Teenagers are known for spending way too much. Teenagers believe once they receive cash or get a check, they need to spend it. They know to save some for college, but the real question is why do they spend so much?
In the United States, 63 percent of teenagers spend all of their paychecks on different items. Teenagers spend most of their money on food because they believe they should be eating out once a day. Once they get paid from either their job or from their parents, they spend 90 percent of it. Research shows that Starbucks is the most common place to spend their money. An average teen that goes to Starbucks spends six dollars a trip and spends $1,200 dollars a year.
Teens spend money on:
Online shopping is another way that teenagers spend money. Many teens look for sales at shopping malls and other stores. Studies show 79 percent of teens say that online shopping is a hobby. Boys shop online for personal use and spend 70 percent of their money on shaving items, cologne and watches or necklaces. OHS senior, Easton Reauvers said, “I spend a lot of money, but I need to start saving up for my future because I spend my money on things that are not needed.”Nowadays, everyone thinks phones are needed. Teens spend tons of money on phones, especially when a new one comes out. Studies show 73 percent of teens want to spend their paycheck on phones, phone cases or chargers. Spending money is a bad hobby for teenagers and a saving account or a safety deposit box would be the best way to keep the money out of their hands.
When kids turn the age of 16 the first thing most teens want to do is drive. They either have to pay for it or they are lucky, and get their parents to pay for it. Teens usually put away some money for a car and everything that goes with it. Studies show that 36 percent of teenagers put away enough money for a car. Source Without a job, 60 percent of teenagers get their money handed to them from their parents. Parents are taking on debt in order to make help make it easier for their child.
Teenagers are spending too much money and it is a growing trend. Saving their money will help them for there future. A saving account or a checking account with budgets are other ways to watch on how much they spend. A helpful tip is to write down how much you spend and what you bought. Another helpful tip is to make budgets for car, food, clothing and other for spending on oneself.