We're the Teen Economists aka the elite team and we aim to inspire and motivate.
Monday, 6 August 2012
Money Tips for Dummies
Ever been bored on a saturday night but too broke to go out? Ever walked around a mall with nothing to do because your pockets are empty? Well I'm here to give you tips on ways that could save you money and potentially make you money. Let's get started! For most teens the way to get money is through an allowance. Not everyone gets one depending on what your parents think of it and on your family's financial situation. Now you can only save money once you have money. 1. Get money from your family Depending on your family's financial situation they may be able to increase your allowance. -doing more around the house could convince your parents to increase your allowance -getting better grades at school -you could even make some money from siblings by offering to do their chores 2. Making money in school -offer tutoring services if you understand a particular subject very well -starting a school business selling stationery, gum or candy (some schools do not allow students to sell products on school premises so don't get yourself in sh*t) -if you're a nerd earn extra cash by doing homework for a couple of people 3. Get a job -some countries have laws against teens getting jobs so offer a service in your neighbourhood like mowing lawns cleaning pools or raking leaves maybe even babysitting -tutoring could make you a lot of money if you do it right. Parents are willing to pay big for their children's grades -can you say "would you like fries with that?" believe it or not the fast food industry is a great place for teens because you don't need any specific skills! 4. Enter competitions -if you have any talents enter contests that could win you the jackpot. 5. Save! Save! Save! -once you have some money a good idea would be to save it. -not carrying your cash around with you could save you money -deposit your money into a savings account instead of putting it into your wallet so that the money is not there and it takes an extra step to get. -opening an investment account can save you money and on top of that your money will be making money. Teens can make money easily because they have a lot of time on their hands. Use that time wisely guys and always remember a penny saved is a penny earned. :) Stay fresh easy monday JJ Mayoli #eliteteam #INM