What Do Teenagers Waste Their Money On?
Posted by Ryan in UncategorizedAs a teenager, I will admit to wasting a lot of money on things that I really could do without and it is safe to say that I am not the only teenager in the world to do so; in fact I think you would find it hard to find one that didn’t waste a lot of their money. So what do teenagers spend their money on and why?
Alcohol
Drinking is extremely important for younger people nowadays and this is even true if you are staying away from home at college or university because you do not have the parents there to tell you what is right and wrong. Many teenage students would much rather waste their funds on a great night out over paying for the right meals to eat and even paying off that all important loan that they will be left with after university. Although it is certainly not a bad thing to be buying the occasional drink and going out with a couple of friends, I certainly wouldn’t advise you do it all of the time because you are essentially just throwing your money away (or in some cases throwing it up and then flushing it away).
Video Games
A lot of teenagers (including myself) now find themselves spending a lot of money each week on buying the newest video game. Now if you look back 10 years, that generation of teenagers would only spend a very small amount of money on things like this and this was simply because the range of games that were released each week was very small indeed. If you take a look at the market now you will see that there are a number of games, perhaps between 3-5 decent games released each week. You can see the problem here if a teenager wants all of the video games but has very little money to spend each month.
Food
Although teenagers staying away will not be spending much time and money on food it would seem that teenagers still at home with a part time job spend a lot of their money on food and drink. The fact is that a lot of teenagers couldn’t really care less about the price of their food because they have the money to waste.
You will most likely not be surprised when I tell you that teenagers do not eat enough vitamins, minerals and other good things that a growing body needs. This of course is thanks to the great fast food chains that are of course very good for giving the growing body plenty of saturated fats.
Fashion
Anybody who wants to be cool as a teenager will know that fashion is very important and it would seem that a good sense for fashion comes with a very high price tag. Fashion is even more important for the teen girl, and many women will not want to go out twice in the same outfit which poses the question, how on earth can they afford to do this?
Well the fact is that most of the time they cannot afford it and they start to end up in debt in a very short space of time. The best thing to do is to always watch the bank balance, do your banking online so you can keep a close eye on the money that you have left in the account. If you want something and do not need it why not take a look into the account first to see if you can even afford it? After all there is no point getting into debt at such a young age as it will start to set a trend for the rest of your life.
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Twitter: jamesbrobinson
says:
Very much enjoyed your guest post; however have to beg the question, in relation to the fashion part where you mention getting into debt: who is extending lines of credit to the average teenager to facilitate spending money they haven’t got? Okay, I accept that 18 and 19 year olds are still teenagers and will be able to get some form of credit, but there are those between 13-17 year olds who can’t. In your experience, would they be turning to family and friends for credit?
Great post, voted for it on BlogEngage.
.-= Rob is hoping you stop by and read How to: Use Twitter to get better customer service =-.
Twitter: ryanogs
says:
I have to say that most teenagers get money given to their parents so they can go out and buy things, this is not a problem as there is only so much money they get a week but when it comes to the time of getting credit cards I think that the shock of getting your own card is almost an encouragement to actually go out and spend, spend, spend.
On top of this it would seem that many parents just spoil their kids rotten when it comes to clothing and wilkl fork out £100 + just for one outfit, it is a mad world.
.-= Ryan is hoping you stop by and read Do Kids Even Build Model Kits Anymore? =-.
Twitter: money_whisper
says:
I never spent money on alcohol because I drink rarely, I think I haven’t finished a single beer this year ’till now. I began doing sports before high school and I when I was a teenager I already knew how to eat healthy so I can’t say I wasted money on food neither. Regarding fashion I have to admit that I wanted to be in line with others but I only bought what I was really needing not what other people were wearing. Regarding video games I have to say that when I was a teenager video games were not very popular and not too many so I didn’t wasted money on that neither
Twitter: ryanogs
says:
I also manage to keeo my finances in order and still have money leftover at the end of the month, I think it just boils down to people just wanting to fit in and not looking at their bank balances as often as they should be.
Twitter: money_whisper
says:
To me it haven’t happened for a few years when I was still in college to remain without money at the end of the month. I grew up, I learned my lessons and I am doing quite well now. Happy me!
Twitter: NedCarey
says:
Wow, you mention nothing of lasting value. I am 50 and still have some things I bought as a kid. They still provide value to me. In some cases monetary value as the stamp collection I had as a kid is worth a tidy sum now.
I certainly don’t expect a teenager of today to collect stamps but you should be aware of the tremendous cost to your future by throwing money away today.
.-= Ned@Baltimore investing is hoping you stop by and read A Base Hits Beats A Home Run =-.
Twitter: ryanogs
says:
I totally agree with you on lasting value, I have been playing video games for a very long time and there are days where I will go back to a game I got in the mid 90s and replay it once more on the old console. Keeping the things that you buy is a very important thing indeed. I worked out the other day that I had spent roughly £3,000 on Xbox 360 games and I am certainly not in debt, mind you this is over a period of a few years. The £40 a pop really starts to add up
Not just money! I know so many people who spend 12 hours straight on Call of Duty. I’ll play an hour every 2 weeks just to get away from work and do something different. Oh man, some times I feel like I’m wasting my life away. How do people do it for 12 hours straight? On a positive note, the people who spend the $60 for the game are getting a great return if they are playing it all day.
.-= Anthony @ Innovatively Simple is hoping you stop by and read Businesses & Relationship Building =-.
Twitter: ryanogs
says:
I will admit that my record for sitting on a console sits at around 14-16 hours lol! I never do this anymore because I am working and of course have a social life but I will try to always gind time to actually fit in an hour or so a day.
.-= Ryan is hoping you stop by and read Do Kids Even Build Model Kits Anymore? =-.
Hopefully teens will take the time to read your advice and make efforts to be more careful about the way they spend their time and money. That said, I would be surprised if they did because most simply don’t have to be very responsible. However, the sooner that one learns how to have fun in a reponsible manner (more beneficial on a long term basis), the better off they will be but I am sure most of us happily remember (sigh) those carefree days…
.-= Chuck Edwards@Weight Loss Tips is hoping you stop by and read How to Lose Weight at Home =-.
Twitter: ryanogs
says:
Those carefree days have only just ended for me so I remember them well, I am glad that coming to the end of my teens I am not currently in debt
.-= Ryan is hoping you stop by and read Do Kids Even Build Model Kits Anymore? =-.
Twitter: extremejohn
says:
If I were putting a list together for my son it would include the following:
1) Video games
2) Anything video game related
3) iTunes
.-= Extreme John is hoping you stop by and read Unstoppable =-.
Twitter: ryanogs
says:
I have to say John those are most likely my top 3 too!
Twitter: simplehomeorg
says:
My teen son is a huge game collector, but he uses his own money. He definitely thinks before spending his precious money on a game. I’m guilty myself.. I play CODMW2, Halo, etc, but I couldn’t stand to play over 2 hours at a time like my son does.
If you don’t learn to manage money when you are younger you will find yourself in debt quickly once you are on your own.
When my kids beg for something, my answer is always the same: “Do you have money for that?” If they didn’t budget their allowance and birthday money, they are out of luck. They know I don’t front $ money for purchases. I am anxiously awaiting back to school shopping with my daughter…when she realizes she blew all her money on virtual clothing and items this summer. Lesson learned the hard way.
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