The Complete Guide to Personal Finance: For Teenagers and College Students »

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.

Foreword 13

Introduction 15

Chapter 1 Learning from the People Around You 19

Your Parents 20

How to ask for a peek 24

Learning by example 25

Other People 26

Chapter 2 Spending and Saving 33

Needs versus Wants 34

Need versus wants questionnaire 36

Why does it matter? 36

They All Want Your Money 43

Impulse buying 45

Sure, you can spend 48

Chapter 3 Stashing Your Cash 55

Different Types of Bank Accounts 56

Savings accounts 56

Checking accounts 60

Other types of accounts 62

Putting Money into Your Savings or Checking Account 65

Depositing money by mail 65

Depositing money by ATM 69

Depositing money by other means 73

Where Should You Put Your Money? 74

Develop your plan 79

Picking a bank 83

Online Banking 85

Fees 87

Chapter 4 Budgeting Basics 93

What is a Budget? 95

Create Your Budget 102

Write it down! 102

Track Your Spending 111

Cash envelopes 112

Spending logs 117

Sample spending log 120

Cards 121

Checkbook Registers 127

Deciding how to track your spending 129

Chapter 5 Creditors and the Games They Play 133

The Principles of Credit 134

Common credit card fees include 136

The Tactics 139

Look out! 139

Here, have something for free 140

Here, let us help you 142

Here, buy anything you want 143

Here, become an adult 148

Minimum payment: Bad news 150

What if I don't pay? 154

Chapter 6 Debt, Debt, and More Debt 165

Good Debt and Bad Debt 167

Good debt 167

Bad debt 168

Handle your debt 172

The debt spiral 181

Are you in trouble? 182

Getting rid of debt 186

Chapter 7 What Are You Saving For? 189

How to Save 190

Saving for things you want to buy 190

Saving for college 195

Student loans 200

Saving for a rainy day 204

Chapter 8 Getting Money 209

Getting an Allowance 211

Getting a Job 215

Resources for Finding a Job 220

Create Your Own Job 222

Get rich quick? 228

Chapter 9 Financial Responsibility 231

Cosigners and Joint Accounts 232

Parental access 235

Chapter 10 Credit Reports 237

What's Listed? 238

Credit Scores 239

Identity theft 240

Chapter 11 Everything Else You Need to know 247

Investing 248

Taxes 249

Insurance 250

Chapter 12 On Your Own 253

Making the Decision to Leave 253

The Current State of the Economy 256

Budgeting Worksheet 258

Conclusion: Congratulations! 261

Glossary of Terms 263

Bibliography 281

Author Biography 283

Index 285