Most are not getting paid yet,

Most are not getting paid yet, but are already spending. Cash and electronic money take the form of pocket money and gifts. Someone spends everything without a trace, someone saves, and someone consciously learns to manage their money. The ability to manage personal finances is essential for anyone who wants to live in prosperity and freely choose a job and leisure. Together with the expert, we consider what to do now to achieve financial success in adult life.

ALEXANDRA KRASNOWA,
Communications Director, “Compare ru”

Plan your budget with your parents
Take on part of the cost
Learn to save money
Start spending wisely
What to remember

Plan your budget with your parents

Many parents of teenagers discuss the budget with them and find that their children are fairly educated about financial matters. A 2017 poll by VTsIOM found that one in five high school students would like to know more about money management. Discussing family expenses and income is one of the best ways to learn to solve financial problems. If your parents only inform you of their decisions, offer to give you a counseling voice.

A high school student can not only discuss the budget, but also find solutions to real problems. For example, if a family needs to lower the cost of keeping an animal, the student may ask for reduced food and cheaper but better quality veterinary services.

Some parents mistakenly believe that it is too early for a student to worry about “adult problems”. You cannot learn to use money wisely in short-term courses. It is better to analyze the first mistakes at 15, when parents are ready to protect themselves, than at 25, when you have to take full responsibility for your life.

The budget overview will help you understand why parents allocate this amount of pocket money and under what conditions it may increase.

“Those who haven’t learned to plan their budgets constantly experience a shortage of money. He is nervous, dependent on his employer and is often afraid to leave an unloved job and be broke. Ultimately, such people risk their lives in a completely different way. In order to freely choose the field of activity, the form of rest and the place to live, you need to have savings – a financial “security cushion”. “
Take on part of the cost

In lower grades, students buy sweets, toys, and save some of the money on a tablet, for example. In junior high and high school, teens pay for the phone, buy cosmetics, gifts, stationery and some clothes. To take a step forward and learn how to use your money responsibly, you need to take control of one of your spending items.

It may be difficult for moms and dads to trust their kids completely when it comes to buying school supplies or replenishing their wardrobe, but it’s a rewarding experience for the whole family. Ask adults to calculate how much money is spent on average per month, such as on the Internet, gifts for friends or buying shoes. Then ask for this amount and allow you to make your own decisions. After 4 weeks or earlier, if you suddenly run out of money, discuss the results of the experiment and decide under what conditions to continue it.

Both you and the adult may be concerned about buying a low-quality product or losing money, but risk is part of financial management. After purchase, unworn shoes can be returned within two weeks, and if you lose money, you will have to find a solution: earn, save or go another season in old sneakers. In any case, full responsibility for a certain line of the family budget will help “pump” financial knowledge.

“If parents are in no rush to initiate their pupils into long-term plans, they should ask about it. At the age of 13-14, it is worth understanding in what form the parents will help the child in the future. For example, someone is willing to pay rent to a son or daughter while studying, others hope that the child will move to a dormitory, but are ready for current expenses. “