How Minors Can Control Money By Lacey Fitzpatrick
As students live shift from childhood to adulthood, new responsibilities and realities become more apparent. Turning sixteen is liberating, with finally able to drive and getting the first job. However with this new freedom comes many responsibilities and managing money, responsibly and everything in between. Introducing so many liabilities can get quite overwhelming, luckily through generations of trial and error with money management, some good strategies have been discovered that can help high schoolers pinch a penny or two.
The most effective way to watch money go up and spending go down are to draw the line between a want and a need before purchasing something. If one can go home without the wanted object, then it is exactly that, a want. When receiving a limited income, purchases should go is on needs such as gas, food, repairs, and bills, not on the cute new shoes that you want. Just because money-saving strategies are a new mindset, does not mean that a few indulging purchases cannot be made.
Upon interviewing Brandy Carr, who works in the finance department at Ignite Media Solutions LLC, Carr introduced a different way of approaching how to take control of money while a minor. With entrepreneurship being the number-one career choice, she suggested that small business like operations are a unique approach and are self-managed and self-reliable. These “businesses” may include things such as designing a cool tee-shirt and selling them to friends or buying snacks in bulk and offer them to hungry classmates and associates for a reasonable yet profitable price. Carr claimed that doing this may teach “hands-on learning with the ways of business and being a salesperson” and maybe “eye-opening to the importance of organization.”
Another way to cut on spending is to reduce the quantity or choose a cheaper option. Rather than getting a large cheeseburger meal with a large Coke every day for lunch, choose to get one cheeseburger, one side, and a free ice water every other day and pack a lunch from home in-between instead.
Major adjustments do not have to be made to save money, being more conscious of spending habits and making small changes according to them is a strong start.