Welcome back to the 5th episode of Money Talks (for teens) where local money-saving blogger Ms Broke in Bristol and her teenager daughter Little Miss Diva discuss the best money tips for teens.
In this episode they uncover the best money-saving hacks to help teenagers live their best life – hacks that took Ms Broke in Bristol 30 years to get her head around.
Ms Broke in Bristol helps thousands of people save money, make money and invest in their future, but it was a completely different story 14 years ago when she was drowning in 16k in debt. She wants to make sure other young people don’t have to learn how to manage money the hard way by improving financial education for teenagers. Here are her top 10 tips:
1) Avoid impulse buys.
It’s OK to treat yourself every now and again but do it all the time and you’ll find yourself In lots of trouble.
2) Sell stuff you don’t need.
This is a great way to raise money for new purchases and a really good way to declutter and get rid of old things that we don’t have a use for anymore.
3) Get a job (ask your parents what you can do to earn money).
You might have to start out cleaning which isn’t much fun, but then you might find a more interesting job like helping with dog walking, video editing or babysitting.
4) You don’t need to have the latest phone.
Don’t be sucked into always ‘needing’ the latest model of everything. You can save a fortune this way.
5) Don’t just earn money so that you can spend it.
Set aside money to save and spend. Perhaps when you’re older and richer you can also give some to charity too.
7) Get the most from your savings.
Don’t just give your money to your parents to look after. Check out Episode 2 of Money talks for teens (where we talk about the best savings accounts for kids).
8) Eat before you meet.
Sometimes it’s nice to enjoy lunch with friends but do it often and you’ll find you have no money left. Eat before you go out to meet friends to keep costs down.
9) Don’t spend too much on Christmas.
Do not get into debt for Christmas, birthdays or other special occasions. Money does not buy you love!
10) Don’t make a habit of borrowing.
I’m sure there will be times when you do lend money to friend and borrow it yourself but don’t make a habit of it. If you’re borrowing all the time – you are not living within your means and you need to take a big look at your budget and spending habits.
If you got some value from today’s Money Talks (for teens) then don’t forget to leave us a comment and share this video with other people. That’s it for this week folks, see you soon. More from Broke in Bristol – & beyond: