In present world it is very important for teens to learn and implement various money management tips in their life; this should be taken as major concern by every parent to make sure that their kids have knowledge on various financial issues. However, there are many schools and colleges that offer various courses in the field of finance. Apart from the courses offered in schools, the following 10 financial tips could help teens to learn few essentials financial skill:
- Set goal to get greater incomes: Teens should work in getting greater income; they should set certain financial goals to be achieved in their life. These goals can be either long-term or short-term and vary depending on future plans.
- Establish your budget: Budget is considered as a most important part of your financial life; most people fail in managing their budget and land into debts. Budgeting is not a hard task to do it can be very easy if you know tricks to track and control your unwanted expenses. Therefore, youngsters should create and follow a fixed budget plan right from today and avoid future obligations.
- Maintain good credit: Youngsters should know that only if they maintain a good credit score they can avail the benefits of different financial options and personalised services available.
- Control your money: A well-planned budget helps you to have control on your money; controlling money is one of the basic for budgeting. You should always avoid overspending your money on unnecessary things.
- Emergency fund: Establishing emergency fund is one of the important aspects to be considered by teens as it helps them to secure their future financially. You can take advice from financial experts to know how much amount should be saved in the emergency fund each month.
- Manage life’s uncertainties: There are many insurance plans that can cover most of your life’s uncertainties, you can purchase any of the policy cover based upon your needs. But before purchasing any insurance research well and select the one that perfectly matches your lifestyle. PPI is one such insurance that protect your payment and covers for unemployment or illness; most people claim this insurance to cover their loan or credit repayments. To make your claiming process much easier you can consider one of the best PPI Claims management company.
- Don’t use credit: Using credit is not wrong but you must use them wisely. Because depending on credit may often put you in unmanageable debts; if you still prefer taking credit due to financial problems, make sure that you make your payments on time.
- Investment: To balance your investment risks, diversify them; before investing research and determine the right portfolio for your assets and invest only on the one where the risk factor is less.
- Secure your properties: Protect and safeguard your investments; don’t reveal your account or security number to anyone. Keep all your personal and financial matters confidential.
- Plan your retirement: Planning for future is good to start right from the teenage; save for retirement by starting with a small amount initially and gradually increase the savings. This type of savings is tax free and grows along with time. Retirement savings is a kind of risk-free investment.
My name is Sarah. I am a tech writer from UK. I am into Finance. Catch me @financeport. ppi claims