11 money management tips for teens (with printable handout)

The earlier you can help your teenagers learn how to responsibly manage their own money, the better. That’s why you need to read these 11 money management tips for teens to get the conversation started. Check it out!

My husband and I have always tried to teach our kids good money management skills. And although I know we’re not perfect at it, we have learned some important tips along the way. Here’s 11 money management tips for teens that are a must! And don’t forget to purchase and print the helpful poster and the end of this blog post that goes with it.

Tip #1: Ditch the piggy bank

Keep your money in a safe place by opening a savings account. This will
help you save for the future and avoid impulse purchases.

Tip #2: Wait 30 days

Avoid impulse spending by waiting 30 days before making large purchases. If you can afford it and still want it after 30 days, buy it.

Tip #3: Follow the 50/30/20 rule

Right when you get paid, divide your income into three categories: 50% for needs, 30% for wants and 20% for savings. Create this habit early on in life and it will be easier as an adult.

Tip #4: Get a job

The best way to learn how to manage money is by earning it. From babysitting to fast food to mowing lawns. find small ways to earn money that is only yours. You don’t have to wait until you are 16 years old to start earning money.

Tip #5: Create a budget and follow it

Don’t spend more money than you earn. The best way to do this is by creating a budget and sticking to it every month. Write down all of your expenses and compare it to your income. Make changes to your spending to you can still follow the 50/30/20 rule. Take advantage of the time you have living at home with your parents and you have no bills.

Tip #6: Consider your needs vs wants

It’s easy to spend your money on unnecessary items such as fast food, clothes, video games, school dances, etc. Don’t waste your money on dumb stuff. Spend it wisely.

Tip #7: Beware of debt

Avoid excessive debt. If you choose to get a credit card, pay off the balance monthly. Control your debt. Don’t let it control you. Except for a home mortgage or student loans, most other loans can be avoided.

Tip #8: Be generous

Use your money to help others. Don’t be stingy. Consider donating to a charity or your local church. You will never regret helping someone else.

Tip #9: Start investing now

Even teenager can invest their money. Learn the basics of investing so you can take advantage of compounding while you are young. Consider opening a custodial account with your parents.

Tip #10: Set financial goals

Where do you see yourself in 5, 10, 30 years? How much money do you want to have saved? Create specific and attainable financial goals and stick to them.

Tip #11: Don’t give up

If you go out to eat too much one month and go over your budget, learn from your mistakes. Be gracious with yourself. Get advice from your parents or other trusted adults who have had a lifetime of managing money.