Mo Money, Mo Problems !
So, after a long-needed hiatus (blame uni of course *rolls eyes*) I’m back with a new essence talk- this is where I discuss my views on a topic that has normally been chosen by my followers on IG- so keep a watchful eye on my stories where I announce when the next essence talk is coming up!
Today I am talking about teens and finances- the handling, the spending, the saving, the preparation, the cash losses, and the numerous, numerous amounts of L’s taken (slowly reminisces on those struggle times lool)
I guess my talk begins with growing up. I always questioned why in the UK, young children are not educated on the processes of taxes, credit scores and mortgages. I mean unless you’re going into a career such as engineering or construction, or anything lab based- I don’t necessarily see the need in me learning how to find the value of X or how to do simultaneous equations in math lessons.
Secondary school times consisted of me spending away my weekly allowance as if I was Bill Gates himself lool- back then, something like a tenner was a lot guys, it was a lot. Little did I know the importance of spending in moderation and saving and investing. I remember watching a video from Debbie Crown, as she is quite fond of spending and handling business. She said something that really stuck with me- imagine from young if she had saved at least £20 a month up until the age she is now (let’s say she’s like 24-25) she would actually have a lot right now to indulge in any investments, start up businesses or simply the ability to treat herself whenever she worked hard. Man! – I thought to myself “why didn’t I have that same mentality of money preservation when I was younger!”
It wasn’t until my late teen years on this earth, that I started to realise the importance of money management. Since having a personal accountant or banker to guide you through your finances is not available (they also cost money) I decided it was high time that I focused on my finances and took control of how I was utilising it. Now you may be wondering- you’re not married, looking for a mortgage, or own a business, so why are you so fascinated with handling your money? I believe starting or getting into the habit of doing so will lead me into setting myself up for success by the time it is time for me to go into all of those requirements that need me to spend. (God willing)
Teens and Money Today.
What I must say is, I feel empowered. Almost everyone around me is “hustling” or trying to find their path to earn an income. This is what makes me proud of my generation, and majority of it is done through talents- whether it be hair, makeup, fashion or simply having a part-time job on the side (which is very hard to do when you are enrolled as a full-time student) everyone is trying to take on a hustle that would allow them to be financially independent and that’s what I respect.
Unfortunately there is the negative side to this-the pressure to aspire to be a part of this rich percentile that fits into the brackets of designer shoes, diamond chains and luxurious accessories- now I’m not judging and I’m definitely not throwing any shade, but I guess teenagers today live in a world where social media presents itself as a platform to display your luxurious items all over, for the world to see. The thing is, many of these things don’t come through from legitimate means, and that isn’t shown on social media, so these “luxurious” items act as a disguise to the reality of things- the realities of how these items were bought in the first place. Well that is a different topic for a whole different new day.
If I had the power to change the current syllabuses of Maths in the UK, believe me I would. I don’t believe it takes a university fee of 9 grand and over for young adults to realise that handling their finances takes priority and should be done with serious consideration. I believe that if we were taught with the ability of handling our finances appropriately, we would be able to make smart decisions. My parents have always been advisable when it comes to managing your money, none of them work within finance, but of course they have had years of experience of surviving in this Britain to know the ins and outs of utilising your cash, therefore I think I’ve been alright so far. Of course, I get out of control sometimes with the occasional unnecessary purchase (usually make-up) but I’ve learnt that yes, whilst money comes and goes, it should be wise of you to slow down on the spending and save up for future investments.
1. Control your spending:
Whenever I go on my shopping trips, I play the value game. I literally ask myself if this is valuable to me? do I really need it? And what benefit is it going to give to me? If I can’t answer these things, then it’s probably not worth me tapping my card of the machine for it. It’s imperative that the money leaving your account is worth the time you spent to earn that in the first place.
2. Get a savings app
Now I’m probably playing myself as I am yet to invest in a savings app (don’t worry it will be done after this post is uploaded lool) but there are some good apps out there such as YOLT or MONZO that help set you weekly or monthly budgets and help you to track when you are overspending. I think this is great as everything we need is normally stored on our phones, so we can track our daily spending. Alternatively, we can have someone accountable for your spending e.g. a parent or close friend who can monitor when you are going over budgets
3.Have a savings account
Now this can cause a love hate relationship- but I love it more than hate it. Having a savings account is great as it allows you to store money away into another account which can help contribute to things like Christmas or holidays. Also, most banks give interest on savings, therefore you will get more money accumulated over time. However, I’m guilty of transferring between accounts most of the time as it’s so easy to do so (literally done through a phone app) so it can get tempting to pass over money to the current account- I guess you have to be really strict on yourself to avoid doing so.
Thanks for reading !