money matters

Posted : April 11, 2018
Last Updated : April 11, 2018
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money matters

Communication can help you avoid money fights. Learn how to recognize your money personality, talk about money with family members, and identify different types of expenses.

Spenders and Savers

It has been said that money makes the word go ‘round. Just about everything in the world requires money – travel, entertainment, food, services, supplies, electricity. All the buying and selling that goes on is tied to money. As you learn about money and develop some skills in the areas of personal finance, it’s also important to become familiar with your own money personality.

Savers will naturally save money. Spenders will naturally spend money. It is important to identify if you are a saver or a spender.

For some people, having money in the bank is more important than having the newest cell phone, while other people really have to work to save money and keep their spending in check. Whether you are a natural saver or a natural spender, you need to know that your money personality is neither good nor bad. Being aware of your money personality will help you create a money plan that works for you. When you create your budget, include both saving and spending.

Money Talk

Talking about money, especially with family members, can cause conflict if you expect others to view money the same way you do. Once you understand that people relate to money in a variety of ways, you can learn to respect those differences. When it comes to money, communication is important and necessary. Here are some practical tips:
  • Pick the right time and place. Starting a money conversation two minutes before it’s time to leave for work or school or when it is time for bed is not ideal. Make sure there is plenty of time to have a relaxed and complete conversation.
  • Be willing to work. When you need some extra money, your willingness to work can go a long way toward meeting your goal.
  • Talk about your money goals. Let others close to you know about your financial goals. This will help provide accountability and encouragement along the way.
  • Listen. Communicating isn’t just about expressing your own needs and wants. It’s also about listening to what others need and want.
  • Be honest. When it comes to money and relationships, honesty is key.

Four Financial Topics

Remember, personal finance involves everything you do with money. This important topic includes how you go about making money and how you use money.
  • Work: the ways you earn money.
  • Spend: how you spend money.
  • Save: planning to use money later for purchases and wealth building.
  • Give: offering your money, time, talent, and abilities to serve others.

Saving and Spending: By the Numbers


Saving Spending
77% of teens consider themselves savers, and 53% of teens have a savings account. On average, teens save $300 per year and have saved $966 total. 23% of teens consider themselves spenders, and 28% of teens owe money to someone. On average, teens spend 20% of their money on food and $1,000 per year on fashion goods.
Why Teens Save
  • 76% of teens save for college
  • 46% of teens save for an emergency
  • 43% of teens save for bigger purchases
  • 41% of teens save for a car
Why Teens Buy
  • 84% of teens own a cell phone
  • 76% of teens own an MP3 player
  • 66% of teens own a computer
  • 46% of teens own a TV
Where Teens Get Their Money
  • 67% from a job of some type
  • 59% from gifts
  • 34% from a weekly allowance
  • 10% from selling items/clothing
Where Teens Shop Online
  1. Amazon (32%)
  2. Nike (8%)
  3. eBay (5%)
  4. Forever 21 (5%)


Final Thought

Knowing what you typically do with money – save it or spend it – will help you as you develop a budget.



Source: Ramsey Solutions
 

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