5 Common Mistakes Teenagers Make with Money

Money Matters! Money matter! Caught the pun?

So, as teenagers, there are certain mistakes we make regarding money and some mindsets that we need to fix.

One thing is this- your mindset about an area of life would determine how you would navigate that area of life. A wrong mindset equals wrong navigation and vice versa.

Below are 5 common mistakes I made with money as a teenager that I want you to avoid.

1. It is too early to start thinking about finance:

Why do I need to start bothering about money Matters? My parents are there and would always give me money, right? Is this you?

As a teenager, you need to fix the mindset that says it is too early to start thinking of ways to manage money because you are young.

The truth is, it is never too early. In fact, it is the money habits you develop now, that would grow with you, and affect how you handle money in the future

2. I can’t save from my pocket money:

Wrong! Wrong! Wrong!

You think your pocket money is not enough, and so, you can’t even afford to save even a tiny bit out of it.

That is wrong!

If you receive #3,000 as pocket money in a week, as a student, saving #500 out of this money would have little or no effect.

Now, imagine doing this for every week, for six months. That is #500×4 weeks in a month = #2000
In six months, #2000×6 =#12,000.

See how little becomes much?

{Read: Ways High Schoolers Can Start Managing their Money}

3. I am too young to earn money:

Says who?

As a teenager, there are certain things you can do to earn, in your little way. You can learn how to make snacks, zobo drinks, then make them sell. You can also learn a skill online.

Avoid debt by all means, and enjoy your journey to having a better financial life.


What do you wish you had known earlier about money? Share with me in the comments.