MASTERING YOUR MONEY

A Teenager’s Guide to Developing a Positive Money Mindset and Financial Habits

- DR RESHAM SATYANI

As a teenager, the world of money can seem both exciting and overwhelming. It’s the time when you start earning, spending, and maybe even contemplating your financial future. Cultivating a positive money mindset and adopting good financial habits can set you on a path to financial success. In this article, we’ll explore the key principles of developing a positive money mindset and establishing habits of saving, spending, investing, and giving that will benefit you in the long run.

The Power of a Positive Money Mindset

Your mindset about money plays a crucial role in shaping your financial future. Instead of viewing money as a source of stress or restriction, see it as a tool that empowers you to achieve your goals and live a fulfilling life. Renowned financial expert Suze Orman once said, "People first, then money, then things." This mantra underscores the importance of prioritizing relationships and values over material possessions.

Here's how you can develop a positive money mindset:

1. Understand the Value of Money

Appreciate the effort it takes to earn money. Whether it's from a part-time job, allowances or gifts, money represents time and energy. This realization can instil a sense of responsibility and mindfulness in your financial decisions.

2. Delayed Gratification

Not every desire needs immediate fulfilment. Practise delayed gratification by resisting the urge for impulsive purchases. Instead, give yourself time to evaluate whether the item aligns with your priorities and budget.

3. Stay Positive in Setbacks