2 answers
Kailee
Student
Kalamazoo, Michigan
1
Question
Asked
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What is the best way to make money, save it, spend it, and build more off of it while being in school full time and under the age of sixteen and what careers would be best for doing so?
What is the best way to make money, save it, spend it, and build more off of it while being in school full time and under the age of sixteen and what careers would be best for doing so?
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2 answers
Tammy Laframboise
Present pension and financial planning information to members of a pension
41
Answers
Toronto, Ontario, Canada
Updated
Tammy’s Answer
Hi Kailee,
Having a goal for your money is a great place to start. Money is, after all, just a tool to achieve the things that you want and a great motivator. Once you have identified your goal, for example, to save for college or a car, you can then figure out how much you need to save and when you need to have that amount of money available to spend on your goal. Next step is to divide the total amount you need by the time you need it and plan to save a specific amount each week or month.
Also important with respect to managing your money is to know how much is coming in and how much is going out. This is sometimes called a budget but I like to call it a "spending plan" because by keeping track you are getting to know your spending patterns and can then use this information to decide how you will spend money in the future. It can be as simple as using an excel spreadsheet or even a paper spreadsheet. Then commit to updating the spreadsheet every week or month. Keep receipts for things you spend money on and it is easy to put the spending in categories. At the end of the month you can evaluate what you spent money on and decide if that spending is in line with your values and is helping you to achieve your goals.
As for making money as a young teen, the most obvious ideas are babysitting, doing yard work for neighbors and getting a job that requires little skill, for example in a fast food restaurant. In Canada, where I am from, the public library hires teens as young as 15. It all starts with asking around to find out if people need things done that they are willing to pay for. The school guidance department might be able to help. For a longer term perspective, volunteering can lead to job opportunities in the future.
Careers are sometimes planned and sometimes just happen. Think about what you enjoy and what jobs might allow you to do these things. For instance, if you are a people person, maybe you would enjoy a role selling products. If you are good in math, maybe bookkeeping or finance would suit you. I randomly took an accounting course in high school and just loved it, eventually becoming an accountant. Be open to opportunities to try things out so that you can find out what you like and dislike. These experiences will help you to find out what suits you.
Be curious. You are asking great questions. Ask as money people as you can the same question and you will learn about how other people achieved their goals, their successes and mistakes and maybe you will even find opportunities that could benefit you.
Good luck!
Tammy
Having a goal for your money is a great place to start. Money is, after all, just a tool to achieve the things that you want and a great motivator. Once you have identified your goal, for example, to save for college or a car, you can then figure out how much you need to save and when you need to have that amount of money available to spend on your goal. Next step is to divide the total amount you need by the time you need it and plan to save a specific amount each week or month.
Also important with respect to managing your money is to know how much is coming in and how much is going out. This is sometimes called a budget but I like to call it a "spending plan" because by keeping track you are getting to know your spending patterns and can then use this information to decide how you will spend money in the future. It can be as simple as using an excel spreadsheet or even a paper spreadsheet. Then commit to updating the spreadsheet every week or month. Keep receipts for things you spend money on and it is easy to put the spending in categories. At the end of the month you can evaluate what you spent money on and decide if that spending is in line with your values and is helping you to achieve your goals.
As for making money as a young teen, the most obvious ideas are babysitting, doing yard work for neighbors and getting a job that requires little skill, for example in a fast food restaurant. In Canada, where I am from, the public library hires teens as young as 15. It all starts with asking around to find out if people need things done that they are willing to pay for. The school guidance department might be able to help. For a longer term perspective, volunteering can lead to job opportunities in the future.
Careers are sometimes planned and sometimes just happen. Think about what you enjoy and what jobs might allow you to do these things. For instance, if you are a people person, maybe you would enjoy a role selling products. If you are good in math, maybe bookkeeping or finance would suit you. I randomly took an accounting course in high school and just loved it, eventually becoming an accountant. Be open to opportunities to try things out so that you can find out what you like and dislike. These experiences will help you to find out what suits you.
Be curious. You are asking great questions. Ask as money people as you can the same question and you will learn about how other people achieved their goals, their successes and mistakes and maybe you will even find opportunities that could benefit you.
Good luck!
Tammy
anahi diaz
54
Answers
Tempe, Arizona
Updated
anahi’s Answer
Managing money effectively while being in school full-time and under the age of sixteen requires a combination of earning, saving, and wise financial decisions. Here are some strategies and potential career paths:
### **Earning Money:**
1. **Part-Time Jobs:**
- Look for part-time jobs suitable for your age group, such as babysitting, lawn care, or working at local businesses that may hire younger workers.
2. **Freelancing:**
- Explore freelancing opportunities online. Depending on your skills, you could offer services like graphic design, writing, or social media management.
3. **Tutoring:**
- If you excel in certain subjects, consider offering tutoring services to classmates or younger students.
4. **Virtual Assistance:**
- Offer virtual assistance services to professionals or small businesses. Tasks may include email management, scheduling, and data entry.
5. **Pet Sitting or Dog Walking:**
- If you love animals, pet sitting or dog walking can be a rewarding way to earn money.
### **Saving Money:**
1. **Establish a Budget:**
- Create a budget to track your income and expenses. This helps you allocate funds wisely and save consistently.
2. **Automate Savings:**
- Set up automatic transfers to a savings account. This ensures that a portion of your earnings goes directly into savings.
3. **Limit Non-Essential Spending:**
- Be mindful of discretionary spending. Limit purchases of non-essential items and focus on saving for your goals.
4. **Open a Savings Account:**
- Consider opening a savings account with a bank that offers a competitive interest rate.
### **Building Wealth:**
1. **Learn About Investments:**
- Educate yourself about basic investment options. While you may not have a significant amount to invest initially, gaining knowledge early is valuable.
2. **Explore Side Hustles:**
- Look for side hustles or creative projects that align with your interests and skills. This could include selling handmade items or starting a small online business.
### **Career Paths:**
1. **Online Content Creation:**
- Start a blog, YouTube channel, or social media presence. While it may take time to monetize, successful content creators can earn money through ads, sponsorships, and merchandise sales.
2. **Coding and Programming:**
- Learn coding and programming skills. Freelancing or working on small projects can provide income, and the demand for tech skills is high.
3. **Graphic Design or Digital Art:**
- If you have artistic skills, consider offering graphic design or digital art services online.
4. **Virtual Assistance and Administrative Support:**
- Many businesses, entrepreneurs, and professionals hire virtual assistants. Offer administrative support services remotely.
5. **E-commerce and Dropshipping:**
- Explore e-commerce opportunities, including dropshipping. Platforms like Shopify allow you to start an online store with minimal upfront costs.
6. **Affiliate Marketing:**
- Learn about affiliate marketing. Promoting products or services and earning a commission on sales can be done online.
Remember, success in these areas often takes time and effort. Focus on building skills, providing value, and being persistent. It's also essential to balance work with your school commitments to ensure overall well-being.
### **Earning Money:**
1. **Part-Time Jobs:**
- Look for part-time jobs suitable for your age group, such as babysitting, lawn care, or working at local businesses that may hire younger workers.
2. **Freelancing:**
- Explore freelancing opportunities online. Depending on your skills, you could offer services like graphic design, writing, or social media management.
3. **Tutoring:**
- If you excel in certain subjects, consider offering tutoring services to classmates or younger students.
4. **Virtual Assistance:**
- Offer virtual assistance services to professionals or small businesses. Tasks may include email management, scheduling, and data entry.
5. **Pet Sitting or Dog Walking:**
- If you love animals, pet sitting or dog walking can be a rewarding way to earn money.
### **Saving Money:**
1. **Establish a Budget:**
- Create a budget to track your income and expenses. This helps you allocate funds wisely and save consistently.
2. **Automate Savings:**
- Set up automatic transfers to a savings account. This ensures that a portion of your earnings goes directly into savings.
3. **Limit Non-Essential Spending:**
- Be mindful of discretionary spending. Limit purchases of non-essential items and focus on saving for your goals.
4. **Open a Savings Account:**
- Consider opening a savings account with a bank that offers a competitive interest rate.
### **Building Wealth:**
1. **Learn About Investments:**
- Educate yourself about basic investment options. While you may not have a significant amount to invest initially, gaining knowledge early is valuable.
2. **Explore Side Hustles:**
- Look for side hustles or creative projects that align with your interests and skills. This could include selling handmade items or starting a small online business.
### **Career Paths:**
1. **Online Content Creation:**
- Start a blog, YouTube channel, or social media presence. While it may take time to monetize, successful content creators can earn money through ads, sponsorships, and merchandise sales.
2. **Coding and Programming:**
- Learn coding and programming skills. Freelancing or working on small projects can provide income, and the demand for tech skills is high.
3. **Graphic Design or Digital Art:**
- If you have artistic skills, consider offering graphic design or digital art services online.
4. **Virtual Assistance and Administrative Support:**
- Many businesses, entrepreneurs, and professionals hire virtual assistants. Offer administrative support services remotely.
5. **E-commerce and Dropshipping:**
- Explore e-commerce opportunities, including dropshipping. Platforms like Shopify allow you to start an online store with minimal upfront costs.
6. **Affiliate Marketing:**
- Learn about affiliate marketing. Promoting products or services and earning a commission on sales can be done online.
Remember, success in these areas often takes time and effort. Focus on building skills, providing value, and being persistent. It's also essential to balance work with your school commitments to ensure overall well-being.