We need to buy food, clothing’s, a home for shelter and even other necessities. But what’s the problem then? The problem is the mismanagement of money. We succumb to our wants and abuse our financial freedom

Let’s not beat around the bush. What’s the solution? Numerous to name, but one of the key solutions is Budgeting. That’s the key to survival. We have to learn to understand that we must not purchase things that we do not need. Managing money is not only for people who are poor or who hail from middle class families. But also people from well to do families. We must learn to live within the means of what we can afford. We should never spend more than what we earn. For some of you who are reading this, you are not even earning. So, think before you burn your father’s hard-earned cash. Especially that brand-obsessed bunch of teens.

Managing your money is a trait, a skill. It soon develops into a good habit. There are so many people I know who have a nonchalant attitude towards money and its value. When we manage our money, we aren’t learning the value of the money really. We are actually developing a good characteristic within us. It’s not about saving and accumulating more and more money. It’s about discipline and how we look at things in life and approach different situations. It’s an attitude that makes us more self-sufficient. Money is just another tool that we acquire in life, to assist us in maintaining life.

True, money comes and goes. Most of the time, money can only buy us durable goods. It cannot bring back the dead, not can it take the pain away from a betrayed lover’s heart. But money can prevent. It can prevent a sickness from getting worse. It makes our lives a tad bit easier. Money offers luxury and sometimes it is alright to indulge.

Learn to understand what money is all about.

$$$ - You are not too young to create a bank open. Get your parent’s help first. They will be impressed with your initiative. Build a habit to deposit some amount into your account every month. Use the money, in emergency, or even if you want to pamper yourself with a little gift- but don’t let go of the habit.

$$$ - Gang up with your siblings- save money together. The deal here is to have motivators around you. Having someone save with you is good so that if you feel tempted to spend, you can have your siblings stopping you.

$$$ - Read up on money management and how you can come up with creative ways to save your money or use it in a better way.

$$$ - You must be able to differentiate between your wants and needs. Getting that latest MP3 player is an obvious want. Buying a plate of chicken rice or a simple healthy meal is a need. Now, going to lavish food joint and splurging money on a large glass of ice-coffee and ‘branded’ cookies is a want as well.

$$$ - Expose yourself to the pain and stigma involved in having debts. You don’t have to literally expose yourself to these situations by borrowing money and not paying back- just read up on debt stories and the trauma people go through.

$$$ - If you can afford the time, get a job during the holidays. As you earn, you will develop a sense of financial independence and learn about the relationship of money, time, skills and energy. As you spend, you realise the difference between wants and needs. You have opportunities to compare alternatives. You make your own decisions and take responsibility. And you also learn to keep a record of your expenditures.

$$$ - You might also want to seek advice on money matters from your grandparents. Don’t ask me why not your parents. We have a special relationship with our grandparents. They come from an era where everything in life was valued. They can share with you about the finer things in life.

Let’s just roll along with the idea here. When you save your money, you form a good attitude in life. Unlike your friends, your thoughts are more mature and you don’t take things for granted. You don’t buy things you don’t need. You are proud that you have savings. You are eager to save more and should your parents ever need your help, you will be so glad to chip in.

Don’t get me wrong- I’m not saying that saving is the only way and right way of managing your money. Investment is another good and interesting method of managing your money. But you are too young for that right now and your priorities are something else. However when you do get older, you will find that your money is too quickly being consumed by monthly instalments, food, insurance and many necessities too numerous to mention. The habit is best formed now. It’s all about making your life easier in the future. It will also be useful when you pass on effective money managing tips to your children.

It’s sad that managing money is not a subject taught in schools. I know some of you are exposed to the principle of accounts, but it’s a whole different concept. If you are really keen on knowing more and you don’t want to seem like the only one saving money- suggest to your teacher to organize a small seminar for everyone about managing money.

Be safe. SAVE.