Tag Archives: stress

Financial Advice for Teenagers

Financial freedom, financial security, and financial prowess are feats which some people spend decades working to achieve. Like most things in life, the earlier one begins to practice, the better off they will be. In the case of financial independence, teenagers who learn advantageous skills prior to adulthood are more likely to succeed than their unaware counterparts who have to learn via various mistakes.

Financial missteps can be quite costly; recovery can sometimes take anywhere from months to years to decades. This is why having helpful information and knowledge in one’s arsenal at a young age almost always serves people well and helps them to avoid falling into some of the most common financial pitfalls.

Open a Checking and Savings Account

One of the best ways for teenagers to become acclimated with money, finances, and managing funds is by opening a checking account and savings account; this can be done at a local bank or credit union, as cited by Midwestone. Not only will this help young people familiarize themselves with building up money in these accounts, but they will also have to exercise discipline. Avoiding overdraft fees, making ongoing deposits, learning how to use an ATM, putting money aside in a savings account (and leaving it there!) are skills which every teenager can benefit from. These are critical skills which young people will have to master and implement once they enter adulthood. The earlier they start, the better off they will be when it’s time to enter the real world.

Differentiate Between Needs and Wants

Everyone has needs and wants; this is applicable regardless of whether one is a teenager, full fledged adult, or senior citizen. However, the ability to differentiate between needs and wants is absolutely paramount to financial success. Rent, utilities, groceries, phone bills, etc are some of the things which fall into the category of needs. Eating out, shopping, going to the movies, traveling, etc are wants. Now, there is nothing wrong with having wants and desired experiences. They are a part of life; one of the greatest feelings in the world is being able to comfortably do as one pleases without having to stress over funds.

Nevertheless, there much always be a clear mental distinction between needs and wants. Moreover, teenagers should understand that they have the obligation to make sure their needs are covered and taken care of first and foremost. Once these matters are settled, they can then move on to addressing their wants.

Take the Process in Stride

At the end of the day, there are countless tips for teenagers who are seeking financial advice. However, similarly to opening a checking account/savings account and differientiating between wants and needs, taking the process in stride is also of great importance. Being as prepared as possible is great, but some things take time. Very few individuals will start off their adult life with a complete awareness of how to effectively manage money and make the best financial decisions. Nevertheless, following the steps mentioned throughout this piece will certainly prove to be beneficial.

Authored by: Gabrielle Seunagal

Discover How You Can Stop Worrying About Money Today

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Many of us worry about money for no specific reason at all–and in fact, most general worrying is quite normal. However, constantly worrying about paying bills, buying groceries, having enough money to make it, etc; this is not natural.  While so many Canadians do have pause for concern with their finances, there is a way to find a balance and avoid this taking a negative toll on your health, or within your relationships.  This is the good news.  The bad news is that it takes time.  Understanding why you worry and finding a solution isn’t always easy.  It is a process.  You should begin by simply asking yourself some general questions such as: ‘Why do you worry about money and what can you do about it?’  You might find that listing your worries on paper puts everything into better perspective for you.  So, do you know how to identify the signs of excessive worrying about money?

The Signs You’re Worrying Too Much About Money And What You Can Do About It

Canadian cash

Canadian cash

Stress and anxiety are two of the more common signs of excessive worrying, whether this be in regards to money, living situation or simply paying your bills in general.  There are many Canadians with the common complaint of “insomnia” when they constantly worry about money issues.  Now, if you can find a way to reduce your stress then you can begin dealing with financial problems in a more pragmatic way.  Makes sense, right?  Some choose to add a form of exercise to their life, while others enter into a program of meditation and soul searching to minimize anxiety and stress.

Now, we do want to tell you right now, burying your head in the sand and remaining in denial about money issues is not going to resolve your anxiety or minimize your stress.  You have to be ready to face your fears and seek solutions. Once you are ready to approach your problems in this way you’ll be more able to do something about it.  It is far better than walking around keeping your worry bottled up inside of you. Seeking advice from credit counselors, or even, financial professionals might put you more at ease too.

Yet another thing Canadians can do to ease their financial woes and concerns is to stop spending so much time reading articles or listening to broadcasts about the economy.  This can put a real damper on you, and believe it or not, this is one of the primary causes of stress for a majority of folks.  When you hear about job loss, income division, housing bubbles etc; this doesn’t make anyone feel confident at all. So, we recommend turning it off.  Do something positive, versus constantly hearing about economic difficulties.

It’s time to stop worrying and really start living your life in a more productive way.  Everyone wants to be healthy, happy and have a long-life, but you won’t do that if you don’t quell your stress about finances now.  So, try establishing these remaining healthy habits listed below and see where it leads you.  Remember, you have to be ready to diligent, patient and committed to transforming your financial portfolio and your life!

The Canadian flag flies outside the Bank of Canada building in Ottawa, Ontario, Canada, on Wednesday, Oct. 23, 2013. Bank of Canada Governor Stephen Poloz surprised investors by dropping language about the need for future interest rate increases that had been in place for more than a year, citing greater slack in the economy, while keeping his main policy rate unchanged. Photographer: Patrick Doyle/Bloomberg via Getty Images

Start a spending tracker and keep up with every little expense, no matter how small it is.

Plan a monthly budget around your earnings, and always pay yourself first.

Look for the leaks in your budget and work to patch those.

Find joy and happiness in the less expensive things in life, then watch your money grow.

Don’t avoid discussing your fears and concerns with your significant other,and devise a plan together!