Also referred to as investment management or portfolio management, money management is the process of budgeting, saving, investing, spending or otherwise overseeing the cash usage of an individual or group.
Money management deals with the question of how much risk someone should take in situations where they are unsure of what to do. More precisely how much of the decision maker’s wealth should be put at risk in order to maximize his or her satisfaction.
To save money, working youth can cut down on cost and not go out and buy unnecessary things.
For example, instead of buying an entire outfit, buy clothes that compliment what you already have.
If you frequent the movie theater, go to the movies less; maybe once every two weeks instead of once a week. Sharing music is another good way to save money, borrow someone else’s CD’s instead of buying an album just for a few songs.
Set certain times for your cell phone, cut down on cell phone use and on the cost of your cell phone bill.
You do not need to buy new model phones just to keep up with everyone. Buy something that basically you can use. Phones that can take pictures and hold music are nice to have, but they serve no real purpose.
What ever money you get you take a certain amount and instead of waiting to put it away, put it away immediately.
Discipline yourself not to touch or use it.
Get your parents to open a bank account for you. The best account for a high school student would be a student savers account.
You put money in your account and they pay you interest; when you get a certain amount of money in there they add a little bit more to it.
If people are at least eighteen, working and have money, they can open a checking account.
Learn to balance your check book and fix a budget on what you want to spend the money on.
Maybe if you don’t have enough money to get something at this time you take part of that money and put it away for a specific thing and to keep away from buying things on impulse.