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Money Management Tips for Teens

Banking Basics

  • Educate yourself – money is important in all aspects of your life, now as well as later.
  • Have at least 2 bank accounts – one for savings and the other for your weekly spending.
  • Lower the limits on your bank cards and consider not having easy access to your savings account with your debit card. Use technology to help keep your money safe from yourself!
  • Keep your passwords and PIN numbers secret – no exceptions!

Budgeting Basics

Clothing and Credit: A Matter of Interest

  • Learn to make minor alterations, e.g. hemming, to get longer wear from an item
  • Mend items promptly ~ you will get more wear out of them and you won’t forget you have them (then buy more); this goes for shoes too!
  • If you have kids, spruce up a hand-me-down with new buttons or a new patch ~ then the item will look “new” again (works for your own clothes too!)
  • Launder items promptly to avoid stains ruining them
  • Wash with cold or cool water (fabric lasts longer & saves on hydro costs too!)

Check Your Impulse - Impulse Spending

Change takes effort and can cause stress. Focus on what YOU can control and the changes YOU can make for yourself. This will minimize your stress and keep your energy pumping!

Before you make any changes to your spending behaviour, identify the triggers that deplete your personal resources and energy and cause you to impulse shop. When you’re heading out the door, keep your TEMPO in mind:

Impulse Spending: A Matter of Interest

Have you ever made a purchase and later regretted spending so much on the item or wondered why you even bought the item? Does this happen to you often? Unplanned spending to purchase things that you may or may not need is often referred to as "impulse spending." Using credit or credit cards for impulse purchases can contribute to a cycle of ongoing financial difficulty.

Grocery Shopping Tips that will Save you Money

Make Wise Choices

  • Shop on a full stomach – you’ll buy less snacks and/or things you don’t usually buy (and only buy groceries, not gifts, at the grocery store!)
  • Go armed with a list – and stick to it (especially if your kids are “helping”)
  • Plan your meals for the week before you shop and then buy what’s on the menu – start with planning for 3–4 days if all week seems too much
  • Shop only once a week – you’ll tend to spend more if you stop at the store every day or several times a week

How Much Money You Should Spend on Living Expenses - 2017 Budgeting Guidelines for Income

Budgeting guidelines for personal, family and household budgets and incomes in CanadaA lot of people wonder how much of their income they should spend on their home, vehicle, groceries, clothes, etc. Below are some guidelines to give you a general idea and provide you with a starting point for your budget.

Facing Reduced Income… Now What?

If you are facing reduced income, take steps immediately to bring your spending in line with the reduced level of income you're expecting. Many people wait several months before adjusting their spending. This can mean the difference between surviving the tough times successfully – or dealing with financial disaster later on.

Here are some points to consider during this difficult time:

Take Care of Essential Living Costs

Pay for your mortgage, housing costs and food first.

Low Income – No Income . . . Now What?

Not knowing for sure where your next pay cheque will come from, or if it will be enough to pay the rent and groceries this month, is one of the most difficult circumstances someone can find themselves in.

If this is your situation, here are some points to consider during this difficult time:

Take Care of Essential Living Costs

Pay your rent and food first.

Pay your utilities. Reduce or cancel any services that you don’t need right now.

7 Steps to a Budget Made Easy

Is the economic downturn causing you to consider your personal financial situation? You may be worried about losing your job or how much debt you have. Avoid a potential personal financial crisis; get back to basics with a budget you can stick to. Here’s how to start:

Step 1: Set Realistic Goals

Goals for your money will help you make smart spending choices. Ask yourself: What do I want my finances to look like in one year? Decide what’s important to you and start there.