Impulse shopping drains your bank account!
I know, I know. We spend so much money without even thinking about it. There's the occasional item that costs a lot, and then the everyday necessities.
But do you know how much an average teenager spends in a whole year?
We want it now
Many teenagers say that they spend their money within one week of getting their paychecks. We do a lot of impulse buying and get what we want when we want it!
We don't think about what we might need in the next few weeks—just what we want in the next couple days. This hurts our pockets and may cause us to go into debt.
For example, I work at Wendy's. When I get paid it's hard not to go out and just get everything I've wanted for the past couple of weeks. When I spend all my money right away, I regret doing so.
One time I just got paid and I got into my car…and went to the mall! I bought tons of clothes and was so excited. A few days later, I regretted buying all those clothes when my closet was already full. Those new clothes were just extras I bought simply because I had the money.
Even teenagers are influenced by the economy.
Since I have a job, my parents are less willing to give me spending money. They know I earn it, and it would be my own fault if I spent it on something I don't need.
Because of the economy, the New York Times says that teenagers, like everyone else, are spending less. In 2008 we teenagers dropped our discretionary spending (spending on things we have choices about and don't need, like entertainment, clothes beyond the basics, and snacks) by 27%. We went from a high of $3,650 in 2006 down to $2,600 in 2008.
Still, we spend without thinking and don't give much thought to how to save or make more money...