No ,I do not have a steady income i.e. a job.

Do I spend a lot ? Typically no I do not .

No I haven’t invested before but I am learning about smart investments in school this year.

Now for the shaboozie- Should teens ( I’m sorry young adults )
ever have a credit card ?

No!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

No one should ever have a credit card. If you don’t have enough cash for it then guess what ? You can’t afford it.

Credit cards are a wonderful way to put you in financial bondage.

Don’t give the screen that look. Just digest that for a minute.

I noticed a lot of you said that you would get your cards and control your spending, always pay on time, and only use them for emergencies.

First there is always going to be an emergency. And second most likely because of that emergency you get behind in your payments and then the cycle of interest and debt begin.

And that trash about building your credit ? Okay let me get this straight , you want to get debt so that you can get more debt ? That is nuts.

Obviously , I do not own any credit cards. And I am proud to say neither do my parents.

How do I manage my money? Usually I’m saving part of my money for something and the rest for charities at church.

Have I ever created a budget? How do you think I manage my money ?

Finally, what do I think about debt ?

I think debt is awful, a black pitiful mess that overtakes your life to the point when you can’t think about anything else but how you are going to make the next payment.

Hey I’m not the only one either. In Proverbs 22:7 it says and I quote “The rich rules over the poor, and the borrower is servant to the lender”. So God isn’t to hot on it either.

Also a little fact for your contemplation, 19% of bankrupcies filed in 2002 where made by college students as a result of credit card debt.

In conclusion I beg you to never ,ever,ever,ever,ever get a credit card or go into debt. Pay in cash and if you still feel the need for plastic get a debit card. That will just take the money from your bank account, thereby keeping you from spending money you don’t have.

I’m sorry if I come across as too strong but I’ve seen a lot of people in trouble over their debt ,mostly over credit cards and really just handling their money unwisely.

One great source on how to handle your money in a biblically wise way is Dave Ramsey. Check out his books and stuff if want to know more.

Right now before I’m an adult I’m committing my life to living free of debt and my big dream that one day when I attend college , that on graduation day I’ll be completely debt free. That way I can be free do whatever God has for me.

It’s not impossible. After all aren’t we all capable of doing -

Hard Things ?

Lord Jesus, I need some serious help down here! Surely it must be someone else’s fault I was born with expensive taste! Because a love of clothes and miniscule bank accounts don’t go together quite as well as milk and cookies!

I’m not sure the Daddy-I-Beseech-Thee-For-More-Of-Thou-Money line is exactly Rebelutionary, either.

Sometimes I just need God to shake my shoulders and say, “My beloved child, GET A GRIP!”, and my mom to say, “As much as you like it now, you can’t take it to heaven with you!”

(Just thought I’d mention I’m not applying for a credit card anytime soon…)

I have a part time job and I pay for my own car insurance, gas, and cell-phone bill. My mom is teaching me how to keep a budget and spend/save my money wisely. Ever since I was little my parents made me tithe 10% and save 20% from whatever money we got. It’s still a habit, and I now have almost 2000 dollars saved for sometime in the future…probably a downpayment for a house. I also have a short-term savings section where I save for things that cost more: a laptop, car, etc. Spending money is basicly for clothes, coffee dates with friends, and odds and ends like that.

As for debt…I think that as far as is possible, we should try to stay out of it. But for things like buying houses there is an exception. In the the northwestern part of Washington where I live, the house and property prices are rising so quickly that by the time people save enough money, the prices are up again and they still don’t have enough. But once you are in debt, you should pay it off as soon as possible. Pinch pennies in other areas until the debt is paid.

I do not have a steady income. Officiating soccer is good money on my schedule during the school-year, but it varies widely on the month and assignments. Coming out of the summer I have a slightly negative savings rate, no budget beyond taking a buck out of ten for God, and a strong anticipation for soccer season. During the season I mangage to put asside a fair portion, but a bite gets taken during the off-season, and the average balance is financially insignificant. After all, the driving expenses that I am about to incure are but a portion of the cost of future education, a car, and a house.

Credit card?

Nope. Never have. Will avoid studiously.

Budget?

My budget is in woefull disarray. Summer odd jobs quickly translated into summer pleasures. But generally I only cash part of my pay-checks and try to divide that part into envelopes, in the style of afformentioned mother.

Thoughts on debt?

Debt is just dangerous. It can be used properly in starting a business, buying a house, or other ways. But it is like nitroglycerin, very touchy and dangerous even in dynamite form. I want to avoid it. I think I can manage college debt free, but med school afterwards is something I have to put before God.

[i]What is your financial situation? Do you have a steady income?[/i]
I don’t have a steady income at the moment, however I did work over the summer some, and earned a bit there, and I was teaching piano last year, so then I did have a steady income. This year I (so far) have no piano or flute students, so I don’t have any money coming in, however most money I do get from anything (small allowance, babysitting, birthday gift, etc.) usually goes into my savings account.

[i]Do you spend much? Do you save much? Have you ever invested your money?[/i]
No, I’ve never invested. I’m not sure it would be worth it right now. As I said before, most of my earnings go into my savings account, so I do earn a little interest on that. I try to have $5-$20 in my wallet at any given time, in case something comes up, which it occasionally does.

[i]Do you have a credit, debit, or prepaid card? If so, how have you used it? What do you think about teens using them?[/i]
No, I don’t have any kind of card, and to be honest, I really don’t think it’s at all necessary right now! I’m 15 years old, I don’t drive yet (can’t until I’m 16), and I don’t have anything I have to pay for on a regular basis. I like cash! I know how much money I have in my pocket, I can’t spend more than what’s I have on me, and it’s solid. I like the feeling that something actually exists, including money. I really despise the idea of having to get a credit or debit card in the future, however, in our society today, there’s really not much you can do to get around it. I don’t think that you should have any need for any kind of card until you are at least 17 or 18, unless there is some extenuating circumstance. As everyone else has already pointed out, it just breeds an attitude that says: “If you want it, you can have it.” We sometimes just need to learn to do without something, and most times we learn that it isn’t as much of a necessity as we once thought.

[i]What do you think about going into debt?[/i]
It’s goofy. The problem is that the prices never go down, they only go up, and as a young person, it can be very hard to do anything big, like buy a car or a house or post-secondary education without getting into some sort of debt. If you can possibly, possibly avoid it though, stay out of debt. I’m going to try as hard as I possibly can! It’s just this: A debit card without the ‘i’ is a debt card. Stay away as long as you can!

This is definitely an area I will pray about for my own life. Thank you for sharing this very informative article!

God bless,
Sheila

I have maintained a home business for over a year. It’s been an excellent experience and an opportunity to learn how to manage a steady income while trying to keep in mind proper financial priorities. Currently I do save a large percentage of my income and tend to spend conservatively (that’s partly just my personality =)). Although I have invested to a small degree, it’s a subject I want to become more familiar with.

“How do you manage your money? Have you ever created a budget?”

Budgeting often compels me to think hard about priorities and about developing a long-term (instead of a merely short-term) vision! For me it is simplest to list out all the areas of my life requiring funds (giving, college, investment, business maintenance, etc.) and then divide up my income into percentages that roughly match the needs in each area. This way I always know that, say, 20% goes to savings, 15% to college, and so on out of whatever I earn. Like Pheobe, I use cash for any areas out of which I regularly spend money. Money assigned to other, less-frequently-used areas is banked.

“What do you think about teens using [credit cards]?”

In my opinion, teens owning credit cards is primarily a matter of whether or not they have the character to use them wisely. Without discipline and Godly stewardship, cards often accomplish far more harm than good, and the rationale of “teaching kids responsibility” too frequently backlashes by giving free reign to irresponsible spending.

Thank you for posting on this topic! It deserves more attention and prayer on my part, since my use of money is often a telling reflection of the standards I’m upholding – Christ’s or the world’s.

~ KP

P.S. Ky, I can really appreciate your transparency and your realizing that your habits need to change. That’s always the first step, and I pray that God will keep directing you!

I have a comfortable financial situation through piano teaching, accompanying, and scholarship stipends. However, my income is not steady. I am pretty careful, but do spend money on clothes, books, CDs…

“Do you have a credit, debit, or prepaid card? If so, how have you used it? What do you think about teens using them? ”

I have a debit card, which I just got this summer. I managed to keep track of it, but it’s hard. Currently I have more money in my checking account than my checkbook says I do, which is a good situation but a little perplexing. I think that a checkbook is a good place to start, after cash, and that credit cards for teens is not a good idea.

“How do you manage your money? Have you ever created a budget?”
I mostly use cash, which is good because I can only spend what I have. (my mother likes putting cash in envelopes!) I have made budgets, but have trouble keeping going with them, partly because my income is variable. I would really appreciate any advice on this.