Advice for specific things that teens can do or be aware of that will help them to avoid getting into debt and?

The best thing that you can do, especially while you are living at home and don't have a lot of expenses, is to save every dollar you can. If you don't think this is a good strategy, ask anyone over the age of 40 if they feel that they would be better off today if they had 10% of all the money they ever made in a savings account.





Save, Save, Save.





Please read the article below for some tips on how to do this, so you can keep yourself out of trouble.





Don't spend money foolishly. Learn the difference between what you need and what you want. This is not to say you cannot have the things you want, but you have to plan properly, so that you don't waste money.





I have never run into a person who felt that they did not have enough debt. People think that they have to have credit, but that is often because they don't control their spending. Money borrowed is expected to be repaid, with interest.





If you borrow money because you can't meet your needs today, how do you expect that you will be able to meet your needs tomorrow, after paying the debt from your future earnings? It is a downward spiral from the get-go.





Anyway, read the article, follow the advice, and you will be well on your way. I applaud your intellect for asking advice BEFORE creating a problem for yourself.





Good luck and have a great day!Advice for specific things that teens can do or be aware of that will help them to avoid getting into debt and?
I never had a credit card until I was 26. Instead, I had a debit card. I could only use the money that I already earned. I also had to stay on top of what amount was in there, so I would have rent and money for bills.





Now, (in my thirties) I do have a credit card, but use it only a few times a year, to buy groceries, just to establish credit. I pay off the balance every month. I have absolutely NO debt, and will hopefully be able to buy a house next year.





But most of all, know the difference between a want and a need! You NEED to buy food. You NEED to have a roof over your head. You may WANT to buy the latest fashion or cell phone. Look at the money you have in your account and ask yourself if you have enough to buy the ';extras';. Save the credit cards for emergency purposes.Advice for specific things that teens can do or be aware of that will help them to avoid getting into debt and?
Pay cash.





Save up.





Don't charge anything with the anticipation that you will pay it off over time. Interest rates can be as high as 21%. That means, if you borrow $100 with a 15% interest and pay only $10 of it (often the minimum payment) you now owe $90 plus $13.50 more in interest. You already owe more than you borrowed. This is fair because the money isn't free. You pay interest on the new balance every month. If you don't buy anything else, next month you will owe $103.50. That's one reason why it takes so long to pay off a mortgage. Most of the payment goes toward interest and that sort of loan has a much lower interest rate than a credit card.





Do not buy new cars. They lose value as soon as you drive them off the lot. Use programs like www.carfax.com to check on the car's history. Take someone along with you who knows cars and financing. We pay cash for our cars. See the first two items. It took a while of working and saving to do this the first time. If you buy a 10 year old car for $1,500 don't expect not to have to do repairs fairly soon.





Put something in a savings account every month and don't touch it. Because you have money doesn't mean you can afford the item. First comes living expenses and money for emergencies.





Don't lend money unless you can afford not to get it back. Decide if the amount is worth losing a friend but don't be a sucker, either.





Always buy car insurance. It is an excellent idea to get health insurance and renter's insurance.





Pay your taxes.





Seek out advice even if it is your dad or mom. They probably have already experience what you want to do and can give you hints. Take some of the advice you are given.





Keep learning.
1) If you use a credit card, you have to budget making the payments on it, including any interest.


2) A credit card isn't a license to overspend your income.


3) You should never charge more than you can afford to pay off in a month.
don't sign up for department store credit cards...and while your using credit cards it seems like ';free money'; but trust me you pay for it! Best advice don't get a credit card if you don't need one! Good luck
Don't borrow more money than you can realistically afford to repay.
Stay Away From Credit Cards!!
NO CREDIT CARDS AT ALL!!!!!!!!!!





no matter how much free money and free hotels they give you.


Remember:


NOTHING Is Free In This World

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