Teenagers earn, save, spend and borrow billions of dollars each year. They are spending more money than previous generations and are spending that money at younger ages. From clothing and personal appearance products, to food and entertainment, teens in the U.S. spend over $84 billion a year. But are they spending that money wisely? And are they learning what they need to know about how to manage money to create a sense of financial security for themselves both now and in the future? Read on to find out if you are a good spender and to get started with what you need to know about smart money management practices.
As parents who have an obligation to make sure their teens are prepared for adulthood, lessons in money should be a top priority. Here are some tips to help parents teach their kids the right money lessons: - See more at: http://www.leavedebtbehind.com/lifestyle/family-finances/teens-and-their-spending-habits/#sthash.1xfEU94Y.dpuf
Most noteworthy is the fact that teens still rely on their parents for more than half of their spending money. That might explain why they've started to embrace some new "grown up" shopping habits –– namely, organic eating and discount shopping.
To learn good money management techniques for the future, divide money into the following categories: spending, saving, investing, and donations.