The Complete Guide to Personal Finance for Teenagers and College Students

The Complete Guide to Personal Finance for Teenagers and College Students

by Tamsen Butler

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Overview

Advertisers are well-known for targeting teenagers and have a firm reason for doing so: Teenagers spent close to $190 billion in 2006, and that figure is expected to jump to approximately $209 billion by 2011. It seems quite obvious that teenagers know how to spend money, but do they know how to save?

Personal financial planning is the process of establishing your own financial goals and finding a way to reach them. It is an ongoing process that involves examining all existing resources, developing a plan to use them, and systematically implementing the plan to achieve your goals. While teenagers yield immense spending power, many lack the financial knowledge necessary to manage their money wisely. The Complete Guide to Personal Finance: For Teenagers is a reliable and relevant source of financial information in which teenagers will find a wealth of useful information.

In this new book, you will learn how to get and manage credit, how to make and stick to a budget, how to save for college, how to determine your needs versus your wants, how to pay for a car, how to finance college, how to manage risk, how to open a bank account, how to write a check, how to balance a checkbook, how to avoid the pressures of consumerism, and how to avoid financial mistakes. 

You will also learn about investment options, taxes, checks, debit cards, credit cards, and basic budget tips. This book is filled with helpful suggestions from financial and family counselors, and you will discover creative ways to get a jumpstart on your financial future and use money responsibly. Even if you have had a few missteps along the way, you will be able to learn from your mistakes and get on the path to financial well-being.

Product Details

ISBN-13: 9781620230701
Publisher: Atlantic Publishing Company FL
Publication date: 07/30/2015
Edition description: Revised
Pages: 288
Sales rank: 197,650
Product dimensions: 6.00(w) x 9.00(h) x 0.80(d)
Lexile: 1190L (what's this?)
Age Range: 13 - 17 Years

Table of Contents

Foreword 11

Introduction 13

Chapter 1 Learning from the People Around You 17

Your Parents 18

How to ask for a peek 22

Learning by example 23

Other People 24

Chapter 2 Spending and Saving 31

Needs versus Wants 32

Need versus wants questionnaire 34

Why does it matter? 37

They All Want Your Money 41

Impulse buying 43

Sure, you can spend 46

Chapter 3 Stashing Your Cash 53

Different Types of Bank Accounts 54

Savings accounts 54

Checking accounts 58

Other types of accounts 60

Putting Money into Your Savings or Checking Account 63

Depositing money by mail 63

Depositing money by ATM 67

Depositing money by other means 71

Where Should You Put Your Money? 72

Develop your plan 77

Picking a bank 81

Online Banking 83

Fees 85

Chapter 4 Budgeting Basics 91

What is a Budget? 93

Create Your Budget 100

Write it down! 100

Track Your Spending 109

Cash envelopes 110

Spending logs 115

Sample spending log 119

Cards 119

Deciding how to track your spending 126

Chapter 5 Creditors and the Games They Play 129

The Principles of Credit 130

Common credit card fees include 132

The Tactics 135

Look out 135

Here, have something for free 136

Here, let us help you 138

Here, buy anything you want 139

Here, become an adult 144

Minimum payment: Bad news 146

What if I don't pay? 150

Chapter 6 Debt, Debt, and More Debt 161

Good Debt and Bad Debt 163

Good debt 164

Bad debt 164

Handle your debt 168

The debt spiral 177

Are you in trouble? 178

Getting rid of debt 182

Chapter 7 What Are You Saving For? 185

How to Save 186

Saving for things you want to buy 186

Saving for college 191

Student loans 196

Saving for a rainy day 200

Chapter 8 Getting Money 205

Getting an Allowance 207

Getting a Job 211

Resources for Finding a Job 216

Create Your Own Job 218

Get rich quick? 224

Chapter 9 Financial Responsibility 227

Cosigners and Joint Accounts 228

Parental access 231

Chapter 10 Credit Reports 233

What's Listed? 234

Credit Scores 235

Identity theft 236

Chapter 11 Everything Else You Need to Know 243

Investing 244

Taxes 245

Insurance 246

Chapter 12 On Your Own 249

Making the Decision to Leave 249

The Current State of the Economy 252

Budgeting Worksheet 253

Conclusion: Congratulations! 255

Glossary of Terms 257

Author Biography 277

Bibliography 279

Index 281

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The Complete Guide to Personal Finance: For Teenagers and College Students 4.3 out of 5 based on 0 ratings. 7 reviews.
LisaMSmith More than 1 year ago
If there is a must-read book for young people today, it's "The Complete Guide to Personal Finance: For Teenagers and College Students" by Tamsen Butler. This book undoubtedly fills in the gaps in the area of managing debt that schools and parents don't cover. Butler slowly takes the reader from the easy to the more complex areas of debt managment and with each topic gives examples that are in-line with its target audience. Read Chapter 3: Stashing Your Cash. Then ask your teen or college-age child if they know the difference between a debit card and a credit card, or if they know that a CD is not just a disc that contains music. There is a good chance you'll receive a shake of the head, which means your job in preparing your child for the real world isn't over just yet. Most parents, when considering having "the talk" with their child(ren) normally don't consider financial responsibility as a part of that talk. And it's a safe bet such topics as comparison shopping for banks and credits union, alternative forms of saving such as money market accounts and CDs, and how interest is compounded for a savings or a credit card account rarely make dinner conversation. Butler's book covers these topics and more, and constantly reiterates how easy it is to get into debt and the importance of budgeting. So if you're unsure on how to approach the subject of finance with your children, purchase a copy of this book but don't let it be your sole method of educating them on financial reponsibility. Use it as a jumping off point to a more in-depth conversation. Forewarning your children about the pitfalls of reckless spending is forearming them.
AngieMangino More than 1 year ago
The Complete Guide to Personal Finance For Teenagers and College Students By Tamsen Butler 2010 Atlantic Publishing Group, Inc. Reviewed by Angie Mangino Rating: 4 stars The personal finance education Tamsen Butler provides in this guide is not a boring course by any means. This comprehensive book talks to teenagers and college students in a down to earth real life manner, giving them the basics that will capture their interest, and the options to handle their money now. Why is it important to learn how to handle money while young? The good habits learned now will serve throughout life, especially now when there are no firmly established bad habits they would have to unlearn. Handling money well is an important first step to independence. This book gives the full picture in short, specific case studies, mainly from other teens, but additional from a parent or two, and a financial expert. Learn the difference between needs and want. Find out how to spend, how to save, and what the consequences are of debt. Know about the different types of bank accounts and credit cards. Find out the tactics that marketers use to influence teen spending. Save Smart Tips throughout the guide offer quick advice to help. A budget begins with the first allowance received, includes money received as gifts, and goes on to when a job increases income. Leaning how to handle money when young begins the path to independence. The concluding glossary of terms and bibliography of other books and websites makes this a valuable reference not only while young, but also helps ensure a better handling of money for a more secure financial future.
RenoMo More than 1 year ago
Where was this book when I was in school? Solid financial advice can be priceless and I'd like to think I would have at least browsed through this little (290 page) book and stored away some of the recommendations in the back of my brain for future use. Saving, saving, saving is stressed throughout the book and Tamsen Butler does an excellent job detailing the advantages of saving and the pitfalls of not saving money - clearly and concisely; defining the needs vs wants theory of spending. She does a great job explaining different types of accounts, and how interest (particularly compounded interest) can work either for or against you. In the section on credit cards Butler even details the 'hold' that credit card companies often put on an account when booking travel, hotels, and some other major expenditures. Something that a lot of adults may not even be aware of. From kids getting an allowance, to trying to balance a full time job and a college schedule, to the young adult leaving home for the first time, Butler explores various options for setting up a budget, explaining that discipline and self-motivation are key. She uses realistic examples and brief case studies written by real people - from how to afford concert tickets or a new CD to saving for college or a car, to handling your money once you move out and are on your own, including how to use a credit card responsibly. The author encourages parents to sit down with their kids and have a heart to heart about finances. After all, our first, and probably most lasting lessons about finances come from our families. It's how we handle money that affects the way our children handle money. Even if we never discuss it, the examples and the visual cues are there. Although written for teens, adults would do well to peruse this book along with their kids. It's never too late to learn how to handle your money more efficiently.
iwatson on LibraryThing More than 1 year ago
We constantly hear of teenagers or college students, once of out of school, getting themselves in to desperate financial situations because of their lack of discipline or knowledge. Once on their own it seems like every credit card company gets their address and bombards them with enticing advertising. As well, student loans are easy to get and just as easy to spend not anticipating they will have to be repaid with a high interest attached.This book is a very important component of the teen or young adult's reading material before embarking on their own. Much of the information isn't taught at school and in many cases never discussed with parents. Also, in many cases the parents themselves aren't well versed in financial matters.I believe Tamsen Butler covers all the necessary aspects of providing information so as not to get into debt or succumb to easy loans or credit cards. She also covers spending, saving, and budgeting. I specifically like her explanation about creditors and the "games they play." As well, Tamsen covers areas such as different kinds of debt, responsibility, and credit reports. From what I can see nothing was missed to give the young person the basics of sound financial management.I do recommend this book be given to every teen before they leave home and embark on their own. It may the best investment in their lives.
LamishaSerf More than 1 year ago
With an ever-changing economy, financial know-how is a must especially for teenagers and college students in order to begin their financial future on the right foot. Author Tamsen Butler has done an outstanding job of using engaging case studies, budget worksheets and real life examples to guide readers through the seemingly overwhelming topic of personal finance. She covers everything from setting up a budget, different types of bank accounts, and saving for the future to more complex topics such as debt, credit cards, mutual funds and IRA’s. It is hard to believe there is so much valuable information covered in a book with less than 300 pages. The information contained in this book is not something that is typically taught in high school or college and while many adolescents get to college without knowing how to manage their money it doesn’t have to be that way. Parents and grandparents may want to give their children and grandchildren an opportunity to learn the importance of personal finance and, The Complete Guide to Personal Finance for Teenagers and College Students is the perfect book for that purpose. This would also be a great book for teachers and schools that wish to introduce the principles of personal finance in the classroom to give adolescents a jump start on good financial planning for the future. Overall this book has great information in a well laid out format for teens, college students and even adults.
iwatson58 More than 1 year ago
We constantly hear of teenagers or college students, once of out of school, getting themselves in to desperate financial situations because of their lack of discipline or knowledge. Once on their own it seems like every credit card company gets their address and bombards them with enticing advertising. As well, student loans are easy to get and just as easy to spend not anticipating they will have to be repaid with a high interest attached. This book is a very important component of the teen or young adult's reading material before embarking on their own. Much of the information isn't taught at school and in many cases never discussed with parents. Also, in many cases the parents themselves aren't well versed in financial matters. I believe Tamsen Butler covers all the necessary aspects of providing information so as not to get into debt or succumb to easy loans or credit cards. She also covers spending, saving, and budgeting. I specifically like her explanation about creditors and the "games they play." As well, Tamsen covers areas such as different kinds of debt, responsibility, and credit reports. From what I can see nothing was missed to give the young person the basics of sound financial management. I do recommend this book be given to every teen before they leave home and embark on their own. It may the best investment in their lives.
DaniGirlDB More than 1 year ago
A Complete Guide to personal Finance for Teenagers and College Students by Tamsen Butler provides a clear and invaluable survival tool that should also be read by their parents. Not only does it teach them about the kind of options available, but it also helps them to understand the consequences of their choices. As someone who worked as a financial counselor for over eight years, I particularly commend her on Chapter 6 (understanding credit and how creditors actually work), and well as Chapter 10 (understanding credit scores and the consequences of identity theft). I hardily recommend this book and just hope that anyone who gets it not only reads it, but practices what it preaches.