The most common financial regret people have, regardless of their age, is that they did not start saving money sooner. As young adults begin their professional lives, saving money is the last thing on their minds. Not only does it take years for university graduates to repay HECs debts, ongoing expenses such as rent, car loan repayments and grocery shops pile up along the way too. Keeping in mind the sudden onslaught of financial responsibilities on young adults as they age through their 20s, it’s a good idea for teenagers to develop strong personal finance habits before they start uni.
Fehmeen Kay, the founder of Top Money Hacks, shares 6 personal finance tips for teenagers to help them create the building blocks for financial independence.
Track your spending
As a teenager, you may perceive the budgeting process as intimidating or dull, but in its simplest form, budgeting is a basic record of all your money inflows and outflows. Your monthly allowances typically count as inflows, and any purchases made at the school canteen, local café or milk bar would account for most of the outflows.
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