What You Really Need

Here is one typical situation. You walk into a store, hoping to find a notebook so you can actually take down notes for that big test in science class. On your way, you happen to pass by the new limited edition CD of your favourite band that all your friends have. Helplessly, you pick it up and end up buying it.

That is what a lot of teens are like. To be honest, I'm like that sometimes. Teens do not think about the consequences of the new item, for example, the new MP3 player. Sure, you may think that MP3 players couldn't possible have any consequences, but there are little problems you need to manage. You would have to buy the music you want to go on your player, you would have to buy a warranty, if you want, or you will have to deal will the malfunctioning of the player. All of that costs money. I'm not saying MP3 players are bad, and you cannot buy it at all, but think about all the advantages and the problems first...can you afford the pay? What good will this do to you?
Teens need to ask themselves these very important questions:

Do I really need this right now?
Can I go on without this item?

Not a lot of teens ponder on that question. They see the new item, they follow what is called a trend. A trend is the newest, or 'hottest' fad, or fashion. For example, you classmates are all wearing red shoes, and most teens want to follow the newest trend, just to be modern or just to get along with others. However, trends go by quickly. If the 'red shoes' trend is replace by the 'blue shirt' trend, you probably wouldn't touch the shoes again.

Now, thinking as a good money manager, you need to think what the fashion companies are doing. For example, in February, the red shoes are $35. Then, the words of the new trend reaches the company March. The company wants to make money, and since they know they are can make money with the red shoes, business starts. In March, the red shoes' price could jump up to $140, and that take money out of your pocket.

So, ask yourself!

Back to Menu