Best Money Saving & Investment Advice for Youth, Resources

The Best Money and Investment Advice for Youth... In Today's Tough Economy

Money Advice for Youth Saving money in today’s difficult economy can seem tougher than ever before. With the world’s economic state so volatile, young people need to understand now more than ever the benefits and importance of making smart choices when it comes to finances. The earlier people start working on a financial plan for their future, the better the odds are that they will be able to retire more comfortably and have a stable nest egg built up. Although the current economic standings seem to be negative, it is always better to plan ahead, so that you have a better chance at financial stability later on down the road.

One of the most important rules of spending and saving is to never spend more than you have. Credit can be a dangerous thing, and too many young people, particularly college students, fall into the credit trap. Remember that if you don’t have the cash to buy something, it is probably best to save your money for it until you can afford to pay for it all at once in cash. In fact, you might realize later on that you didn't really want that thing you were pining for anyway. Sometimes, if you put off making big purchases, you find later that you didn't really want to spend the money on them in the first place. Another, and perhaps the most important of all rules when it comes to finances, is to begin saving early. The earlier you start saving up, the more money you'll have later on, and the better your saving habits will become. A savings account is just one way you can save. Stocks, bonds, CDs, mutual funds, and even 401(k) programs for youth are available to help you get the most return out of your savings.

It is really key that young people educate themselves about money and smart spending, so that they can understand the role of credit and how it plays a part in everyday living. Setting a goal is a great way to make sure you reach your financial dreams later on in life. Think about where you want to be financially in ten, twenty, or even fifty years from now. Having a long term goal and a snapshot of your finances in mind will help guide you throughout your monetary journey. Do you want to own a home by the time you’re a certain age? How about your retirement age goal? What about other things like owning a boat or being able to take a nice vacation? All of these things cost money and most require good credit, so it’s important to understand how this works so you can make large purchases and do the things you want.

Investment is an important part of saving, and purchasing stocks or bonds is a good way to learn about how investing works. Gold and silver are also quickly becoming hot investments that usually have a safe, guaranteed return. Learn about risky investments versus safe ones, and what the different rewards are. You can enroll in online “mock trading” role playing games to help learn about trading stocks. This is a good way to introduce young people to the stock market without making any actual investment first. Overall, having good common sense when it comes to money and not spending too much is a great way to ensure your financial future will be secure. Investing, saving, and learning about credit and how money works will help teens and young adults pave the way for adulthood and into retirement.

For more information about smart spending and saving, please refer to the following websites:

Saving at a Young Age – This article discusses saving money for retirement at a young age.
6 Money Saving Secrets – Here are six helpful secrets to get you started with saving your money early in life.
Getting Teens to Save – This site talks about how parents can encourage their teenagers to save money.
Tips for Teens – Here are some great tips for teens to help them invest and save their money.
5 Ways to Cut Spending – Here’s how you can cut spending and still afford to do cool things with your friends.
Practical Money Skills Games – Check out these fun, educational games designed to help kids learn to develop practical money skills.
Money Tips for Teenagers – Here are ten great tips for teenagers to help them spend and save wisely.
Teaching Kids about Money – This is an excellent article to help teach kids to handle their money wisely.
Teens and Stocks – Read this for more information on teaching kids about stocks.
Bonds – Learn about bonds and investing in bonds here.
Mad Money – This game educates kids about saving money so they can buy the things they want.
Compounding Interest – Learn more about the magic of compounding interest here, so you can save up your money and earn interest on it.
Investing Tips for Teens & Young Adults – Read this article for some good investing tips.
Teenvestor – This website is an excellent resource for teens interested in saving and earning money.
Investing Tutorial – Use this site as a guide to help you learn about investing your money wisely.
Investeens – This website is dedicated to helping teenagers learn all about the value of investment.
Tips for Saving Money – Here are great tips anyone can use to help them save money.
Thrifty Living – Consider these tips and factors when it comes to saving money on food expenses.
Managing Money – This website has tons of great information about managing your money.
Saving Money Information – You'll find some good information about saving money here.
Saving & Investing – Read more about saving and investing money here.
Grow Your Money – Discover how you can make your money grow with these investing basics.
Personal Finance Quiz –Take this quiz to determine your personal finance and investment risk tolerance.
Personal Finance Tips – Some helpful personal finance tips for young adults starting out on their own.
Teen Money Management – Some great resources that can be helpful for teens learning how to manage money.