Do you want to prove to your parents that you're responsible with money? If so, this is easier than you might think. Some adults have a negative view about teens and finances. It's true that some teens don't care about personal finance, and they blow their money on non-essentials. But in all fairness, many people make money mistakes in the early years. This doesn't mean that they can't become financially savvy. For that matter, here are ways to show that you're responsible with money.
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1. Get a Part-time Job
If you want to prove that you're responsible with money, start by getting a part-time job. This could be a job after school or during your summer break. There are plenty of companies eager to hire teens and young adults. Good first job options might include restaurant or retail work. You can also start your own business, such as babysitting or providing lawn care service in your community.
2. Cover Some of Your Own Expenses
Do you have a cell phone bill? Do you have automotive insurance? If so, step up to the plate and cover some of your expenses. Even if you can't pay all expenses yourself, your parents will appreciate the help.
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3. Open a Savings Account
If you have a part-time job, you may want to spend all your money on clothes, electronics or hanging out with your friends. But to prove that you're responsible with money, open a savings account. If you're under 18, you’ll need to add your parents name to the account. With your savings account, deposit a large percentage of your earnings or allowance. This demonstrates a financially savvy mindset, and the adults in your life will take notice.
4. Set Financial Limits
Whether your money comes from a part-time job or allowances, set limits for yourself. Having a budget or spending plan is one of the best ways to manage finances. You can set aside money for saving, and then establish a reasonable amount to spend on miscellaneous expenses and entertainment. Learning how to budget at an early age makes it easy to budget once you're an adult with more financial responsibilities.
5. Ask Parents to Go Half on a Large Expense
Maybe you want to buy a car but realize you need financial help. This is okay. But to prove that you're responsible with money, approach your parents and propose a deal. For example, if you save up money for a car, maybe they can match your savings. Or if you buy the car, maybe they can cover your auto insurance.
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6. Don’t Keep up with Friends
If your friends are not financially savvy, you might be tempted to spend outside your budget. To show that you're responsible with money, don't let others dictate how you spend your cash. Trying to keep up with your friends can drain your bank account, and if this behavior carries into adulthood, you could end up with a lot of consumer debt. Be strong and stick with your budget.
7. Pay Back What You Borrow
If you ask your parents to borrow money, make every effort to pay them back. Even if your parents don't expect repayment, your willingness to repay shows that you're responsible with money and ready to exert your financial independence.
Being responsible with money at an early age sets the tone for how you'll manage money as an adult. Some adults believe that teens are irresponsible with their cash, but you can prove them wrong. What are other ways to show you’re responsible with money?
