Am I stupid when it comes to my money (I'm 17)?

Question

I make around....$45-70 a week (babysitting is my only source of income and I babysit for about 5 different families).

I tithe on everything I make, and I also give $10 to Missions, $5 Church Building Fund and $10 to Youth Group New Bus Fund per month.

I pay my parents $28 a month for cellphone and internet service but thats about to go to $33 since I'm gonna add texting.

15% goes in my savings account, and the rest in my checking. I have $50 in there i don't touch for "emergency". and the rest I spend (or i save for something and then spend it). already with my money i have bought a laptop (that one took me a while to save for), a really nice cellphone, a mp3 player, a playstation, a camcorder, and now I'm saving for a digital camera and new skateboard.

to my parents it seems like I just "blow all my money on stuff".

i don't need to save for a car because I already have one (my dads old car), and my college is paid for.

but with all my stuff that I use and enjoy every day, it does kinda seem like I'm blowing my money. but all my family and friends get nice gifts for Christmas and B-day and I lend money to them, and occasionally I'll sneak $20 in one of my parents wallets to help out with expences, but do you think there are some things I could change to have better money habits? or do you think I'm doing ok?

Answer 1

Well, i think it all depends on whether you enjoy spending your money on these things because what you spend your money on should make you happy.

Answer 2

No. You sound like a very smart girl. I think it's great that you give money to your local church and your parents. You work hard and you shouldn't feel guilty about spending money on yourself. Any parent would be lucky to have a daughter like you!  

Answer 3

It sounds like you are doing a good job with your money. I find it impressive that you are giving to charities at your age and slipping the parents a few bucks. You can never save enough, but you are 17 and need to have fun. Overall, you are doing well.

Answer 4

I am glad to hear you give money to the  to the Church ,Most young ladies your age would not do this.I  don't think you are blowing money.But remember in a year you will be off going off to college and you will need food and cloths and if you are living off camus you Will have to pay rent and such. You are off to a Great start and when you grow up I think you will do Great in the working world!

Have a Blessed Day !

Answer 5

The #1 question is to ask "when do you stop?" I guess.  You are buying a lot of non-essential "stuff" and if you're enjoying it and using it regularly it's not quite so bad.  It's nice the college is "taken care of" for you.  School can be expensive past tuition, books, and basic room and board.  Having more that $50 in an emergency fund is not a bad thing at any age.

I guess you just need to find out if there is only a finite amount of "stuff" that you "want" or after you make a purchase something else is always on the list for what's next to buy.  If you aren't ever happy with what you have then you're not being smart with your money.  There is always going to be the need to upgrade or replace things (or the urge to buy the newest gadget), but are you doing it because you can or because you need to?

Answer 6

For 17 you sound like you've got a VERY good grasp on your finances. You are way ahead of most adults with your maturity about finances. Most adults don't know where their money goes and they spend more than they earn. You're saving, budgeting, giving, and planning ahead. That's awesome girl!

The only caution I'd have for you at your age is to be very cautious about debt. In our society it's easy to get in over your head and once there it's really hard to get out.