If you’re a teenager, the most important lesson that you should have probably known is “Save your money up for “rainy days” that will come.” As adulthood approaches, you need to build a strong financial foundation and gain money independence soon to avoid costly mistakes and face several problems on a daily basis. Even though it might not always be easy to keep the long-term financial goals in teens’ minds, fortunately, there are the 6 Jars Money Management System together with our new app which is friendly and helpful in planning, reminding, and accelerating teenagers to cultivate good money habits.
Why is Teenage Money Management Different?
Money management is the act of deciding how to spend, save, invest, and generally use money in a useful way, which is also a way of being responsible for your future finances. Simply, you need to manage money in order to master money. Clear goal-setting is a priority in money management, however, that’s a challenging task for most young people.
Gen Z members are often subject to financial, emotional, and psychological changes which can affect their decisions about their goals and the techniques to achieve them.
To make it clearer to understand, I will break the goals into categories as revealed in the example below:
It’s probably not realistic for a teen individual to save up $20,000 by age 18 or even 25! However, just saving one dollar per day can make a difference over time.
This term for Gen Z is all about balancing wants and needs. Living in a modern era with such a diversity of captivating products, it’s hard for them to avoid wasting money. As a general rule, it’s better to spend earnings on things they need than a want.
Taking the first steps to invest money is a remarkable task. It may be tempting to skip this stage, but teens have so many financial responsibilities as minors, thus, it is much more difficult for them to save money on their own. But do worry about this as there are many quality apps that can help them handle this matter and make it easier for Gen Z to learn how to invest money than ever before. One of the best apps implied that worth being tried once in a lifetime is the 6 JARS MONEY MANAGEMENT. You won’t regret using the app!
Donating is always respectful, which is a common concerned action for Gen Z nowadays. Teens may begin to give back by donating to their favorite charities or volunteering in some organizations every month.
Saving up until the cost of an item (or more) can be purchased in a lump sum is how financial objectives are met.
Personal goals might include getting good grades or earning a spot on a club sports team and going for a vacation, etc.., which may require a great amount of finance.
Those are some typical metric examples in teens’ goal of money, it’s essential to set a timeline and clear steps to achieve these. And do you wonder if it’s a coincidence that these different financial goal metrics are quite the same as the accounts in the 6 Jars System? That’s why you should apply this helpful concept!
If you have any questions about this term, there are available answers to some frequently asked questions and basic knowledge about each account of the 6 Jars in my previous articles.
What Types of Expenses Will Teenagers Have?
Besides the financial goals to achieve, Gen Z is also in troublesome purchasing decisions between myriad competing priorities for their newfound cash. They will have a list of objectives that they want to pursue, but it will also be necessary to make a list of things to save up for in order to balance short-term wants with long-term requirements.
Teenagers are likely to incur the following sorts of expenses:
- food and groceries
- entertainment (it’s important to balance the costs of these types of expenses with a person’s income)
- car insurance premiums
- car insurance deductibles for accidents
- public transit fares
- cell phone plans
- cell phone data overages
- online game subscriptions
- video games
- extracurricular activities
- school trips
- prom photos
- high school football games
- college expenses
- traveling abroad
- weekend / summer road trips
- items they break (e.g. iPhone screens)
- fines or penalties (e.g. library, speeding ticket, etc.)
- gifts for holidays
- makeup supplies
- hair care
The list will be adjusted and each individual will have one different list. However, it is critical to prioritize what one wants to accomplish with their money and how they can balance wants and necessities. How can you balance your list? The answer is right below.
This Application Is All You Need
The process of making up the list is hard, anyway, the stage of following the plan and keeping it as a habit is even harder. The best solution for you is the “6 Jars Money Management App”.
Why choosing it?
This app not only satisfies users with its friendly designed look but also the other outstanding features that other money management apps don’t have! By applying the well-known 6 Jars System, it is absolutely effective with anyone of any age. Moreover, the app is also really simple to use, you just have to follow the instruction while using the app and over time, you will get to the successful final result!
I will introduce to you more advantageous benefits and highlighted specifications of the app in the next article. Get the app today and achieve your financial independence!