Finance Tips for Youth

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August 2022

As young people approach adulthood and the responsibilities that come with it, personal finances and their management become increasingly important. Here are three essential tips to help younger members achieve your financial goals.

Make Saving a Habit

Parents often give their teenagers and young adults an allowance, or relatives and family friends may give cash as a birthday gift. This gives young people an excellent start. While instant gratification may be tempting and there’s always a new iPhone or some other gadget or fun activity to purchase or fund, as a young member we encourage you to save for a worthwhile endeavour. This can include, buying a car, investing in real estate or building an education fund to finance higher learning opportunities. Time is also on the side of youth as the earlier you to start to save money, the more it will add up for you over your lifetime and help you to have a strong financial foundation and future.

Create a Budget

It’s never too early to start budgeting. This practice helps young people as they get older and will ensure you always have money on hand for everything from achieving major career goals to buying new clothes and attending events. A budget helps all of us to best track and lower expenses. If you notice your account balance is getting low, this may be a signal that you are spending too much and need to save more money.

Get a Job or Start a Business

Teens and young adults can often find holiday jobs and internship opportunities and entrepreneurship can also lead to great opportunities and a steady revenue stream. Whether you want to apply for a job, bake cupcakes or turn a hobby into a business, there are many ways for young people to earn income. Babysitting and landscaping work can also be lucrative options. Whatever the income-earner may be, managing money well and maintaining consistent savings are essential skills for all successful youth to have.