

In addition to what Muller advises, there are various other ways we can save money such as placing it into a savings account in the bank, or removing any extra money we have from what we have earned. Money management is a very important life skill and should play a major role in our lives, especially since society is kept running through the purchase of goods and products.

 

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