Parents, do you think I'm 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

I know adults who don't handle their money as well as you do!  I think your doing great and could be a real eye opener to my almost 18 year old!  Now, he blows his money and then ask to borrow from us!  

Answer 2

You would be blowing your money if you were eating out frequently, not saving anything and had nothing of value to show for your purchases.

I find your habits to be very responsible and I think more 17 year olds (and some adults) should take notice.  

Answer 3

I think your doing okay honestly your doing alot better than I did when I was 17.

Answer 4

oh wow you are doing just fine and your parents should be proud. Do not lend people money unless they pay you back. Keep up the good work.  

Answer 5

I wish I was as responsible with  my money when i was 17!  Keep it up!  

Answer 6

i think you are doing ok withb ur money most people your age dont even have any source of income and think things should just be handed to him.. now when it becomes the time for you to drive i would think that u are going to use some of the money for gas and hey to make a little extra money when people want a ride somewhere charge for gas...i think its good that you give so much and you worked for your money you should be able to spend some of it as long as you are taking care of your responsiblities first which it seems like to me you are

Answer 7

You're tithing, you're saving and you're paying for your own cell phone.  I think you're doing great.  Keep it up.

Buy those toys while you can because once you move out and have a long list of bills, you won't be able to afford them anymore.

Answer 8

Wow. If only I had prepared myself as well as you when I was 17. I think you're doing an amazing job. Whatever you do, don't get a credit card though :) And keep in mind that once you move out on your own, whether for college or after college, that you'll be having more bills to pay for such as rent for an apartment and your own cell phone and internet that your parents won't be paying the majority of anymore. The job you have now seems be doing well for you but you may either have to take on more clients or get a higher paying job once you're on your own. If you can stay with your parents or in a college dorm during school that would be superb and give you more time to save for an apartment and the extra expenses that come with it. In the meantime, keep it up.

Answer 9

I think you are doing fine!  I wish more teens would do as well!  

Answer 10

i think you are doing great.

but I would do research on compound interest.

an old investment story goes like this:

if you put a quarter a day into a savings account when you were born, you'd have a million dollars when you turn 21.  interest rates are so low right now like 2 % (golden age in the 1980's, they were at 6%).

anyway, yes your are buying all this stuff now but what would you have if you actually put it into a growth fund like a cd in one year?  My parents taught us about investing in stocks and bonds when we were in high school.

maybe it's time to take your financial intuition to the next level.  Think about becoming a lawyer in college (no, not the kind that tries criminals), but rather a business minded lawyer/corporate lawyer.

who knows, maybe you'll be the next donald trump.

Who are the super rich?

http://www.msnbc.msn.com/id/25244140/

Answer 11

you sound responsible

sit down and show your parents the numbers

Answer 12

if more kids managed thier money the way you did, less parents like me would still be semi-supporting their 20-something adult children

however, it does seem to me that you are blowing an unusually large amount to your church.....you worked for that money....keep more of it for yourself.

at the end of the day  it's your money and nobody's business how you spend it...you worked for it....

Answer 13

Um you're doing better than "ok".  Giving percentages to causes is wonderful.  Most adults, including me, don't even do that.  Kudos!  Also, putting 15% into your savings account is brilliant.  Keep up that habit!  It'll really pay off.

I don't think you're blowing your money on stuff.  You seem responsible and you're treating yourself to some nice things.  It's awesome that you're able to help out family, too.

I hope my daughters are half as responsible with money as you are.  Kudos to you!

Answer 14

Well, assuming you make $45 a week... $180/month... $43 goes to the church, $33 to your parents... $27 to the bank... That only leaves you $77 spending money a month. I think most teens (and adults) waste $77 a month on whatever, so its not a big deal...

I would consider saving your money for college though. Even if your tuition is paid, you will still want spending money while in college. 3 am pizza runs or late night presentation you have to finish at Kinkos... everything costs. I think you are doing a great job though.

Answer 15

It all sounds great. The only thing I might suggest is to put some into an investment plan, i.e Mutual Funds,etc. Go to a local broker (not online) so your parents can be with you. My oldest son (just turned 16yrs old) has been investing every 2 weeks since he was eleven. They are just small amounts but it all adds up. He will not touch any of them until he is 25yrs old. He should be able to buy his own house right out of collage. He ( and I) read a few books and learned it all himself and taught me tons. The books are...Rich Dad Poor Dad By Robert Kiyosaki (we go to libraries first before we buy). Great read for your folk too. What started his ventures and/or interest in all this was a game he played at a home schooling resource center. It was called Cash Flow, in which the author of the book invented to teach youth money management.We also have read The 7 Habits Of Highly Effective People, and took a Dave Ramsey class(free) look him up online and you can find a local class. Ok I guess that is a good start. Good Luck.

I hope this helps you or any of the other readers.

Fre`

P.S. I was a single mom on welfare when all this came to our life.After 8 mths. of practicing the things we learned we were debt free and collage savings started for all 4 of my boys.I am still a single mama but not on welfare,working from home, and still home schooling.!! Yeah!!!

Answer 16

Your fine. And at least your learning how to save up for things your want. Your not blowing your money, your only 17. It's not like your married or have kids to take care off.

Answer 17

You're still a kid-you SHOULD be blowing your money on things! You won't have much of a chance when you're older.

Stop sneaking money into your parents wallets and curb the lending out. If they ask why then say you're trying to be more careful with your money like the suggested. If they can't be grateful to you for helping out (which, at 17, is really sweet of you) then sod them to be honest! Enjoy your money-you are doing FAR better than I was at your age...Far better than I am now to be honest!!!

Answer 18

Honey, you're doing fine. If you have to put  money INTO your parents wallets, they're the ones with the issues, not you.