Money Makes the World Go ‘Round
Photo Credit: creativecommons.org
February 2, 2010
Cecile Pham, Staff Reporter, and Kaity McCullough, Staff Reporter
Filed under Features
According to USA Weekend.com, the teens of the 21st century are by far the richest teenagers in history. In a survey done by Reuter News Agency, teenagers in the United States have an annual spending power of $176 billion. And teens are not known for their frugality. Adolescents have always been stereotyped as impulse buyers and wasteful spenders.
Since the economic downturn, however, there has been a shift in attitude. Teens have been saving more. In a survey done by Seventeen Magazine and Bank of America, 65 per cent of teens reported changing their spending habits because of the economy. The survey also showed that 85 per cent of the girls were worried about the current state of the economy compared to 75 per cent of teen boys who showed concern.
Teen girls are still more likely to spend than save. In the same survey, 55 per cent of teen girls said they would spend a $100 birthday check while 45% would save the money for college. Only about one-third of the teens felt that they were in control of their finances.
Given these numbers, it is perhaps not surprising that there has also been an increase in teens’ interest to learn about finance management. “While their parents still largely support them, teens are interested in learning how to become more financially independent and make smarter decisions about money,” says Beverly Ladley, Customer Strategy Executive for Bank of America.
Presentation is responding to this trend with a number of courses, such as Economics, AP Macroeconomics and Women and Money. Economics focuses on the basic principles of the economy with emphasis on the study of the American economy. This course also ties in the government’s role in the economy and pertinent socio-economic issues that affect many people in the US. “This course definitely has affected the way in which I will invest my money,” said junior Meghan Merwin. At one point during the class, Pres teachers came in and talked to the class about mistakes they have made financially. “It was a really great learning experience,” said Merwin.
AP Macroeconomics gives an even more in-depth understanding of the economy. This course focuses on economies around the world and how they are all interlinked. There is also an emphasis on the issues of inflation and unemployment. “This course definitely teaches you how to be careful with money,” said junior Teresa Mathew. “It gives you a really good understanding about how the economy works.” Both Economics and AP Macro are useful for students interested in business or just wish to be able to have a better understanding of the world around them.
Women & Money is a semester-long class where girls learn all about those green slips of paper that kids think grow on trees. It covers all aspects of money and the important role it plays in our lives: from birth, school, jobs, marriage and divorce to death.
“With the state of the economy today, I’m thankful to be learning skills that will help me later on in my life. I’m looking forward to learning how to balance my checkbook and set a budget that will allow me to get what I want and also what I need,” said senior Jaclyn Gioiosa.
In only one semester, Pres girls will learn how to open their first credit card account, buy a car, register and buy insurance for that car, apply for a college loan, plan a college budget, buy or rent a home and many more essential life skills.
“I’m really enjoying this class,” junior Andrea Boales said. “I never realized how much money I spent! We totaled up our weekly expenses, and mine was a lot, and I don’t even have a job yet.”
Taking this course helps students to prepare for handling their future financial encounters and also helps them to save money.
Although it may seem like a tough class that requires one to have a knack for numbers and computers, this is not the case. In fact, it doesn’t matter what math class you’re in or if you didn’t do well in your Computer Applications class, because there are no prerequisites for enrolling in Women & Money. In addition, this class will fulfill your requirement for an extra semester of technology or art.
If you have any other questions about the class, talk to Ms. Newton.
Having trouble saving up? Here are some helpful tips about keeping that pocket money in your pocket:
1. If you’re 16 or older, apply for a part-time job. Why not get a job at one of your favorite stores? You will always know when and where the sales are; also, some stores offer their employees “employee discounts.” If you love coffee and healthy fruit beverages, try asking the nearest Starbucks or Jamba Juice if they’re hiring!
2. Understand the difference between “needs” and “wants.” There’s a huge difference between the two: a need is something you must have in order to survive, and a want is something you would like to have. Having a sudden urge for a vanilla latte from Starbucks is not a need; it’s a want. You will still be able to survive if you don’t have your daily afternoon latte.
3. Make your own lunch. It’s okay to buy Apollo’s tasty food from time to time, but you should also consider making your own lunch every now and then. You can buy bread, salad, meat, chips, and everything else you need to make a lunch for under $3 each! All those groceries will provide you with at least seven lunches.
4. Save your change. How? Here’s a good start: every time you spend money on something, keep the change and put it in a jar. That way, you’ll still be saving money, even if it’s just a little. If you already have some money, try opening a savings account and depositing your money in there. That way, when you have a sudden urge to spend, you will have to take an extra step to get to your savings.
5. Think before you spend. If you pass by a store and see a cute purse on display, don’t buy it yet. Wait a week or so, and then come back. This will help you determine whether or not to spend your money. Maybe next week, you’ll see a better purchase or the price of the purse might have gone down.
6. Look around for money. You’ll be surprised how much change you have lying around in your car or in your jean pockets.
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