As a teenager if you want to manage your own moolah, here's what you need to do to make sure those coffers never run dry
The most exhilarating sense of freedom (apart from getting your driver's licence!) comes from being able to manage your money (pocket-money in your case!). But as Spidermanput it, 'With great freedom, comes great responsibility.' Apart from saving a little for a rainy day and spending wisely, here's what you need to do
• Get a checking account: As you sign each cheque, you're definately going to feel like an adult. Apart from that, managing your account, is sure to teach you some financial responsibility. Knowing that a bounced cheque can have legal repercussions, will help you keep check on your expenditure.
• If you're getting a credit card, read the fine print: All too often, teens get sucked into the lure of plastic money. And for that there's a price to pay. Before you sign on the dotted line for a credit card, make sure you read the documents carefully and ask questions pertaining specifically to interest rates.
• Find out about fund management: Ask your parents about funds and schemes that are applicable to your age-group. Alternatively, get in touch with a money-management expert and you probably will be surprised about the options available to you. Weigh the pros and cons and make an informed decision.
• Invest in the share-market: Some might call it gambling, due to the risk involved. First, get your agenda clear - are you a day-trader or a long-term investor? Then, to minimize the risk factor, create a virtual portfolio wherein you track a particular stock for a week or two before you put down some real money.
• Taxes: 'Ask not what your country can do for you…' You get the drift right? Change begins with you - the future generation. So, start now and take pride in paying your taxes.
• If you're getting a credit card, read the fine print: All too often, teens get sucked into the lure of plastic money. And for that there's a price to pay. Before you sign on the dotted line for a credit card, make sure you read the documents carefully and ask questions pertaining specifically to interest rates.
• Find out about fund management: Ask your parents about funds and schemes that are applicable to your age-group. Alternatively, get in touch with a money-management expert and you probably will be surprised about the options available to you. Weigh the pros and cons and make an informed decision.
• Invest in the share-market: Some might call it gambling, due to the risk involved. First, get your agenda clear - are you a day-trader or a long-term investor? Then, to minimize the risk factor, create a virtual portfolio wherein you track a particular stock for a week or two before you put down some real money.
• Taxes: 'Ask not what your country can do for you…' You get the drift right? Change begins with you - the future generation. So, start now and take pride in paying your taxes.
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